David Adefeso Shares The Best Ways To Save For College

David Adefeso Shares The Best Ways To Save For College
Credit: BET

David Adefeso is sharing the best ways to save for college. Check out his post below.

'5 Best Ways to Save for College Actionable advice for parents looking to fund their child's higher education: 1) Savings Accounts A reliable source of liquidity but only pays an average of 0.04% per year.
With tuition costs growing at 8% annually, this may not be an optimal choice. 2) Investment Accounts
Potential returns of 8%-12% per year: allowing you to save less for college funds and keep more upside.
The downside? This cash is tax liable,' David began his post.

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He continued and said: '3) Custodial Accounts Utilize UTMAs to protect minor's assets until they come of age — Alongside tax advantages and flexible investments. 4) Education IRAs Tax-free investment growth alongside a variety of investment options. 5) 529 Education Plans Tax deductions AND tax credits in roughly 30 states — Coupled with bankruptcy protection and the fact that up to $10,000 can be used to pay off student loans. This begs the question: which option is most suitable for me? The benefits most outweigh the drawbacks in 529 Plans — but as always, consider your own research alongside the data provided here.'

'What's the best way to structure a college savings plan? How can you think about the risk-reward of each option? Watch our latest episode of Wealth Demystified to learn more 👇🏾 Bridging the gap between student loans and financial freedom - David Adefeso,' he captioned his post.

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Someone said: 'Definitely needed this info for my second year student! I wish I had this info long before now!' and another follower posted this: 'This is awesome 🔥🔥🔥because I need to hear this! I definitely have to finish up my Master’s degree 📜'

One fan said: 'Thank you for giving out so much wisdom for free. I wish more successful people would reach back like this and lend a helping hand to those they left behind👏👏👏'

A commenter posted this: 'My question is how to pay student loans from the federal government.'

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