Categories
Saving for College

529 College Savings Plan: Tax Benefits & Useful Tips [Video]

529 College Savings Plan: Tax Benefits & Useful Tips

This video discusses 529 College Savings Plans. If you have children and you are planning to pay for their college tuition, you should definitely consider 529 saving accounts. These accounts are designed to provide tax benefits for parents who plan to save for their children’s college expenses. It is super simple to set up a 529 College Savings Plan. However, many people end up paying thousands of dollars in hidden management fees by hiring professionals for something that they can easily set up in 10-20 minutes.

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✅ REFRENCES ✅

📚 Vanguard’s 529 state tax deduction calculator
💙 https://vanguard.wealthmsi.com/stdc.php

📚 529 state income tax deductions by state
💙 https://finaid.org/savings/state529deductions/

📚 Backer | The Social College Fund
💙 https://backer.com/
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#529plan #529plans #collegefund #vanguard #college

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✅ About this video ✅

(1) Introduction to 529 Accounts:

An Education Savings Plan or a 529 plan is an investment account that you can use for education savings. This means that you can invest your money in a 529 savings plan to pay for your children’s education expenses when they are ready to go to college. These plans are tax-advantaged accounts meaning that if you choose to invest in them you will end up paying less taxes compared to other types of investment accounts. You can also use tools such as Backer, a social savings app that allows friends and family to help contribute to 529 plans.

(2) Tax Benefits of 529 Accounts:

The plans are usually sponsored by states and offer great tax benefits, including:

(1) Contributions to a 529 plan are post-tax and are not deductible from federal income taxes. However, over 30 states and the District of Columbia offer state income tax deductions or tax credits for contributions to 529 plans, though you may be restricted to investing in your home state’s 529 plan in order to claim the benefit.

(2) These plans also offer tax-deferred growth meaning that earnings in a 529 plan will not be subject to federal tax. As you know, some stocks in your investment portfolio pay regular dividends which are considered a source of income and hence, are subject to income taxes. However, dividends that you receive in a 529 account are exempt from federal income taxes.

(3) 529 plans offer tax-free withdrawals which means that you won’t be taxed on the money you withdraw for qualified education expenses. In other words, you will not pay federal and usually state taxes when your children are ready to use the funds to pay for their education, as long as the money is used for qualified expenses. This is in contrast to other regular investment accounts where you have to pay capital gain taxes when you decide to withdraw from those accounts.

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✅ About this channel ✅

Hi everyone! My name is Hamed Dadgour and I am excited to see that you are interested in my content.

Financial Intelligence seeks to deliver best in class educational material in subjects related to personal finance, retirement, investing and financial freedom. Our main goal is to create engaging videos to communicate somehow complex financial matters in a simple to understand manner.

We advocate for long term investing strategies. Short-term trading strategies and get-rich-quick-schemes are dangerous trends that are taking the financial world by storm. Our goal to provide sound and level-headed recommendations.

This channel is particularly targeted towards individuals seeking a breadth of knowledge across a variety of financial disciplines. The range of topics I plan to discuss on this channel are value investing, financial freedom, mutual funds, index investing, monetary policies, inflation and other related economic topics.

Welcome to the channel and please subscribe!

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✅ Timestamps ✅

0:30 Intro
1:46 PART 1: Introduction to 529 accounts
3:21 PART 2: Tax benefits of 529 accounts
3:38 Tax Benefit #1: State income tax deductions
4:27 Tax Benefit #2: Tax-deferred growth
5:24 Tax Benefit #3: Tax-free withdrawals
6:06 PART 3: Dos and Don’ts of 529 plans

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Categories
Saving for College

HOW TO SAVE MONEY IN COLLEGE 2021 | college money saving tips + budgeting tips for beginners [Video]

Today we're going over my top 6 tips for budgeting and saving money in college. Here are practical and realistic money savings tips and ideas for college students to help decrease student loan debt and help you budget while in college. 💰 FAVORITE MONEY SAVING APPS: https://ezbiolink.com/the-avocado-toast-budgetDIGIT DIRECT APP WAIT LIST (automate your budget): http://bit.ly/lexatheavocadotoastbudget1📷 INSTAGRAM: https://www.instagram.com/theavocadotoastbudget/🎥 TIKTOK: https://tiktok.com/@theavocadotoastbudget✨ RELATED VIDEOS:Save Money and Budget in Your 20s: https://youtu.be/zSEOM8ZCFQsBudgeting with ADHD: https://youtu.be/2koLIu4d_VoBiggest Money Mistakes I Made in My 20s: https://youtu.be/geWc44eKecwDESCRIPTION:Today we are talking about how to budget and save money in college! 1. Take advantage of deals for college students You can get deals on Spotify, Amazon Prime, Macs, movie theaters, car insurance and SO much more with just a college ID and/or a .edu email. Make sure to google before purchasing anything to see if they have a college discount or free options for college students! Take advantage of those college freebies and college discounts while you can. 2. Learn to cook a few yummy mealsYou don't need to be a chef, but knowing 2-3 good and easy recipes that you can meal prep for when you get home from work and are exhausted and just want something yummy but easy to eat can save you SO much money on eating out. That way you can use your eating out money for moments you really enjoy it, not just because you're paying for ease and convenience every time. 3. Schedule classes on the same dayThis is a big tip for commuters, but it also really important for non-commuters as well! You tend to spend more money when you're out and about. So if you can schedule all of your classes on 3-4 days, rather than 5 days a week, you can save tons of money on last minute iced coffee runs and gas! 4. Invite friends over instead of going out Some of my favorite memories from college were nights in with my roommates, rather than going out. Have people over and split the cost of a few drinks and play some games for a more cost effective hangout! 5. Split expenses with friends/roommates This goes far beyond splitting rent and utilities. Get on family plans, split streaming subscriptions, and buy in bulk to take advantage of discounts! 6. Cut back on alcohol when going out Pay all in cash and limit the amount of cash you bring for drinks. We all know it's easy to justify more drinks when you already have a few in your system, and those $6-$15 drinks add up REAL quick. So bring a credit card for emergencies and limit yourself beforehand to how many drinks you can pay for that night. 7. Automate your finances and budgetDigit partnered with Metabank to bring a newer version of the app, Direct! This automates EVERYTHING! And even gives you daily updates on how much you have to spend after it sets money aside of bills and savings. This is a GREAT budgeting app for college students because it's automatic and helps keep you on track without spending tons of time or energy on your budget. Business inquiries only: collabs@theavocadotoastbudget.comDISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! Views expressed in this video are my opinion and should not be interpreted as professional financial advice. I am not a certified financial advisor. Subscribe to learn how to save money, pay off debt, and invest to feel more confident with your money!

Categories
Saving for College

We discuss the importance of 529 Educational Savings Plans for families, and the long-range benefits that such savings plans may contribute toward one's future educational goals.

Categories
Saving for College

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