Navigating the 529 Plan Maze
Thinking about opening a 529 college savings plan for your little one? Savingforcollege.com used to be the recommended site for learning about the tax-advantaged plans and comparing the many options. But that site has gone the "free, free, free, FEE!" route, with some of its information now available to paid subscribers only. Fortunately, as reported by USA TODAY, there's an alternative from the non-profit College Savings Plans Network .
Matt's View
Even if you don't have kids, a 529 plan contribution makes a great gift for the children of your friends or family members. Okay, it might not have the rip-the-wrapping-paper-off appeal of new toy, but if it helps them graduate with less student loan debt that'll be a true gift. And if you pay income taxes in the state that sponsors the plan, you might even be eligible for a state income tax deduction for your contribution. Check with the state's plan.
Managing Money by The Book
- "Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock." - Matthew 7:24-25
Recommended Resources
- Money, Purpose, Joy - Discussion Guide
- If you want to take your relationship with money to a whole new level, bring the subject into your small group. It can be scary to open up about money, at least at first. But the "Money, Purpose, Joy Discussion...…Read the rest
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