529 College Savings Plan or 529 College Savings Fraud

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529 College Savings Plan or 529 College Savings Fraud

Have you heard the good news about the great benefits of a 529 college savings plan? Here are 3 ideas you might want to consider first before you rush into a blind setup. They will most likely save you thousands of hard-earned dollars.

As the cost of college continues to rise, parents are looking for any surefire way to prepare for what they see as an inevitable budget disruption. The 529 college savings plan has gotten a lot of media coverage in recent years. Hundreds of parents rushed out to build these college savings vehicles, only to find that they got more than they expected.

To be clear, a 529 plan can be a very beneficial financial tool that parents can use to help pay for their children’s or designated beneficiary’s education after high school. But whether the allure of this college financial aid benefit is more of a distraction from what parents should really be concerned about. Here are three reasons why you shouldn’t have a 529 savings plan.

Reason #1 – You Have Consumer Debt

If you have credit card debt, car loans, student loan debt or you owe Uncle Joe $2,500, you’re better off taking the funds you filed for a 529 plan and using those funds for the express purpose of paying off the debt.

I explore this concept in more depth in my 3-part parent video training series, but suffice to say, the most important thing you can provide your child is not a college education. I know this seems counterintuitive in today’s culture, but it is. The most important thing you can provide your children is financially secure parenthood. Taking on consumer debt while contributing to 529 college savings plans that have no hope of incurring the interest charged by creditors is absurd.

Reason #2 – You Are Not Fully Funding Your Retirement Account

Listen, I know what that feels like. I have 2 children of my own. We want the best for them, so we figured that if we sacrificed enough, it would somehow add value to what we already had to offer.

You and I can agree that a college education is the key to higher incomes and a better quality of life. However, what do you think happens when children realize that their parents have sacrificed their financial future for their own? Kids now know “because of them, that’s why my parents had to work long hours in their golden years”.

not good.

Reason #3 – A 529 College Savings Plan Is Your Only Plan

In the 1800s, Field Marshal Helms Karl Bernhard von Moltke was quoted as saying “no battle plan survives engagement with the enemy”. If you are in a position where a 529 plan makes sense to you and your family, I encourage you not to make a 529 plan your only plan.

Funding a college education is a strategy that requires careful consideration. Make sure your overall college funding strategy is based on investment, but also on the fundamentals of college financial aid.

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