6 Questions About 529 Plans

What parents need to know about saving for college If you’re saving for your child’s higher education, you probably have a lot of questions besides “When did college get so incredibly expensive?” One popular savings tool that might puzzle you the most is the 529 Plan. Started in the late 1980s and operated by states and financial institutions, the 529 … Read More

Roth IRAs for Kids

It may be difficult to convince your teenagers to participate in their financial futures, but if you can persuade them to contribute at least part of their babysitting or after-school job money to a Roth Individual Retirement Account (IRA), they may thank you later. Anyone with earned income below $133,000 for single filers and $196,000 for married joint filers in … Read More

The Minnesota Nice 529 Plan Tax Credit OR Deduction

Early this year Minnesota finally joined the ranks of other states that offer an incentive for those using 529 Plans for education planning. Over 30 states now offer a tax incentive to leverage the power of 529 Plans. In a very Minnesota Nice way, the deduction is allowed even if you contribute to another state’s 529 Plan. This makes taking … Read More

Two Critical Building Blocks for Employee Financial Wellness

The evidence is clear. Financial health has a direct and substantial impact on the overall health of employees. (http://info.healthways.com/hs-fs/hub/162029/file-743424751-pdf/Fact_Sheet/Well-Being_Five_Fact_Sheet.pdf?t=1502227945537) More and more human resource departments are realizing that employee financial wellness can greatly impact the productivity and the quality of life of employees. An employee’s ability to manage economic life, to reduce financial stress, and to have an increased sense … Read More

Small-Business Owners Can Have A Great Retirement Too! Part 1 of 3: SEP IRAs

Small Business Does Not Have To Mean A Small Retirement Plan! Doing What You Love Owning and running a small business can be one of the greatest ways to build wealth and financial independence. And for many it means doing what they love. The downside to owning your own business is having access to the same benefits, especially retirement planning. … Read More

The 4% Rule & Saving For College

Much discussed but seldom fully understood. The 4% rule has been around for decades and is often the gold standard in rule-of-thumb guidelines.  However, the 4% rule was designed at time when our children’s college costs were relatively smaller and more predictable. In today’s world the idea of planning for your retirement must be thought of in conjunction with the … Read More

College As An Investment

We have behavioral biases in all of our decision-making – it is what makes us human. Nowhere is this more evident than in our decision to invest anywhere from $100,000 to $200,000 in a college education for our kids. With most investments we will at least look at the possible return on investment (ROI) and consider the risks involved. If … Read More

4 YEAR-END MUST DOS TO MAKE THE MOST OF YOUR 529 PLAN

1) Claim A State Tax Deduction If your state has one, take advantage of it. For a map of states that currently offer a tax deduction or credit, checkout the free portion of our 529 Plan class at: http://sona-financial.thinkific.com/. Most states only offer the tax deduction or credit if you use their 529 Plan, but a few will offer it … Read More