Today we’re looking at all your investment options for college savings. We’ll cover the various options and even include the Roth IRA which is often overlooked as a great vehicle for your child’s college savings.
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My grandson had his first summer job at a car dealership and may have additional availability to work during vacation/holiday weeks. If he opens a Roth IRA at 15, can if have an effect on his college financial aid application?
IUL is also a great option. Take money out anytime, tax free!
So can I open multiple Roth IRA accounts in for my spouse fir each child?
Brother man excellent explanation. I have a question I could only use my wife Roth why not mine ? Thanks
I watched an earlier video from this guy telling you to NEVER use an IRA to fund you kids college.
wow what a good timing, i was debating this exact problem between open my wife ROTH IRA or open 529 acct for my kids, sound like spouse ROTH IRA is a good choice, thank you so much!
Another key note is although money from ROTH IRA does not count as asset when apply for FAFSA, it counts as income and this may reduce the amount of money recieve from FAFSA, but i am not sure whether the reduced amount is more less than the 5.64% from 529 plan
I am against the 529 simply because we don't know if my kid is gonna go to college or not. What if he decides to join the military and his school is paid for with the GI bill? What if he ends up being a little turd (I hope not) and just doesn't wanna go to college or goes but isn't focused and wastes all of that money thats been saved? Just not the best option for my family.
we have a custodial account here. My dad has one for her i also but the account is still on my dads name. But we have one for her. We put every month 15 bucks on it. So she gets from me. But also from us in her picky bank. My old aunt also put money in her picky bank cashback goes in there and my dad puts money in there.
Can a UGMA/UTMA account be rolled into a 529? Making it no longer an asset and not considered income by FASFA?
Every parent is all for college until they have to save money for it. All of a sudden they consider their kid not going to college… lol money does wierd things to poeple.
Love this channel. Always so informative
Take the missus out? WTF
I am going to college soon and I am planning on opening a Roth IRA for myself. Do I need to wait 5 years after the account was made to take out the money to pay off college loans without the 10% penalty? Will it count as an asset in the fafsa if its under my name?
If only all financial advisors spoke plain English like you do! Thank you!!
If my wife and I each have a Roth IRA can we pull money out of both accounts for college ? In other words if we are not relying on a Roth IRA for retirement can we pull out of both for kids college ?
What an awesome video! You really broke it down. Thanks for this information! New subscriber now!
Good stuff. Thanks
Why would withdrawing from the Roth for collect waive the 10% penalty but you'll be taxed? I thought Roth was no tax?
529 is better than Roth IRA, if the money is intended for education.
Every dollar you put into your kid's roth IRA, you have to pay income tax on behalf of your kid (Unless your kid is able to bring home W2 or 1099's under their name). I.E., You end up losing 10~12% of the money going into your kid's Roth IRA right off the bat.
Just stick to 529.
What is that board you are writing on?
This is by far the most succinct video I've seen on the topic!!!! Thank you!!!
For a couple that makes more than the allowable amount to utilize the deductions of a Roth IRA – does it still make sense to start one? We have an active 529 & considering a custodial account. Any financial advice would be appreciated!
You made feel pretty good about the decision we both made starting a Roth IRA for our twins when they were born.
Great Information Justin, dude you are the ROTH Guru
What about Coverdell ESA?
Very helpful
529 counts against FASFA as well, correct?
Thank you so much for the info! My wife and I are searching wide and far for the best moves and… this info helps!!!
If you don’t have a spouse how would you account for that “other” Roth to avoid FASFA disqualification?
Is there not a limit on the Roth IRA for qualified exceptions withdrawals, such as for college?
Yeahh I'll stay away from the custodial account
I thought you didn't have to pay any taxes on the gains in a Roth IRA. I thought you only paid a 10% penalty on any gains. This is just in general. I thought it was the 401k that you pay taxes and the penalty on.
i have a minor child that i started giving house chores like folding his own launry, pickup leaves in fall season, water plants in spring, does lemonade stand, empty garbage can in his room etc… So far he has save total of about little over $5k. I didn't know anything for having Roth account for a minor until this wk.
My question is what do I need to proof the IRS how he earned the money ? Thank you!
FAFSA*
why cant it be under my name instead of my wife's? Can't it be like my supplemental retirement fund?
What is the growth difference on a 529 vs a Roth IRA?
I just noticed this guy only has four fingers on his right hand.
With a fiduciary model you set up, how do you get paid?