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5 Costly 529 College Savings Plan Mistakes and How Not to Make Them!

College Planning, College Money

Here are several excerpts from a Time Magazine Money section article, 5 Costly 529 College Saving Plan Mistakes:

In part because of the tax breaks they offer, 529 college savings plans have become a popular way to set money aside for one of the biggest bills most of us will ever face. The total assets in these state-sponsored accounts recently topped $234 billion, up from $90 billion a decade ago, according to the Investment Company Institute.

But popular doesn’t necessarily mean trouble-free. If you’re thinking of investing in a 529 plan for a child’s college education, it pays to know about these common missteps—and how to avoid them.

  1. Focusing only on taxes.
  2. Overpaying for advice.
  3. Not knowing what “qualifies.
  4. Taking too little risk—or too much.
  5. Rushing to cash out.

For more on each mistake continue reading.

Richard Beidl
Richard Beidl
Richard is an international financial strategy expert and senior executive, and a nationally recognized Financial Services industry analyst, consultant, speaker and strategist. Since 2005 he has been President of Impact Partners, Inc., recently renamed Matrix Private Wealth Solutions Corp., a financial strategy firm specializing strategic financial & college advisory, and financial education. He is also President of Matrix Private Wealth Solutions Investments, Inc., a California Registered Investment Advisory focused on wealth management.

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