If you have been reading my blog thruout this year, then you know we were very excited to finally have reached our College savings goal for our 3 children. We had always been saving for them, but we were slowly increasing the amount until we were where we "estimated" we needed to be in order to pay for all of them to attend school someday.
Now, this doesn't mean we have all of the money yet, of course, but when we ran the numbers for the cost of all of them to go, we came back with what our monthly investment should be. So, that is where we are! We are investing are set amount for them each month, so that when they reach 18, we will have enough. Or, so we hope! :-)
One of the investment accounts we use is a 529. These are great College Savings accounts because the money you invest grows tax free and can then be used to pay for their schooling someday. And, as we all know, taxes can take out a big chuck of the money you make. So, if you can NOT be taxed on the earnings, then that is additional money in your pocket for your kids.
Well, I am excited to say, the 529 we use, College Advantage, just sent me a letter today offering a $25 Sign On Bonus to any of my friends who are new customers. Woo, hoo! I had never seen this before ( wish we could have gotten this ), so I wanted to pass it on to you.
To get this $25, all you have to do is open a new account with a minimum deposit of $25!! That is a great deal, considering most bank deals require a much higher original deposit plus direct deposits. But, none of that is required for this. Just open your account. Within 7 to 10 business days, you will get your free $25.
This deal ends December 15th, or when I run out of my 20 invitations they gave me! :-)
Would you like to read about the College Advantage program? Click here for details.
What are some of the highlights from my perspective?
- If you live in the state of Ohio, you ALSO get to deduct your contributions from your Ohio State Taxes. So, that means, that $25 you originally is tax deductible.
- If you live outside of Ohio, this money you invest can be used ANYWHERE in the United States. Although this is Ohio's 529 account ( most, if not all, states have 529s ), you are NOT required to use the money at an Ohio University or College.
- Money can be transferred to other family members. Meaning, you open the account in your first born childs name, and he decides not to go to college someday. That is not a problem. You can transfer those earnings to your 2nd child, etc.
- You can take this money and then invest it, of course. We have ours in Vanguard funds but THRU College Advantage instead of directly thru Vanguard.
- Grandparents, Friends, Aunts, Uncles, etc can all open an account and allocate the funds for a child.
- And, of course, you earn Tax Free, as I mentioned earlier.
Interested in getting $25 free? I will have to email you the invitation personally, as each person gets a unique referral code. So, click here to email me and send me your name and email account you will be using to set up your 529 account.
And, while we are on the topic of saving...don't forget to sign up and link your shopping and credit cards to Upromise. Click here to read my original post on the company. Not only is it free to sign up, but this money can then be invested in a 529 as well, or withdrawn.
And, if you are just signing up, remember to use 5Tylenol as your promotional code and you will get $5 free right off the bat. To sign up with Upromise, click here.
Happy Saving!
Don't forget to enter my September $25 Giveaway. Simply click here to read the details and enter.
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