$200 per month contribution into a 529 college savings plan
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Күн бұрынParents save $261,052 for their two kids' 529 college savings plan. This is a financial planning walkthrough for college savings. How much do we need to save for college? What will that college cost be? How much do we need to save monthly or per year? What investment rate of return do we need?
0:00 intro
0:39 Basic Facts for College Savings Plan
1:37 How much is our college savings goal?
2:03 College Savings Plan Walk-through
2:44 Ariana's (age 5) College Savings Plan
3:19 Setting College Savings Goal. How much will college cost?
7:39 Alberto's (age 3) College Savings Plan
8:37 Options for meeting college savings plan
10:08 Making adjustments to College Savings Plan
15:56 Change to college savings plan explanation
16:08 Investment target rate of return explanation
20:22 529 College Savings Plan for multiple kids
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@TravisSickle 2 жыл бұрын
0:00 intro 0:39 Basic Facts for College Savings Plan 1:37 How much is our college savings goal? 2:03 College Savings Plan Walk-through 2:44 Ariana's (age 5) College Savings Plan 3:19 Setting College Savings Goal. How much will college cost? 7:39 Alberto's (age 3) College Savings Plan 8:37 Options for meeting college savings plan 10:08 Making adjustments to College Savings Plan 15:56 Change to college savings plan explanation 16:08 Investment target rate of return explanation 20:22 529 College Savings Plan for multiple kids
@slimdawgwoof 2 жыл бұрын
I keep wondering if a better glide path is needed for the investments. Is it realistic factoring in sequence of return risk close to when you need the cash? I'm seeing this happening right now a friend of mine. It's difficult because even bonds also took such a big hit. Even a target date fund in their 529 got rocked. Thank you for the video.
@TravisSickle 2 жыл бұрын
I don’t use glide paths or target funds for that reason. Bond Funds have that added market risk vs individual bonds.
@slimdawgwoof 2 жыл бұрын
@@TravisSickle Any ideas for managing risk as the date comes closer? Or as in your example do you try and overshoot? Or just move portions to the cash like option 8n 529?
@TravisSickle 2 жыл бұрын
It depends on the scenario but overall not to use the 529 only. You can choose the investments in a coverdell. Another piece that’s often missed is that you can continue to contribute during the college years too. Short of using an annuity, there won’t be one single strategy for all. Even with a prepaid plan such as Florida’s which is effectively an annuity, doesn’t provide the greatest value and locks really locks you into a specific state school. The reciprocating amount to other colleges is pathetic. Nothing wrong with a state school. I went to one myself but it’s the idea of limited options that I don’t like.
@katanamalone 11 ай бұрын
What site did you use for the beginning of your video to calculate these numbers with parent contribution, etc?
@TravisSickle 10 ай бұрын
It's our internal software we use for our financial planning practice.
@nyeishascott6689 Жыл бұрын
Hi Travis, how much is the monthly payment for both kids combined in this scenario?
@TravisSickle Жыл бұрын
$200 per month, per kid, $400 total in this scenario.
@rajaveerapandian5030 11 ай бұрын
If I live in Texas (doesn't have state income tax) which state 529 plan is good for me?
@TravisSickle 10 ай бұрын
There are many, Ohio, Utah or NY to name a few are all good in my opinion.
@edsterling5258 11 ай бұрын
"we're going to assume an 8% rate of return" This is where I have serious doubts. For the next ten straight years, a consistent 1.08%?
@TravisSickle 11 ай бұрын
July 19, 2023
@TravisSickle 11 ай бұрын
And that’s a really great point for me to explain further on another video. So thank you for the comment!
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