DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing 529, Custodial Accounts, and Joint Accounts
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Feb 22, 2023 The hosts kick off with lighthearted tales of their winter woes, eagerly anticipating warmer days. They dive into smart strategies for saving for college, weighing the pros and cons of 529 plans versus brokerage accounts. A fascinating discussion follows on converting 529s into custodial Roth IRAs, emphasizing financial literacy for kids. The conversation wraps up by spotlighting custodial and joint accounts, showcasing their flexibility and potential for wealth building beyond just education.
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Joint Account for Kids
- Consider a joint investment account for kids' education.
- This offers flexibility, allowing funds to be used for other needs if college plans change.
Logan's 529 Experience
- Logan faced issues with his 529 due to scholarship money.
- He couldn't use the funds for other needs without penalties, but new rules now address this.
529 to Roth Rollovers
- The Secure Act 2.0 allows rollovers from 529s to Roths.
- This provides a new avenue for leftover 529 funds, aiding retirement savings.