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Ask HTM - Helping Family Regain Financial Footing, Mobile Home Upgrades, & Tax Loss Harvesting For Everyone #751
Nov 20, 2023
Topics discussed in this episode include tax loss harvesting, taking out a HELOC on a mobile home, helping a family member regain financial footing, and opening a 529 account at a local credit union.
48:34
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Quick takeaways
- Consider opening a direct-sold 529 plan with low fees to maximize savings for your child's college education.
- Research and compare different direct-sold plan options, considering state tax advantages and scholarship opportunities.
Deep dives
Consider direct-sold plans for 529 accounts
When opening a 529 account for a child's college fund, it is recommended to consider direct-sold plans. These plans have fewer fees compared to advisor-sold plans and can save you money over time. Morningstar found that the average gap in fees between direct-sold and advisor-sold plans is around 0.6%, with direct-sold plans typically being even lower cost. By choosing direct-sold plans, you can maximize your savings and ensure that more of your contributions go towards your child's education.
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