678: Abby Chao, Co-Founder + COO of CollegeBacker
So Money with Farnoosh Torabi
Farnoosh Torabi
4.7 • 2K Ratings
🗓️ 15 January 2018
⏱️ 30 minutes
🧾️ Download transcript
Summary
The topic today is college savings. So many of you write-in asking,"Farnoosh, where should I save for my child's college education? Is a 529 still the best option?" Some even want to know about how to save for our unborn children! I get it. College is expensive today, let alone 18 or 20 years from now.
To help us tackle college savings plans, we have the co-founder and COO of CollegeBacker Abby Chao joining us. Prior to launching the company, Abby was a senior associate and social sector fellow at McKinsey & Company.
What's interesting is that only 30% of Americans know what a 529 plan is. That's where CollegeBacker wants to help. It's a new company that's educating parents around it and make it easier for them to save up for their child's college costs. Their trick: involving your community of friends and family. At CollegeBacker you can open a 529 plan and invite others to contribute.
Abby and I discuss 529 pros and cons of starting an account like this. It's not a given that a 529 is the best way to save and that it's a right fit for all families.
What if you save diligently into this account and your child doesn't attend college or receives a full scholarship? What happens to the money? I was pretty surprised by some of the answers. There are also some potential legislative changes to the 529 this year that may or may not expand its impact. We talk about all of this, as well as Abby's own impressive career resume. Her "So Money" moment was when she was at work and convinced her bosses to give her a promotion and a raise...and reimbursements for graduate school!
CollegeBacker would like to offer So Money listeners a $25 match if you sign-up. You can visit collegebacker.com/somoney for more information.
To learn more about Abby and CollegeBacker visit collegebacker.com or follow her on Twitter @AbbyChao.
To learn more visit www.somoneypodcast.com.
Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open!
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Transcript
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| 0:00.0 | So Money episode 678, Abby Chow, co-founder and CEO of College Backer. |
| 0:07.0 | You're listening to So Money, with award-winning money guru Farno Shorabi. |
| 0:12.0 | Each day get a 30 minute dose of financial. Award-winning money guru Farnuosh Terabi. |
| 0:12.8 | Each day get a 30 minute dose of financial inspiration |
| 0:16.0 | from the world's top business minds, authors, influencers, |
| 0:19.6 | and from Farnuus herself. |
| 0:22.3 | Looking for ways to save on gas or double your double coupons? |
| 0:25.4 | Sorry, you're in the wrong place. Seeking profound ways to live a richer, happier life. |
| 0:30.6 | Welcome to So Money, everyone. |
| 0:35.0 | I'm your host Farnoosh Terabi. |
| 0:39.0 | Topic today is College Savings. |
| 0:41.7 | Many of you write in asking me, |
| 0:43.5 | hey, Farno, where should I say for my child's college education? |
| 0:47.7 | Some of you are very ahead of the curve, |
| 0:49.7 | asking me about your unborn children |
| 0:51.7 | and where to say for their college education and I'm |
| 0:55.2 | with you. |
| 0:56.2 | It's very expensive to go to school today, let alone in 18, 20 years and one vehicle that has been a solution for many families is a 529 plan. |
| 1:07.9 | But isn't really the best option. |
| 1:09.9 | To learn more about this, we have the C.O. and co-founder of a brand new financial technology |
| 1:15.9 | website called College Backer. Abby Chow is here. |
| 1:20.1 | Prior to launching the company, Abby was a senior associate and social sector fellow at |
... |
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