We dive into the world of 529 college savings plans, exploring their tax advantages, flexibility, and potential for creating generational wealth. This educational episode clarifies common misconceptions and provides practical advice for families considering this powerful financial tool.• 529 plans offer tax-free growth when used for qualified educational expenses• Qualified expenses now include K-12 tuition, student loans, and apprenticeship programs• Plans work best with a long investment timeline, ideally starting when children are very young• There are multiple options for unused funds, including changing beneficiaries or Roth IRA rollovers• The 10% penalty is waived for scholarships, military academies, and other specific situations• Starting early can create significant generational wealth by eliminating future student loan burden• Proper planning can minimize tax impact even if funds aren't used for education• Parents should prioritize their own retirement savings before funding education accountsRemember to subscribe to the podcast to hear more information to help you pursue your financial goals.How to get in touch with us: Keith Wilson [email protected] Anthony Ruffalo: [email protected] check out our websites! Keith Wilson https://www.wfa-nc.com/ Anthony Ruffalo: https://ruffalowealthmanagement.com/ Our YouTube Channels Keith Wilson: https://www.youtube.com/@ThatFinancialGuy Anthony Ruffalo: https://www.youtube.com/@anthonyruffalo2704

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