How to Choose a 529 Plan (For Your Child's Future College Expenses)

Marriage Kids and Money: Personal Finance for Families

Andy Hill

Investing, Business, Kids & Family, Parenting

4.9 • 604 Ratings

🗓️ 24 June 2025

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this two-part episode, we’re diving into strategies for building wealth as a modern parent. First, Kelly Palmer—a financial planner and founder of The Wealthy Parent—joins the show to break down how to choose a 529 plan. She shares the pros and cons of different education savings options, the impact of the new SECURE Act updates, and why she’s a proud 529 mom herself. If you’ve been feeling overwhelmed by college savings decisions, this segment is full of clear, practical guidance. Then, in our Net Worth Win segment, Shang Saavedra from Save My Cents reveals how she and her husband built a net worth north of $2 million by age 39. From a revenge-of-the-nerd money mindset to embracing FIRE, Shang’s story is packed with lessons on frugal living, dual-income saving strategies, and long-term thinking. Whether you're focused on education planning or financial independence, this episode delivers actionable tips and real-life inspiration. EPISODE RESOURCES Nectarine (Advice Only Financial Planners): ⁠https://marriagekidsandmoney.com/nectarine (affiliate) The Wealthy Parent: https://thewealthyparent.com ⁠ Wealth is a Mindset (Book): https://amzn.to/3FQT0nh (affiliate) Save My Cents (Shang Saavedra's Website): https://savemycents.com/ CHAPTERS 00:00 – Introduction01:00 – How to Choose a 529 Plan05:20 – Tax Benefits and State-Specific Rules09:00 – SECURE Act Updates and New Roth IRA Rollovers13:45 – 529s vs UTMAs and Roth IRAs for Kids18:00 – Final Thoughts from Kelly Palmer20:30 – Net Worth Win: Shang Saavedra24:15 – The Mindset Shift Behind Wealth Building29:30 – Living on One Income and Saving the Other33:00 – Renting by Choice and Real Estate Insights36:00 – Teaching Generational Wealth Through Habits38:30 – Future Goals and Advice for Parents MKM RESOURCES: ⁠MKM Coaching⁠: Want 1-on-1 support with your family finance journey? Book a time with me today. ⁠Coast FIRE Calculator⁠: A free calculator to help you find out when you can slow down or stop investing for retirement. ⁠Mortgage Payoff Calculator⁠: A free calculator to help you see how fast you can become mortgage free. ⁠YouTube⁠: Subscribe for free to watch videos of these episodes and interviews. RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES): ⁠Monarch Money⁠ - Best Budget App for Families & Couples ⁠Empower⁠ - Free Portfolio Tracker Cr⁠ew⁠ - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link ⁠Ethos⁠ - Affordable Term Life Insurance ⁠Trust & Will⁠ - Convenient Estate Planning HOW WE MAKE MONEY + DISCLAIMER: This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone. Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice. Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. CREDITS: Podcast Artwork: Liz Theresa Editor: Johnny Sohl Podcast Support: Nev Maraj Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, this is Ava from Vanta.
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0:22.1	enterprise managing vendor risk, Banta makes it quick, easy, and scalable, and I'm not to say
0:27.2	that because I work here. Get started today at banta.com. I am a 529 gal, so we opened a 529 for my son.
0:37.2	Now let me tell you a little bit about how we're approaching it. So we have a 529 for my son. Now, let me tell you a little bit about how, so we're approaching it.
0:40.6	So we have the 529 open.
0:42.8	We get a state tax advantage.
0:45.0	We put money in there to take advantage of that.
0:47.6	He's young, so we know the power of compound interest.
0:50.6	There's time to go.
0:51.7	So we're prioritizing the 529 now.
1:00.2	Okay. interest, there's time to go. So we're prioritizing the 529 now. This show is dedicated to helping you, strengthen your family tree, and live financially free.
1:05.5	Welcome to the Marriage Kids and Money podcast, everybody. This is Andy Hill. And today we're doing two things. First, we're going to discuss
1:12.7	how to choose a 529 plan for your child's future education needs. Our new friend, Kelly Palmer,
1:19.9	is here to help us answer this important question that millennial parents are often asking themselves.
1:26.1	We'll dive into the benefits of a 529 plan,
1:28.6	how to choose one, and we'll talk about why they might be better than other generational wealth
1:35.3	investment options. Second, we're back with our net worth win segment. This month, we're featuring
	...

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