Squeezing More From Your College Savings (with James DiUlio)

According to MyCollegeGuide.org, the average cost of tuition in the USA ranges from just over $8,000 for an in-state public experience to a whopping $28,500 for a private school. How do you afford those numbers, and also all of the other costs like room and board, books, and transportation? James DiUlio knows all about college costs and saving for it, so we’re happy he’s going to tell us about 529 plans. How do they work best, when should you use a 529 plan, what tax breaks should you expect, and how are they different than other college planning vehicles? In our headline segment we talk about people who’ve labored hard to become millionaires. What are some common traits of the wealthy? We’ll share some surprising numbers.

We’ll also throw out the Haven Life Line, feature some Labor Day trivia from Doug, and more.

Special thanks to M1Finance and Tiller for sponsoring our show! We couldn’t do any of this without the support of these awesome companies.

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Show Notes:

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• 5 Things You Didn’t Know About America’s Millionaires (Time)
• Eminem Is Selling His Detroit-Area Mansion for $2 Million Less Than What He Paid (Time)

<15:47> James DiUlio, Vice Chairman of College Savings Plans Network

Check out the site for College Savings Plans Network and learn everything you need to know about 529s: CollegeSavings.org

Drop a line to the good people at CSPN: @College_Savings

<30:45>Doug’s Trivia

• In what decade did Labor Day became a federal holiday?

<34:02> Haven Life Line

Need life insurance? You could be insured in 20 minutes or less and build your family’s safety net for the future. Use StackingBenjamins.com/HavenLife to calculate how much you need and apply.

• Cara and her husband are debt free. They’re looking at doing a home remodel, should they pay cash or take out debt?

<38:30> Letters From the Mailbag

Need help with your financial plan? Use this link to schedule a meeting with OG: StackingBenjamins.com/OG

• Troy has a working idea on him and his wife’s retirement. Is the plan going to work out like he think it does, should he change anything?