Welcome to Radical Personal Finance, I show dedicated providing you with the knowledge skills

insight and encouragement you need to live a rich and meaningful life now while building

a plan for financial freedom in 10 years or less. My name is Joshua Sheets, I'm your host

today. We're going to take a medium dive into 529 plans. We're going to engage in some

careful financial planning. I'm going to share with you how you can use 529 plans very effectively

to lower your overall taxes for educational benefits for you, your family members, etc.

In today's podcast, I'm also going to update you on the recent legislation that has changed in

the United States that now allows 529 plans to be rolled into a Roth IRA. I'm going to share with

you a few planning ideas of how you can put this into practice for your children, especially if

you have young children. I'll share with you how to kind of exploit these ideas and then I'll also

continue and share with you where this may not be such a big impact. It has been a while since I've

talked about the details of 529 plans. Relately, I've been talking about investing in your children

in ways other than saving money, the long series on that, but this is nothing new to radical

personal finance. If you're interested in a fairly good and deep level introduction to 529

plans, go back and listen to episodes 138, 154, and 158 of radical personal finance. I will link

those episodes in the notes for you, but 138, 154, and 158 were a three-part master class on 529

plans, also known as qualified tuition programs. That's what the IRS technically refers to them as,

is qualified tuition programs. In those episodes, I shared with you all of the details of how you can

use 529 plans and exploit them. Here in this episode, let me give you a quick overview of what a 529

plan is, so you get an idea of its advantages and its drawbacks. Basically, a 529 plan works

basically like an account that you can put money into and then use the money for educational

purposes on a tax favorable basis. Now, there are ordinarily two kinds of qualified tuition programs.

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