We all want the best for our children. Whether we're parents, grandparents, relatives or friends, we want to do what we can to help them reach their fullest potential. Education can be the key that helps them unlock a bright future. Saving for a child's education can be daunting, but there are some smart, easy ways to save, including 529 Savings Plans. A "529 Plan" is a tax-advantaged way to save for education that offers valuable advantages, including tax-deferred growth and generous contribution limits. The funds covers variety of eligible expenses, including tuition, mandatory fees, books, supplies and equipment required for enrollment or attendance; certain room and board costs and certain expenses for a special-needs student. 529 Plan funds can be used toward the costs of nearly any public or private, 2-year or 4-year college nationwide, as long as the student is enrolled in a US-accredited college, university or technical school that's eligible to participate in the US Department of Education student financial aid programs. For more information about 529 Savings Plans, speak with an investment advisor.
When your child starts elementary school, it's the perfect time to start having conversations about money. Learning money lessons early in life is essential to your child's financial growth, but most schools aren't required to teach personal finance. That makes it even more important for you to teach your children money matters at home.