276-Why This Financial Planner Refuses to Save Money for His Kids' College

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 7 January 2016

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Recently I received this personal note from a personal friend of mine: "My wife suggested I reach out to you for advice as we plan to start saving for our soon-to-be-born-son's education. Hard to believe it's going to be just a few weeks now. I've looked into our state's 529 plan, but wasn't sure if there were better options. Any advice would be greatly appreciated."

My advice in response was simple: don't set up a college plan for your young child. It's a bad idea and a poor use of money in light of all the other things you can do with money that are better.

Interested?

Listen.

Joshua

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Transcript

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0:00.0	This episode is brought to you by Cracken.
0:03.0	Crippo is like finance, but different.
0:06.0	It doesn't care when you invest, trade or save.
0:09.0	Do it on weekends or at 5 a.m.
0:12.0	Or on Christmas Day at 5 a.m.
0:14.4	crypto is finance for everyone everywhere all the time.
0:18.8	Visit crackin.com slash see what crypto can be to learn more.
0:23.0	Don't invest unless you're prepared to lose all the money you invest.
0:26.0	This is a high-risk investment and you should not expect to be protected if something goes wrong.
0:30.0	I am a young father of two young children. I have a two-year-old son and a six-month-old daughter.
0:37.0	Education is very important to me, both formal education and informal education. I have a master's degree, a bachelor's degree, a high
0:47.8	school diploma. I'm also a professional financial planner with a high degree of expertise in financial planning.
0:55.7	I'm a certified financial planner, I actually have a master's degree in financial planning.
1:00.3	But I refuse to establish a college savings account for my kids.
1:07.0	Now it's not because I don't know anything about them.
1:09.0	I'm actually a subject matter expert in that area.
1:12.0	But I just think they're stupid and a waste of money. And today I'm
1:18.6	going to try to convince you to join me. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheaths and I'm your host. Thank you for being
1:45.2	with me today. Today we're going to deal with this question and the inspiration comes from an email
1:50.3	I've received from a friend of mine who's a young father asking me Joshua
1:55.0	should I open an account for my kid and my response is obviously an emphatic
2:00.9	absolutely not.
	...

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