What’s your biggest question or concern when it comes to saving money for your child’s education? When life is happening, being able to save extra towards education can be challenging enough. Compound that challenge to save with the common stress most parents feel about the path their children will take in five, ten, or even twenty years from now.
Culture has, for right or wrong, steered most students towards the 4-year college degree. But what if your child wants to pursue a skilled trade or the military after high school? In this week’s episode of The Money Guy Show, we talk about all the ways you can plan for your child’s education and which tools will be most flexible for you no matter what path your child takes.
Helping to save money towards your child’s education is a tremendous step in setting them up for financial independence. Here’s what you can look forward to in this episode:
- Learn the basics of education planning
- Find out what a 529 Plan is and why it’s good
- Find out what a Coverdell Plan is and why it’s also good
- Understand the difference between education savings accounts
- Know what your options are if your child doesn’t need the money you saved for them in a 529 Plan (scholarship or military)
- Know what types of post-secondary education you can use a 529 Plan for
- Learn what you can do with a 529 Plan if your child doesn’t pursue post-secondary education
- Prioritize education planning and retirement planning
- Discover ways you can help save financial assets for your children towards other goals (i.e. weddings, home purchase, their own financial independence)
Resources we mentioned on the show:
Tune In and Go Beyond Common Sense with the Money Guys
This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.
If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: [email protected] and [email protected]. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.
If you enjoyed this episode, be sure to join our community! You’ll get immediate access to 15 of our most recent shows, plus you’ll get future podcasts delivered straight to your inbox so you can get in on the action right away.