How to save money for your child!!! #wealth #savings #money #investing #finance #529 #investments

[AdventuresWithV]

"Once my kid is adopted or born" I love that. We need to normalize adoption by people who don't have fertility issues. All children deserve love

[sheneedsme]

I opened a 529 plan for my daughter while she was still in the womb. It paid entirely for her triple major, although being the good Dad that I am I happily paid for her masters in management that helped her get her high paying tech job. With that she paid cash for her Tesla and down payment for her new construction house plus $50k emergency fund. She is only 27 and I have no doubt she will become a multimillionaire just like her old man. I told her that her job was to work hard and do her best at school and my job was to pay for it. We both held up our end of the deal.

[jackbills]

Love your straightforwardness in the manner you show us the mix-ups as well as the triumphs. Your posts are genuinely uplifting, showing us all the significance of profit investing...my prompt for students is to assemble here and get an enduring answer for their effective financial planning nightmares...no information is a waste.

[spamhr]

We opened up 529 Plan for our kids when they were born. First child graduating this year and we have no worries about his college tuition.
I didn't know we can rollover the leftovers up to $35K to his Roth IRA!! Thanks, Viv!!

[AtomicAtom]

I wish you taught my mom 😫😩
Thank you for teaching us 🙏🏽

[ericfine]

Hi Vivian, maybe there are some nuances you can possibly look into. If people are starting late or do not have the ability to add enough that will clearly pay the full cost. If you expext that you will still need financial aid, perhaps it is better to leave the 529 in the parents name until after the child is accepted into the school and the institution determines how much financial aid they get. If the College sees that the child has $50k saved in their account then the college will subtract that entire amount from the financial aid package they would be willing to provide. At least for other financial savings of the parents, the college would assume/ calculate that only a portion would go to pay for that students tuition. This moght allow the college to allowcate more aid to the student. One could distribute funds from the parents account to the child as the bills com due.

[chanreka]

That new rule of rolling $35k into a Roth IRA is amazing

[Katstix]

Your advice is really cool. I'm in South Africa so we don't use the same financial jargon but I always look for the equivalent of your advice in my country

[RachelDee]

Oh I didn't know the tax code changed! I was hesitating on a 529 because idk what kind of career and education paths my kids will pursue. But being able to roll the extra into a Roth now is great!

[jj]

We have one 529 that has made more than we contributed. But it's important to start early and front load it if you can.

[-old-Forthischet]

Most working families are just trying to stay above water these days.

[jaxxon]

Three questions: 1) 1.6m sounds wonderful, but it’s a guesstimate, based on what? 2) Can this be done by a grandparent? 3) How is a 529 managed if no Child is born or if the child chooses not to go to college? Can it then be rolled over into a Roth IRA for the child? Can it be used for a trade school?

[shaunnaechols]

I literally just started this for my 5 year old niece for her Christmas gift.

[lifeisbutadreamm]

These videos seemed kinda gimmicky when I saw the first couple pop up on my feed, but I'm so glad I stuck around and listened because these tips are always really great, so thanks rich BFF!

[sjdigitalsolutions]

Your content is always so informative. I appreciate the effort you put into sharing valuable advice.

[cody]

Vivian, I’m not sure what motivates you but I’m sure grateful for your wonderful insights. Thank you so much for all your amazing advice, it continues to enhance my life.
❤

[duskyman]

If you have kids late in life you can pay for education with Roth IRA withdrawals.... 529 help but the bottom line is you still need to be able to pay for your kids. Both my kids were on I still paid 50K per yr .. after taxes ..., Toward their living expenses combined in college. And that doesn't even count that i was also paying for their car insurance, and cars, and about $2000 /yr airline travel for one of them . Nor the travel to watch one of them play.

If you live at home and go to small regional universities college can be dirt cheap. If you go away to Major private It's not so cheap.

[Francoisk]

Wow wow Jesus this information is gold. I would never ever in my wildess dream know all these information for finance your the G.O.A.T

[kishakisha]

I wish someone would do these types of shorts for Canadians

[sk.n.]

OMG thanks for this! I didn't know unused 529 money could go towards a ROTH! This is huge.