Most parents hope to create wealth to benefit their children. They dream of helping their children become successful, so they can pass prosperity on to the next generation, the grandkids, and so on. Unfortunately, today’s economy and the increasing burden of student debt may shrink or erase any legacy parents might create for their kids.
How many kids do you have, and how old are they?
We have a daughter who is 15 months old.
What is your favorite family activity?
We are an outdoor family! We enjoy spending time together in the part or hiking.
What was your plan to pay for your kids’ college before U-Nest?
My plan was to use our family savings. But, when I realized that typical savings accounts don’t offer much growth of my money (because it’s not an investment), I raised my standards by looking for a different option. That’s how I heard about the 529 plan. Tax breaks and investment returns offered by 529 plans are hard to beat when the money is used for education.
- How many kids do you have? How old are they?
We have one daughter who is 20 months old.
- What is your favorite family activity?
Play time before bed…we run around the house like a bunch of crazy people in an effort to get my daughter tired enough that she’s ready for bed. It’s actually super fun!
After hearing all the benefits of college savings, the most common question we hear from parents is:
“But what happens with my money if my child doesn’t go to college?”
Parents often mistakenly think their money will just “disappear” or will be difficult to reclaim if their child decides to become a dancer, sportsman, or a millennial Instagram influencer instead of going to college.
We want to clear this up–this is wrong! Your money will not disappear. Your money is always yours and is always accessible.
Let’s assume that your child decides that he or she wants to become the next Kylie Jenner and Instagram their way to fame and fortune rather than go to UCLA to study chemical engineering.
What are your options?
College costs hit a record high back in 2016, and it’s only gotten worse ever since then.
Needless to say, college is getting more and more expensive every year, and there’s no signs of stopping. The good news is, parents have multiple options and more than enough time to get ready to afford college for when their kids come of age.
In this day and age, education is one of the most important things in life of any individual. You can hear a lot of people saying that, but why is that the case? There has to be something to it if everyone keeps saying it. For parents with kids, education is one of those topics that has to be discussed as early as possible – and for a good reason, too. Here at U-Nest, we believe education is the cornerstone of great, fulfilling life.
As parents, it is our duty to provide our kids with the best option when it comes to education – and here is why:
As the days get longer and the sun shines a bit brighter, many families are getting ready to travel, go on vacations or start their summer grilling. Across the country, high school seniors are filling auditoriums to throw their caps in the air and say goodbye to the last four years of high school. With the end of of high school comes the beginning of college – and the costs that go with it. Many parents are looking for the best college saving tips to ensure a solid head-start.
A lot of people swear by their grandma’s secret chocolate chip cookie recipe – flour, butter, sugar, chocolate chips, and love – those ingredients combined somehow make the best cookies on the planet. That coupled with birthday cards and holidays at grandma’s and grandpa’s create some fantastic memories. In all, grandparents seem to be a constant fountain of gifts, hugs, kisses and love.
While most families associate 529 plans with college or university, few know that they can now be used for K-12 private education. The new tax law passed by Congress last year included a provision in which parents are now allowed to pay for private school education from kindergarten to twelfth grade. Under the new law, families can withdraw $10,000 per student per year to pay for tuition expenses at private elementary schools, high schools and parochial schools. Keep in mind though, the law only covers private institutions and only applies to tuition costs – it excludes things like books, laptops, or other expenses often covered by 529 plans.
Parents often have many questions about 529 Plans – what they are, how to use them, what their benefits are. We’ve covered all those topics in other posts here, but have not gone over some of the myths of the plans themselves. Here we outline five of the most popular myths of a 529 plan.