Celebrate National College Savings Day

May 29 (5/29) is 529 College Savings Day to raise awareness to the fact that saving for college is an important step families can do for their children. A 529 Savings Plan offers considerable benefits for the participants such as tax-deferred earnings, tax-free distributions for qualified educational expenses, and possibly state income tax deductions on contributions, depending upon your state of residency. Setting up a 529 plan is quick and easy. Most plans allow you to complete the enrollment form online in less than five minutes. You may set up electronic transfer with your bank account for automatic contributions or manually initiate them at specific times during the year. The investm

Let Kids Make Money Mistakes Early

Parents often ask me how to teach their kids to manage their money. My answer is simple. No mater your age, people learn best by doing, not lectures. The best action parents can take is to facilitate a safe environment where your children make age appropriate financial decisions that are important to them. A key criteria for learning about managing money is for it to be age appropriate. Talking to your six year old about their college savings account is pointless because they cannot understand what it means. But, he can understand what it means when you tell him he must choose between his a bag of cookies or chips at the grocery store. Giving kids choices when they are young is a good

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