5 Things I Didn’t Know About the NY529edu (That YOU Should)
Securing your financial future may not be the sexiest topic but it sure makes sense to seriously think about it when you realize that kids’ college tuitions are just getting pricier each year. (Did you know that currently it takes about $75k / year for a student to room, board and attend NYU for instance)? Per year, you heard me right…. Us blogging moms learned all about this at the recent MomTrends ny529edu event with NY 529 who was there to helpfully explain this powerful savings plan.
Luckily I have a financial guru (my brainiac husband who also works in finance) who was smart enough to start a NY 529 as soon as our daughter was born. So I knew the major benefit was tax savings. Your earnings grow federally tax-deferred, and qualified withdrawals are tax-free. But there was still so much that I needed to learn!
Here are 5 things I didn’t know about the state – subsidized, higher education savings plan:
- The money can be used not just for college but for: post graduate programs, vocational and post secondary trade schools, books, supplies, equipment, computers, and certain room and board fees
- Anyone can start one (parents, grandparents, other relatives, friends—as long as he or she is a U.S. citizen or a resident alien) and with just $25 minimum
- There’s a link to send out for contributions in lieu of holiday and birthday gifts
- opening an account takes as little as 10 minutes
- You can change the beneficiary, as desired, to a sibling, a relative, or even to yourself—should you choose to go back to school (it’s never too late for that either!). So even if your child for some reason doesn’t end up needing the full amount, it can be transferred to someone who does need it!
While we were planning for our kids’ futures, the kids had so much fun planning our lunches! The event was held at the ICE Institute of Culinary Education in Battery Park City and it was the perfect place for our kids to turn into chefs for the day! Here is little J designing her own chef hat…of course she had to bedazzle it with gems, and color in purple and pink! (SUCH a girly girl!)
She was so cute, telling me she was going to be just like Disney princess Tiana (who loves cooking in all the stories). Here she is modeling her new chef hat, accessorized of course with the tiara she wore to the event!
And here are all the little kids. Who says there are too many cooks in the kitchen??
Lunch was surprisingly delicious! These kids can cook for me ANYTIME!! Thanks guys!
Now all I need to do is figure out how to get my daughter into one of my alma maters..Harvard? Yale? I hear both calling your name, little J!