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The Best 529 College Savings Plan

The 529 college savings plan is a tax advantage account that can help you save money for your kid's college (or even your own college)! In order to figure out which state has the best 529 plan I evaluated the performance of each 529 plan, fees to invest, the state residency requirements, and the contribution limits. Not in any particular order, I would recommend these 6 state 529 plans: Utah my529, Michigan Education Savings Program, New York's 529 Program, Nevada The Vanguard 529 College Savings Plan, Illinois Bright Start Direct-Sold College Savings, Ohio CollegeAdvantage 529 Savings Plan. You can choose to invest in any state 529 plan, you don't have to live in that state or go to school in that state. The only advantage to investing in your own state's 529 plan is when there is a justifiable tax advantage. Most state 529 plans offer a tax deduction on your state income tax, which is typically around 5%. It's not a huge advantage so If you're state's 529 plan isn't great, consider looking elsewhere and you may be able to make up what you would have saved in taxes in better performance. Also if you live in a state with no state income tax, or one of the states that do not give a 529 state income tax break, then definitely consider the top six 529 plans I mentioned. Whichever 529 plan you think is best, start investing early and often! When it's time to withdraw the money for college it will all come out tax free as long as you spend it on qualified education expenses. 👨‍💻HELPFUL LINKS: Morning Star Review https://bit.ly/2Q3iaoz Savingforcollege.com Review https://bit.ly/2RGqM5a Qualified Education Expenses https://bit.ly/3belip7 🎒FINANCIAL BOOKS I HIGHLY RECOMMEND: 1. Rich Dad Poor Dad: What the Rich teach their kids about money that the poor and middle class do not. https://amzn.to/2SLWLhw 2. Everyday Millionaires: How Ordinary People Built Extraordinary Wealth. https://amzn.to/3dno5Mr 3. The 4-Hour Workweek: Escape 9-5, Live Anywhere, And Join the New Rich. https://amzn.to/34IkSTS 🙋‍♂️1 on 1 Sessions Available @ https://timwolffe.com/services This video is not sponsored. Some product links are affiliate links which means if you buy something I may receive a small commission at no extra cost to you. This is not investment advice. #timwolffe #personalfinance 00:00 Avg College Tuition Costs 00:56 Top Six 529 Plans 03:26 Why a 529 Plan? 04:53 Invest in any State 529 Plan