Thanks for the advice. I switched my aggressive 529s to the target date ones because it helps with risk, just like if they starting now during this economy and presumably aggressive plan would have had a larger drop in value.
AVN Branch? Do any time at Rucker? G.I. Bill and TAP enabled me to be much further along in life. Thanks for your videos they are helping my wife and I a lot.
Missing in the video is that you can deduct the amounts added to the 529 account for the state tax return. Just ensure it's a plan the state office endorses.
One for each child cause there are limits on gifting! Plus you can’t have several beneficiaries. Yes I know you can update with each child but again gifting limits!
What happens if I invest in 529 for one year and hit hard time and lose my job and can't afford to invest? Thank you for your video and any guidance on this question 🙏
Hypothetical situation... if I invest in high income ETFs within a 529 and the monthly distributions are able to pay for a child's education without selling any shares, am I able to then change the beneficiary after the first child finishes college and then use the same 529 to pay for the next child's education? Basically, it would be a tax free way to pay for the education of multiple generations?
Question... if my child decide not to go college or we decide not to use money in 529 account at that time. We can still keep an account long as we want? I like that option that, i can pass this to grandchild.
Minimum is $3k...I need to save up for my kid to save up for college. To do Vangard at least. Any other 529 plans that have a Target enrollment, so it can be aggressive early and low risk as it gets closer?
1:50 shows "Tax FREE Growth" on your slides yet you clearly say "Tax DEFFERRED Growth", so we pay Uncle Sam on the gains as this is basically a form of income, right? Besides the gaffe above, nice introduction to 529 as we're debating if we should use Vanguard vs. our state-sponsored plan in ScholarShare.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
You can look into the 529 plan for your state. They will most likely have lower initial contributions plus some states even provide an annual state contribution amount!
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
One note that wasn’t mentioned explicitly in this video: only the gains are subject to the 10% penalty if you don’t use it for a qualified expense
This is key!! Thanks.
do not forget income tax
That was mentioned. 🎉
Thanks for the advice. I switched my aggressive 529s to the target date ones because it helps with risk, just like if they starting now during this economy and presumably aggressive plan would have had a larger drop in value.
AVN Branch? Do any time at Rucker? G.I. Bill and TAP enabled me to be much further along in life. Thanks for your videos they are helping my wife and I a lot.
Missing in the video is that you can deduct the amounts added to the 529 account for the state tax return. Just ensure it's a plan the state office endorses.
Not every state allows a deduction
no deduction for California
Great content 👍
Thank you 🙌
Very helpful. Thanks rich dad.
Hi Tae, can you buy fractional shares for Vanguard ETFs like VOO or VOOG in a 529?
Ty sir!
If you have more than one child is it better to open up one 529 and contribute to that or open up a 529 for each child?
One for each child cause there are limits on gifting! Plus you can’t have several beneficiaries. Yes I know you can update with each child but again gifting limits!
What happens if I invest in 529 for one year and hit hard time and lose my job and can't afford to invest? Thank you for your video and any guidance on this question 🙏
10% penalty on gains still beat getting taxed on gains every year instead of compounding.
You don’t need to pay 10% every year if you don’t sell
Hypothetical situation... if I invest in high income ETFs within a 529 and the monthly distributions are able to pay for a child's education without selling any shares, am I able to then change the beneficiary after the first child finishes college and then use the same 529 to pay for the next child's education? Basically, it would be a tax free way to pay for the education of multiple generations?
Question... if my child decide not to go college or we decide not to use money in 529 account at that time. We can still keep an account long as we want?
I like that option that, i can pass this to grandchild.
Minimum is $3k...I need to save up for my kid to save up for college. To do Vangard at least. Any other 529 plans that have a Target enrollment, so it can be aggressive early and low risk as it gets closer?
Great video
It is crazy that this video has less than 1000 views
1:50 shows "Tax FREE Growth" on your slides yet you clearly say "Tax DEFFERRED Growth", so we pay Uncle Sam on the gains as this is basically a form of income, right?
Besides the gaffe above, nice introduction to 529 as we're debating if we should use Vanguard vs. our state-sponsored plan in ScholarShare.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
Well as you know bigger risk, bigger results, but such impeccable high-value trades are often carried out by pros.
I have some insight for you. How would you like me to contact you?
Not a great opening explanation, I'm confused. So Its a unit trust fund and if it makes a profit it's tax free. Is that what you mean?
65 percent in stocks at 8 - weak ; u know that , I get the idea , but why not adjust in like 5 years
2024 update - IRS now allows you to convert unused 529 funds into a Roth IRA
The vangaurd 529 has an initial contribution of 3k. That is pretty steep. Is this the case with all 529 plans?
fidelity 0
You can look into the 529 plan for your state. They will most likely have lower initial contributions plus some states even provide an annual state contribution amount!
@@jenniferbohrer431 what portfolio do you recommend for fidelity 529 plan?
I thought you live in California? There are no tax benefits.
There are many important missing points in this video which might discourage someone to start with 529 college savings plan at first.
like what ?
I always trust an Asian
😂hahaha
Great video