Student Loans

College Ave Student Loans Reddit – 529 Plan: Grow WEALTH for kids and LOWER your own taxes

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College Ave Student Loans Reddit – How to Choose

A 529 Plan lets you lower your taxable income by putting money in an investment fund for your (or someone else’s) kids. Help yourself and the kids at the same time!
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Chapters:
0:00 – Intro
0:15 – What is a 529 Plan?
1:00 – Similar to an IRA, but the beneficiary can use the money for education
1:42 – You can change the beneficiary any time
2:25 – When opening the account, you can contribute up to 5 years worth ($75k)
3:23 – Can you invest it? Yes!
3:50 – This decreases your taxable income
4:08 – Example: a couple saves millions for their kids and lowers their taxes
4:58 – It’s like a trust fund for your kids
5:30 – In some states it can be used to pay off student debt
5:44 – Can also be used towards private school
6:13 – Special exemption: if your kid gets a scholarship, they can pull that amount without penalty
7:46 – “But I don’t want to get hit with higher capital gains taxes!”
8:44 – You only pay income taxes on the GAINS!
9:26 – Check with a financial advisor! This all depends on where you live
10:05 – Most importantly, this can help you get started if you don’t know how to pay for your kid’s college

Investing and trading are two different beasts. Please do your own research and due diligence before buying or selling stocks, options, forex or equities. These are opinions only, please make financial decisions on your own. Personal Finance is important!

#stockmarket #investing #studentloans

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13 Comments

  1. Brennan Holmes
    July 26, 2021 at 6:02 pm

    Can someone explain how you lower your taxes with a 529?

  2. mrrob633
    July 26, 2021 at 6:02 pm

    Does the kid have to be a certain age to start?

  3. Andrew Smith
    July 26, 2021 at 6:02 pm

    Great video, man. Thank you!

  4. Reggie M
    July 26, 2021 at 6:02 pm

    Nice video!

  5. SmashIce
    July 26, 2021 at 6:02 pm

    PepoG commenting helps the channel grow

  6. hamplus
    July 26, 2021 at 6:02 pm

    Ok boomer

  7. TropicalStorm4213
    July 26, 2021 at 6:02 pm

    Always love content from TheStockGuy! Thank you for sharing this important information!

  8. Kleese MainHQ
    July 26, 2021 at 6:02 pm

    i like this

  9. Kator Gator
    July 26, 2021 at 6:02 pm

    Thanks Stocky

  10. Dylan Stein
    July 26, 2021 at 6:02 pm

    Its even better, 529s aren't taxed on withdraws so if the child uses it for qualified educational purposes its tax free penalty free, but if they don't you only need to pay the 10% penalty no taxes, otherwise there would be no reason to have a 529, why be forced to pay ordinary income tax when most of the holdings would probably be long term capital gains and be exposed to the 10% penalty. It's taxed like a Roth IRA and the 10% penalty is meant to prevent someone from growing their money tax free and not using it for education (which in the end 10% is not bad at all considering you had around 18 years of tax free growth)

  11. Leyght
    July 26, 2021 at 6:02 pm

    I liked

  12. As! Someone Else
    July 26, 2021 at 6:02 pm

    You and your sister has a kid ha ha

  13. Boomer Bob
    July 26, 2021 at 6:02 pm

    Thx for the knowledge