189: 529s: The Ultimate Education Savings Account with Patricia Roberts and Jen Rupp

Welcome to episode 189 of Profit Boss® Radio! In this episode, we’re talking about saving for college and career training–and how to use 529 plans to make this daunting task more manageable.

There are a lot of reasons you might want to use a 529 plan. These plans allow Americans to save for higher education on a tax-advantaged basis. This means that as they grow in value, that growth isn’t taxed. So long as the money is withdrawn to pay for higher education in some form, you don’t owe tax on the value of the account either. This means more money for college, technical school, or a paid apprenticeship, as well as an added benefit that many people can take off their state tax obligations in a number of places.

Joining us to talk about 529 plans are Patricia Roberts and Hendershott Wealth Management’s very own, Jen Rupp. In the first half of this episode, you’ll meet Patricia, who’s the author of Route 529: A Parent’s Guide to Saving for College and Career Training with 529 Plans. You’ll then hear from Jen Rupp, who’s the head cash flow coach in my coaching program, as well as an expert on 529 plans herself.

If you’re ready to learn about some great ways to take the pain out of saving for college, this episode is jam-packed with information that will help you prepare to take the first steps.

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:

• Why you can create a 529 plan in any state–and which states offer the greatest benefits for residents.
• How you can legally use funds in 529 accounts for expenses far beyond tuition, including apartment rent, certificates, and even computer equipment.
• Why you should still consider opening a 529 for your kids, even if you have no idea if they’re going to go to college (or they hit the jackpot and receive a full ride scholarship).
  How your employer can help you prepare for the costs of higher education.
• What it means to superfund a 529–and how to legally put as much as $150,000 in a single year into these accounts.
• The rules of the road for investing when it comes to 529s.

Show Notes

To get access to the full show notes, including all the resources mentioned, visit https://hilaryhendershott.com/patricia-roberts-529s-ultimate-education-savings-account

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.