David Adefeso teaches his fans how to start saving for kids’ college. Check out his post here.
‘Best Ways To Start Saving For College What’s the best way to avoid saddling your child with tens of thousands of dollars of student debt? Start saving early🥸 But….- average interest paid on savings accounts is a putrid 0.06%- bank fees are the highest they’ve been in decades- at the same time, inflation, which eats away at the value of your money, is rising at a decades high annual rate of 5.4% Yet, many continue to save for college and other higher eduction expenses using savings accounts😏🥱’ David began.
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He continued and said: ‘Even though savings accounts are one of the worst ways to save for long-term college expenses👎🏾What’s the best way to save for college expenses🤔Enter Section 529 Plans🚀529 Plans are a relatively unknown, but powerful tax-advantaged Investment Fund for School🤑’
He also said: ‘It’s protected from creditors and can be used for 4-year college, community college, trade school, limited K-12 expenses, apprenticeships, and even to pay down existing debt if you’ve already graduated but are still carrying student loans🙏🏽🙏🏽Click on the link in my bio to learn more about this obscure but powerful plan⤴️’
Someone said: ‘I love 529 plans👏👏. I have two of them for each of my kids. Good call🔥🔥’
A commenter posted this: ‘529 plan is my favourite because it’s transferable and more flexible than a lot of other investment products.’
One other follower said: ‘My parents started saving for me early through a 529 plan and that’s how I paid virtually all of my 4 year college expenses until I graduation 6 years ago. I don’t know what I would have done without it. I am definitely opening one up for my kids when I have them. Best to start early.’
A fan posted: ‘What about IUL for children as a form.of saving? Or is it better for a Parent to own the policy and make the child the beneficiary?’
Stay tuned for more news.