Make Money Smart Kids with Educational Savings Accounts

Coverdell Educational Savings Accounts (ESAs) are a useful source for education funding.   Often, these accounts are overlooked because of their limitations.  By understanding ESA rules, proactive parents can provide kids money education not just education funding. Understanding the ESA Rules Contributions:  Anyone may contribute to an ESA for a child under 18 years of age. … [Continue]

529 Plans—Better for Grandparents than Parents

College 529 plans get their name from the section of the Internal Revenue Code that defines them.  These college savings plans are a tax preferred “wrapper” for dollars earmarked for education.  Another name for the plans is Qualified Tuition Programs (QTP).  State governments establish and run these plans. There are two types of QTPs.  The… [Continue]

Should I Save for My Kid’s College or Retirement?

The decision to save for our children’s education or retirement is a vexing one.  For me, the bottom-line is that there are no scholarships or grants available for retirement.  Don’t misunderstand, I am not suggesting our children’s education is unimportant and not worth our money.  It may be possible to fund both.  I’ll come back… [Continue]

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