Marriage Kids and Money: Personal Finance for Families How to Choose a 529 Plan (For Your Child's Future College Expenses)
In this two-part episode, we’re diving into strategies for building wealth as a modern parent.
First, Kelly Palmer—a financial planner and founder of The Wealthy Parent—joins the show to break down how to choose a 529 plan. She shares the pros and cons of different education savings options, the impact of the new SECURE Act updates, and why she’s a proud 529 mom herself. If you’ve been feeling overwhelmed by college savings decisions, this segment is full of clear, practical guidance.
Then, in our Net Worth Win segment, Shang Saavedra from Save My Cents reveals how she and her husband built a net worth north of $2 million by age 39. From a revenge-of-the-nerd money mindset to embracing FIRE, Shang’s story is packed with lessons on frugal living, dual-income saving strategies, and long-term thinking.
Whether you're focused on education planning or financial independence, this episode delivers actionable tips and real-life inspiration.
EPISODE RESOURCES
Nectarine (Advice Only Financial Planners): https://marriagekidsandmoney.com/nectarine (affiliate)
The Wealthy Parent: https://thewealthyparent.com
Wealth is a Mindset (Book): https://amzn.to/3FQT0nh (affiliate)
Save My Cents (Shang Saavedra's Website): https://savemycents.com/
CHAPTERS
00:00 – Introduction
01:00 – How to Choose a 529 Plan
05:20 – Tax Benefits and State-Specific Rules
09:00 – SECURE Act Updates and New Roth IRA Rollovers
13:45 – 529s vs UTMAs and Roth IRAs for Kids
18:00 – Final Thoughts from Kelly Palmer
20:30 – Net Worth Win: Shang Saavedra
24:15 – The Mindset Shift Behind Wealth Building
29:30 – Living on One Income and Saving the Other
33:00 – Renting by Choice and Real Estate Insights
36:00 – Teaching Generational Wealth Through Habits
38:30 – Future Goals and Advice for Parents
MKM RESOURCES:
- MKM Coaching: Want 1-on-1 support with your family finance journey? Book a time with me today.
- Coast FIRE Calculator: A free calculator to help you find out when you can slow down or stop investing for retirement.
- Mortgage Payoff Calculator: A free calculator to help you see how fast you can become mortgage free.
- YouTube: Subscribe for free to watch videos of these episodes and interviews.
RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES):
- Monarch Money - Best Budget App for Families & Couples
- Empower - Free Portfolio Tracker
- Crew - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link
- Ethos - Affordable Term Life Insurance
- Trust & Will - Convenient Estate Planning
HOW WE MAKE MONEY + DISCLAIMER:
This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products.
Opinions are the creators alone.
Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice.
Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
CREDITS:
- Podcast Artwork: Liz Theresa
- Editor: Johnny Sohl
- Podcast Support: Nev Maraj
Learn more about your ad choices. Visit megaphone.fm/adchoices