I almost made a $100K mistake with my kids' college savings. In this video, I reveal how the new IRS rules for 529 plans completely changed my saving strategy and potentially saved me from a costly error.
I break down:
- The traditional 529 college savings approach and its hidden risks
- The game-changing 2024 IRS rule allowing 529-to-Roth IRA conversions
- How to build a true financial "launchpad" instead of just a college fund
As a parent of two young boys and former educator with nearly 20 years of experience, I've learned that success isn't just about education—it's about giving your kids financial flexibility and freedom.
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⏱️ CHAPTERS:
00:00 - The $100K College Savings Mistake I Almost Made
01:06 - Why Traditional College Planning Falls Short
02:41 - The $100K Question: What If They Skip College?
03:44 - Game-Changing 529-to-Roth IRA Rules for 2024
05:47 - Why Ages 18-30 Need Capital the Most
06:51 - Our 60/40 Strategy: 529s and Custodial Accounts
08:22 - Building a Financial Launchpad, Not Just a College Fund
09:54 - The Legacy of Financial Freedom for Your Kids
#CollegeSavings #529Plan #ParentingTips
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👥 About Rich Smith:
Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.
📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.
