🚀 How I Saved $83,809 for My Kid's College! Real 529 Plan Breakdown & Tips 🔥
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- เผยแพร่เมื่อ 16 ส.ค. 2023
- In this video, I share the behind-the-scenes of our 529 College Savings Plan and how we managed to save $83,809 for our kids' education. Get insights into college cost predictions, our preferred plans, investment strategies, and a clever tax-saving tip. If securing your child's educational future is on your radar, you won't want to miss this!
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#travissickle
Do community college for the first 2 years, then transfer to a 4 year university after that. I just saved you 100k.
Exactly 💯
Good plan. Knock out the core classes. Get straight A’s then hopefully some scholarships
We are thinking about doing that exact thing! These colleges are such a mess anyway. My college is shutting down. They just announced that they are closing this week.
Great video! Thanks!
Great info thank you! Quick Q - so those goal/saving calculations are based on the assumption that we get the guaranteed annual return % you put there, correct? because the funds can actually fluctuate over time and cannot guarantee your target return rate.
Another Q - do you have different plan strategies (e.g., aggressive vs conservative) for older age kids (10-12 yr) vs babies (1-3yr)? what's recommended?
Can you share your insights on Vanguard's 529 plan from Nevada? Thanks
Hi Travis, thank you for the info. I have a 12 year old and a 3 year old. I’m getting all the info before open their 529. We live in NY upstate. Btw which tool are you using for the video. Thanks in advance!!!
it's a planning tool we use for our practice. The tax deduction makes the NY plan a good bet.
Hi Travis, fellow business owner (S-Corp). Where can I locate your video on paying the kids through the business and then using their earnings to fund the 529? Thank you!!
Here is the video, I use my short-term rental business to pay the kids, which is set up as an LLC that files as schedule C, but this won't work as well with an S-corp because there is no loophole for the payroll tax there. th-cam.com/video/3q9qRk6p0Yo/w-d-xo.html
Thank you Travis . very insightful video. My vangaurd self managed 529 plan allows me change investment options to a different option twice per calendar year. With so much of uncertainty which option will be best suited in general for the next 12 to 24 months ? I am thinking to allocate more in bonds n a little less in stocks due to underperformance of stocks if n when recession hits. I failed to select the right option during 2022 n saw the position shrink quite a bit from all time high in 2021 . I could not pay attention due to my ill health for the last 2 plus years n now kinda repenting .Also my kid will be going to college in 2024 . Kindly share ur thoughts...i know it is not a financial advice . Thank you .
A lot to figure out there. I would answer differently depending on things like the cost of college and how much you have saved. Can you delay using the money until junior or senior year. Also, your risk tolerance. In general, I'm not a fan of timing the market. Individual stocks are different since you can do valuations, but as for index funds, not so much. You also are pointing out a reason I don't like to use bond funds since they have characteristics of equities in terms of price fluctuations. Bonds will likely fall further given the likelihood of more rate hikes. Equities may or may not fall. Either way, you did the right thing in saving for college and no matter what decision you make for those investments, just don't beat yourself up if you make a less than optimal decision and don't overthink it. Your child's return will be huge in comparison to the amount you saved for them.
That’s for your amazing content! I’ve learned a ton about 529s recently thanks to you. Around 9:00 you shows the fees of each states’ investment. How did you get .15 for Utah? Looking at their website I’m seeing .11. What am I missing? Thanks!
The admin fee plus the fund expense ratio, here is the page to that admin fee my529.org/investment-options/fees-and-expenses/
very informative about how to pick a plan when my current state plan is not so promising. I'm convinced to go with an S&P 500 plan after watching all your historical returns and numbers on it. However, I'm living in Kentucky and may not be eligible to invest in Florida's state plan but after reading their FAQ's on the website I got the idea to have one of my friends (resident of Tampa, FL ) open a plan for me and have my kid as beneficiary and later transfer the plan in my name and continue to invest in it. Please let me know if I can opt for this route.
I’m not sure about that route. You should call and just ask them if you took over the plan could you still contribute even if you’re out of state.
I am Canadian and my grandkids live in California but it looks like their state plan is not great. I am going to get the Florida State plan. Is there a minimum that I can put in per month? Also does it need to me monthly, can it be like special occasions like Christmas, birthday etc?
I am still saving for my personal retirement as well.
What is the name of the tool you are using?
I have watch lots of videos and your video’s are the best, keep them coming. Thank you so much 😊
If the IRS audits your payroll and sees a six year old with an income will that cause issues?
Do you recommend any UTMA/UGMA for teach children about investing. ? Vanguard or Fidelity etc ?
Whichever you prefer. They're all the same.
I live in Jersey and have two kids! I need help
Curious where you get ‘conservative’ returns of 6-7%. My understanding is S&P long run avg return is 7% and wouldn’t qualify that as conservative. Not to mention 10% yields seem extremely aggressive (unrealistic) in current return environment.
answered in this video th-cam.com/video/9uZt7BTWSBs/w-d-xo.html
I have 13 years old in 8 grade.
We have Indiand 529 plans from several years.
I heard that in 2023 we can contribute 7500 instead of 5000 .
But , how much state tax credit we hope get?
Would you kindly advise us?
What I believe you are hearing is the tax credit limit has been raised to $7500 for the max credit of $1500.. That would max out your credit. Indiana has the best plan, especially if a resident. Good Luck.
High maximums. Contribute up to a total of $450,000 per beneficiary for accounts in all 529 plans sponsored by the State of Indiana.
Low average costs. Fees for the Plan's investment options range from 0.18% - 0.82%. For example, invest $1,000 and the annual fee can be as low as $2.60.
No annual account maintenance fee for Indiana residents. The fee is also waived for account balances greater than $25,000. (A $20 annual account fee is charged to non-residents.)
did I miss something? the video was labelled "how I saved...." but there wasn't anything in the video about how they worked out how to put more than $30k after tax a year into a 529
Hi Travis, I am kind of late in the game... I have 14 and 8 years old. I just opened the fidelity 529 2 yrs ago for each kid. We live in Texas. So far I bought NH fidelity 500 index for both kids...i didnt see a significant growth... My question is, should I buy another investment? Maybe like Utah plan ?
Email me a performance or quarterly report and I can look it over and explain it in a video. Travis.sickle@sicklehunter.com
why do they charge more if your out of state?
because state taxes fund it and the state wants a bigger benefit for their own.
Can't I take out my contributions without penalties/fees or taxes? Example is my wife and I want to make the 5 year superfund contribution ($30k x 5 years) So lets say in 15 years can I take that $150k out without fees/penalties/taxes? I was told that I can withdraw whatever monies' I've put in without any penalties Thank you
You can
Why didnt you do Florida prepaid? lock in cost of college now. Much better long term IMHO
You'll end up paying way more to lock in those rates. Also, the transferability is pitiful if you go out of State.
@TravisSickle you should do a video on 529 vs fl prepaid to show that you would pay way more. Your assumption could be true depending on illustrating the future stock market....
@@TravisSickle also, 529 doesnt include housing
Yes it does.
I’ve already gone over this in previous videos.
206k for bachelor’s degree? Lmao hope every graduate is a doctor.