David Adefeso shares the best ways to save for college. Check out his post below.
5 Best Ways To Save For College Actionable Advice For Parents Looking To Fund Their Child’s College Education: 1) Savings Accounts A reliable source of cash that pays out only 0.04% per year on average.
With tuition fees increasing by 8% annually, this may not be an optimal choice. 2) Investment accounts
Potential Returns of 8% -12% Per Year: How To Save Less For College Funds And Keep More Value.
The disadvantage? This cash is taxable, ”David began his post.
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He went on to say, ‘3) Custody Accounts Use UTMAs to protect minors’ assets until they come of age – along with tax benefits and flexible investments. 4) Educational IRAs Tax-free investment growth alongside a variety of investment options. 5) 529 Education Plans Tax Deductions AND Tax Reductions in About 30 States – Paired with bankruptcy protection and the fact that up to $ 10,000 can be used to pay off student loans. The question arises: which option is best for me? The pros outweigh the cons of 529 plans most – but as always, you should consider your own research in addition to the data provided here.
“What’s the best way to structure a college savings plan? How can you think about the risk / reward balance of each option? Check out our latest episode of Wealth Demystified to find out more 👇🏾 Bridging the Gap Between Student Loans and Financial Freedom – David Adefeso, ”he captioned his post.
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Someone said, ‘I definitely needed this information for my sophomore! I wish I had this information long in advance! ‘ and another follower posted this: ‘This is great because I need to hear this! I have to finish my master’s degree 📜 ‘
One fan said, “Thank you for sharing so much wisdom for free. I wish more successful people would come back like this and help those who left them behind ‘
One commenter posted this: “My question is how to pay student loans from the federal government.”
Stay tuned for more news.