Save for Your Kids Education Using a 529 College Savings Plan
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More than half of college attendees in the US take out student loans. Imagine saving your kids from the financial burden of student loans without being super-rich. It\\u2019s possible with a 529 plan. In this episode, I talk about 529 plans, how they work and why they\\u2019re a smart way to save for you kids\\u2019 college education.
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In today\\u2019s episode, you\'ll find out:
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- What a 529 plan is
- The two types of 529 plans to consider
- How to save your kids from the burden of student loans
- How much to save each month to pay for your kids\\u2019 college
- What is a UTMA/UGMA account
- What tax benefits come with saving with a 529 plan
- Tax penalties to watch out for with a 529 plan
- What happens to the money if your kid doesn\\u2019t go to college
- What is the rule of 72 and how it can double your savings
- Which states allow you to open a 529 plan anywhere
- What to do before opening a 529 plan
Full show notes at: http://studentloanplanner.com/110
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