March 15, 2023

How to Fund Education Effectively, Efficiently, and with Flexibility

Welcome to Episode 15 of the Plant Harvest, Prosper Podcast with host Kellen Williams, CERTIFIED FINANCIAL PLANNER™. As with every episode of our podcast, we focus on helping our listeners make wise decisions with their money and encouraging them to live purposefully toward prosperity. In this episode, we look at how to fund education or college effectively, efficiently, and with flexibility. We’ll also discuss the recent passing of Secure Act 2.0 and how it impacts educational savings.

Welcome to Episode 15 of the Plant Harvest, Prosper Podcast with host Kellen Williams, CERTIFIED FINANCIAL PLANNER™. As with every episode of our podcast, we focus on helping our listeners make wise decisions with their money and encouraging them to live purposefully toward prosperity. In this episode, we look at how to fund education or college effectively, efficiently, and with flexibility. We’ll also discuss the recent passing of Secure Act 2.0 and how it impacts educational savings.

Today’s guest on the Plant. Harvest. Prosper blog is Danica Bolton, a member of our team at Financial Harvest Wealth Advisors. Danica holds an MA in Education and was formerly at Charles Schwab. Since 2019, she has been a Fiduciary Investment Advisor at Financial Harvest and is currently studying for her CERTIFIED FINANCIAL PLANNER designation.

Fund Education with 529 Plans, Prepaid Plans, and Other Options

The increase in the cost of education is always in the headlines as our nation deals with the student loan crisis. With Danica’s help, we delved into how to fund education effectively, comparing 529 Plans with Prepaid Plans.

Episode 15 provides easy-to-understand guidance on the differences between these savings strategies. Danica then brings critical insights on the ‘real-life’ application of how parents and their college-bound students can bring transparency to expectations.

Danica explains, “Everything is coming home to roost right now when it comes to the extreme amount of debt people have taken out for college funding in the past, let’s say, 15 to 20 years.

“I recommend that parents consider talking with their child. Have the conversation about expectations. Maybe you have made that commitment to your student that you are going to fund the first four years of undergrad, and then the student is on their own. Tell them, ‘This is how much you have in 529, and this is how much we’re contributing. And it has to last for whatever you want to do.’

“Letting them know, for example, if they want to go to a really expensive undergrad program, that may mean that there’s no money left over in the 529 for graduate school or their doctoral degree.”

Danica shares a wealth of insights with us during the podcast, looking at pressures on students and parents, scholarships, opportunities for gifting to education, and even alternative strategies for learning.

Secure Act 2.0 and Its Impact on Funding Education

Just as the Secure Act 2.0 has affected many aspects of financial planning, it has repercussions for educational savings and the distribution of funds at the appropriate time. Whether you feel fully confident in your educational expense planning or are among the many families challenged by it, you’ll gain important information on how the Secure Act 2.0 has impacted your plans. 

We invite you to take 30 minutes out of your day for this information-packed podcast.

All episodes of Plant. Harvest. Prosper Podcasts are available in an audio-only format through popular podcast platforms. But if you’d like to see Kellen and Danica as they share their wisdom and insights, view Episode 15 as a video here on our website.

And please email your suggestions and interests for future topics to: kellen@financialharvest.com

Here’s How to Watch or Listen to Plant. Harvest. Prosper. Episode 15

Mouse over the “News” tab in the navigation bar and click “Plant. Harvest. Prosper. Podcast.” Also, every podcast episode is available in an audio-only version on top podcast platforms, including Amazon PodcastsiHeartRadioGoogle PodcastsStitcherSpotifyApple Podcasts, and more.

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