What is a 529 plan and why do you need one?
On this week’s episode, Gene calls on the Mary Morris, CEO of the Virginia 529, to discuss the in’s and out’s of the plan and why everyone can, and should, have one! A four year college might not be for everyone, but that doesn’t mean you can’t have a plan. Apprenticeships, living expenses, certifications… the list goes on. Listen to hear why Mary and Gene agree that a 529 plan is a great investment into your, and your family’s, futures!
Still have 529 questions? This blog post can help!
https://blog.troutwood.com/2022/04/11/what-is-a-529/
Timestamps:
0:44 Welcome Mary
1:40 Who’s money is the $100 billion?
3:26 What is a fiduciary?
4:31 Virginia is one of the first states to introduce the personal finance mandate
6:00 How is a state 529 Plan supported?
8:27 529 is for college savings what a 401k is to retirement
9:11 Quick and dirty on the 529
10:00 Why save in a 529 versus other savings vehicles?
11:59 “The more money you save in advance, the less you have to take out in loans”
13:33 “Just get started, don’t worry about how much its going to cost in the future”
13:44 Anyone can have a 529 account
14:18 What can you use a 529 plan for?
16:05 When these plans were started
17:16 “Why didn’t I use the 529 plan already when I was in school?”
19:23 Managing 529s for multiple kids, all with different financial needs
20:56 529 doesn’t always mean college
23:57 529 can help with an apprenticeship program
25:44 Benefits of asking friends/family to give to your 529
28:04 Options other than 4-year university
31:18 You don’t need to know what you want to be when you grow up
36:25 How do I get started if I’m a parent or a teacher?
37:15 savingforcollege.com
41:09 How to get started
44:36 Assignment ideas for educators
47:34 End
Members of the Troutwood team are fact checking and asking questions behind the scenes in every episode.
Learn more @ https://www.troutwood.com/
Instagram @ https://www.instagram.com/troutwoodapp/
LinkedIn @ https://www.linkedin.com/company/2936...
Youtube @ https://www.youtube.com/channel/UC4fC...
Facebook @ https://www.facebook.com/troutwoodinv...
TikTok @ https://www.tiktok.com/@troutwoodapp?...
Get the APP iOS: https://apps.apple.com/us/app/troutwo...
Get the APP Google Play: https://play.google.com/store/apps/de...
Awesome Troutwood Merch @ https://troutwood.myspreadshop.com/
Big Shout out to our Guests and the Troutwood Community!!
THANK YOU, we Appreciate you!
#529 #529plan #sustainablefinance #sustainableinvesting #debtfree #financialplanning #personalfinance #success #finance #debt #householddebt #financialgoals #financialfreedom #money #personalfinance #financialliteracy #studentloans #autoloans #creditcards #gooddebt #baddebt #loans #borrowing #invest #investing #investingvsborrowing #debtvsinvest #postgrad #college #liquidity #emergencypreparedness #emergencyplan #emergency #preparedness
Troutwood provides investment and financial content that helps to remove the fear of finance and replace it with knowledge and confidence. Retirement in America is changing from employer directed to employee directed. Our objective is to help prepare individuals for this change. To help people learn to invest with understanding. This channel allows us to share our passion for personal finance, the stock market, financial literacy, education, investing, and financial planning.
DISCLAIMER: The information presented on or through this video is made available solely for general information purposes. We do not warrant the accuracy, completeness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the video, or by anyone who may be informed of any of its contents.
