Plus, So, How Much Should You Save in a 529 Account?
Fatherly
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FISCAL RESPONSIBILITY REALLY STARTS ONCE YOU HAVE KIDS. SO, YOU SAVED FOR
RETIREMENT AND HAVE A MORTGAGE AND A RAINY DAY FUND. GOOD FOR YOU! BUT YOU
FORGOT ABOUT THE KIDS. FINANCES ARE FAR TOO OFTEN SELF-SERVING. WE TRY TO GET
THROUGH OUR LIVES SO WE’RE COMFORTABLE ENOUGH AND… THE KIDS ARE ON THEIR OWN.
WE’RE NOT SAYING YOU SHOULD OFFER THEM THE SILVER SPOON THAT YOU SACRIFICED SO
MUCH FOR. BUT YOU SHOULD BUILD A FINANCIAL FOUNDATION FOR THEM — AND TEACH THEM
HOW TO BUILD ON IT. BECAUSE THE ULTIMATE INVESTMENT IS IN A FUTURE WHERE YOUR
KIDS ARE ALL RIGHT — AND YOU CAN REST EASY KNOWING YOU’VE GOT THAT BUTTONED UP.
FINANCES
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HOW TO SAVE MONEY FOR KIDS: 5 ACCOUNTS ALL PARENTS SHOULD KNOW ABOUT
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CREATING A FINANCIAL FOUNDATION FOR YOUR KIDS IS IMPORTANT. THESE ARE THE
ACCOUNTS THAT WILL HELP YOU BUILD IT.
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READ THE STORY
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TIPS AND TRICKS
HOW MUCH DO YOU NEED TO SAVE IN A 529 ACCOUNT?
TUITION INFLATION RATES VARY DEPENDING ON WHO’S CALCULATING THEM. BUT TUITION
TENDS TO INCREASE ABOUT 5% ANNUALLY. (IT INCREASED ONE-PERCENT DURING THE
PANDEMIC, BUT EXPERTS SAY THAT’S UNUSUAL.)
STILL, HOW MUCH SAVINGS YOU NEED TO BUILD IN A 529 PLAN DEPENDS ON YOUR GOAL,
SAYS AN INDEPENDENT FINANCIAL AID EXPERT. ARE YOU LOOKING TO PAY FULL FREIGHT
FOR YOUR CHILD’S COLLEGE EDUCATION COSTS, OR ONLY PAY FOR A PORTION? DEFINING
WHAT YOUR SAVINGS GOAL IS WHEN YOUR CHILD IS BORN CAN HELP YOU DETERMINE
PRECISELY HOW MUCH TO CONTRIBUTE TO THEIR 529 EVERY MONTH TO REACH YOUR GOAL.
TYPICALLY, PER KANTROWITZ, PARENTS PAY FOR A THIRD OF THEIR KID’S COLLEGE COSTS
USING SAVINGS, WITH THE REMAINDER COMING FROM THEIR INCOME AND STUDENT LOANS
(TAKEN OUT BY EITHER THE PARENTS OR THE CHILD). BECAUSE COLLEGE COSTS ROUGHLY
TRIPLE OVER ANY 17-YEAR PERIOD, KANTROWITZ SAYS YOUR SAVINGS GOAL SHOULD BE THE
FULL COST OF A COLLEGE EDUCATION THE YEAR THAT YOUR CHILD IS BORN.
SO, IF YOUR KID WAS BORN IN 2021 AND THEY PLAN ON ATTENDING A PRIVATE
UNIVERSITY, THE TOTAL COST FOR FOUR YEARS WOULD BE $165,644.
HERE’S SOME MORE TO KEEP IN MIND ABOUT YOUR 529
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FURTHER READING
* THE IMPORTANT QUESTION YOU SHOULD BE ABLE TO ANSWER ABOUT YOUR FINANCES
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* THE MOST COMMON FINANCIAL REGRETS PARENTS HAVE — AND HOW TO AVOID THEM
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* THE BEST BANK ACCOUNT AND DEBIT CARDS FOR KIDS
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HOME BUYING
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HOW LONG DOES IT TAKE TO CLOSE ON A HOUSE, REALLY?
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IT TAKES TIME. BUT PAYING ATTENTION TO THESE 10 FACTORS WILL ENSURE THE PROCESS
GOES AS SMOOTHLY AS POSSIBLE.
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READ THE STORY
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ADVICE
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HOW TO LEND MONEY TO FAMILY WITHOUT RESENTING THEM FOREVER
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HOW TO LEND MONEY TO FAMILY WITHOUT RESENTING THEM FOREVER
REMEMBER: ANY DISCUSSION ABOUT MONEY IS ABOUT MORE THAN MONEY.
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READ THE STORY
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FURTHER READING
* 4 REASONS TO CALL IT QUITS WITH YOUR FINANCIAL ADVISOR
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* WHAT’S THE BEST ACCOUNT TO KEEP A DOWN PAYMENT?
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* HOW TO GO INTO DEBT THE RIGHT WAY
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BE VIGILANT
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THE CREEPING THREAT THAT COULD SERIOUSLY HARM YOUR FINANCES
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AN INCREASE IN YOUR HOUSEHOLD INCOME SHOULD BE AN OPPORTUNITY TO SAVE, NOT
SPLURGE.
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READ THE STORY
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