Despite the burgeoning cost of higher education these days, some parents might still end up with unspent money in a 529 plan after their child has graduated from college. As you may know, if you withdraw the money for purposes other than for your child’s education, you have to pay taxes plus an additional 10%…
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There is no shortage of promoters of wealth-building schemes. Many start by writing books extolling secrets that they learned along the way to their own alleged success. If their fame from their books grows they often develop seminars and training classes designed to provide more secrets, tools, and motivation to help you become rich like…
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Most parents want their children to achieve at least a four-year bachelor’s degree from college. Partly it’s emotional: “My kid graduated from Stanford. What about yours?” But the bigger driver is more commonly the fear that without a college degree, their son or daughter will simply be unable to compete for the higher-paying jobs of…
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When it comes to their children, many parents take the view that supporting their kids is first priority. That’s admirable from a family standpoint, but may not be optimal from a financial one. And nowhere does this have bigger consequences than with college expenses. A common question I encounter is whether or not it’s possible to…
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As of the third quarter of 2015, student debt in the U.S. has soared to nearly $1.25 trillion. That’s trillion with a “t.” As little as ten years ago it was only $350 billion, less than half the amount of credit card debt held by consumers. Today it’s 70% higher. Why is this happening and…
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Last year I wrote about a strategy involving 529 plans designed to maximize the financial aid a college student could receive (see https://www.cognizantwealth.com/2014/03/10/best-place-to-hold-your-529-plan/). To summarize the original strategy: if you split your savings into two 529 plans, 75% in one owned by the student’s parent and 25% in one owned by the student’s grandparent, you…
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