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Does anyone have experience with a 529 College Savings Plan?
What type do you have? How do you like it so far?
1 Answer
- Go with the flowLv 78 years agoFavorite Answer
Things to do before you start in your 529 endeavors:
1. Make sure your high interest debt is paid off.
Believe it or not, some people have credit card debt, car loans, etc when they do this.
2. Make sure you are at least putting the company match in your 401K.
3. Make sure you have your 5 months of income socked away in a liquid savings acct.
In conclusion: A 529 is for someone that is already financially stable. Already hiding money in other ways by paying off debt or putting money into IRA's etc.
Also, remember to put yourself first.
You can make loans for kids college, but you can't make loans for your retirement.
And never forget that kid could get a scholarship, or not go to college at all.
