🚀 How I Saved $83,809 for My Kid's College! Real 529 Plan Breakdown & Tips 🔥

Рет қаралды 25,335

11 ай бұрын

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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Пікірлер: 51

@Justin-rm6qo 4 ай бұрын

Do community college for the first 2 years, then transfer to a 4 year university after that. I just saved you 100k.

@mayraledesma2612 4 ай бұрын

Exactly 💯

@Leisure3389 3 ай бұрын

Good plan. Knock out the core classes. Get straight A’s then hopefully some scholarships

@user-lr5po4pl6s 2 ай бұрын

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.

@christinab9133 10 ай бұрын

Great video! Thanks!

@songjuyo 5 ай бұрын

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?

@chikbumchik 7 ай бұрын

Can you share your insights on Vanguard's 529 plan from Nevada? Thanks

@brandonrumker1057 10 ай бұрын

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!

@TravisSickle 9 ай бұрын

The admin fee plus the fund expense ratio, here is the page to that admin fee my529.org/investment-options/fees-and-expenses/

@Kathytacita 10 ай бұрын

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!!!

@TravisSickle 9 ай бұрын

it's a planning tool we use for our practice. The tax deduction makes the NY plan a good bet.

@none05550 10 ай бұрын

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 .

@TravisSickle 10 ай бұрын

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.

@Robloxislife716 10 ай бұрын

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!!

@TravisSickle 10 ай бұрын

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. kzfaq.info/get/bejne/addppLWcm9aUiaM.html

@blave8730 5 ай бұрын

If the IRS audits your payroll and sees a six year old with an income will that cause issues?

@Avibobby90 11 ай бұрын

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.

@TravisSickle 11 ай бұрын

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.

@BarbDesautelsCalgaryRealEstate 10 ай бұрын

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 😊

@ericmorris3509 12 күн бұрын

Question. I live in PA and there’s two PA 529 plans for residents. One is tuition inflation rate (pay for the rate of today’s tuition and it cover the future’s rate) and stock market rate. Which one do you think is a better option?

@TravisSickle 9 күн бұрын

Stock plan. I'm not a fan of the prepaid plans however, in certain situations they do make more sense. Possibly a good video idea for the future. thanks!

@dancarpenter419 6 ай бұрын

Do you recommend any UTMA/UGMA for teach children about investing. ? Vanguard or Fidelity etc ?

@TravisSickle 6 ай бұрын

Whichever you prefer. They're all the same.

@giovannileonor728 19 күн бұрын

What tool is this that does all of the legwork on the calculations/projections?

@TravisSickle 18 күн бұрын

Our planning software we use.

@jvasquez1220 5 ай бұрын

I live in Jersey and have two kids! I need help

@sajidbaig1593 7 ай бұрын

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?

@TimothyB-ib2sf 7 ай бұрын

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.)

@tomsmith4253 7 ай бұрын

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.

@TravisSickle 7 ай бұрын

answered in this video kzfaq.info/get/bejne/b9uKp5pzub23cqc.html

@jolynndsetiawan 6 ай бұрын

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 ?

@TravisSickle 6 ай бұрын

Email me a performance or quarterly report and I can look it over and explain it in a video. Travis.sickle@sicklehunter.com

@TheK9Shepherd 6 ай бұрын

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

@TravisSickle 6 ай бұрын

You can

@JessieS 14 күн бұрын

So to open a 529 plan you must be a Florida resident, just to make sure I have this right.

@christiangardener6073 3 ай бұрын

why do they charge more if your out of state?

@TravisSickle 2 ай бұрын

because state taxes fund it and the state wants a bigger benefit for their own.

@dianangyn 2 ай бұрын

Does your child need to go to the state that your plan has been set up in?

@TravisSickle 2 ай бұрын

@shaynegervais7542 3 ай бұрын

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

@keneshamcbean1512 Ай бұрын

What happens if your child gets a full ride and dont have anyone to transfer the funds to? Can you withdraw tax free?

@TravisSickle Ай бұрын

no, it's taxable on the earnings only. NO PENALTY up to the scholarship amount.

@TravisSickle Ай бұрын

You can also roll up to $35k into a Roth IRA.

@keneshamcbean1512 Ай бұрын

You're amazing thank you so much!

@flsupraguy 6 ай бұрын

Why didnt you do Florida prepaid? lock in cost of college now. Much better long term IMHO

@TravisSickle 6 ай бұрын

You'll end up paying way more to lock in those rates. Also, the transferability is pitiful if you go out of State.

@flsupraguy 6 ай бұрын

@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....

@flsupraguy 6 ай бұрын

@@TravisSickle also, 529 doesnt include housing

@TravisSickle 6 ай бұрын

Yes it does.

@TravisSickle 6 ай бұрын

I’ve already gone over this in previous videos.