The Best Way to Save for Your Child's Education

One of the top priorities of many young families I talk with is to save for their children’s college. College costs are rising quickly, and parents are seeing an opportunity to help the next generation along the way.

Fortunately, the U.S. Government sees it the same way. A section of the IRS tax code--Section 529--created a special savings account, administered by the states, to help families pay for college expenses.

Here’s some information on how 529 plans work, their advantages, and three pointers to get started using one.

4 Ways Your 401(k) Can Get You in Big Trouble

I love 401(k) plans! Sure they’re not perfect, but few tools are better equipped to help families build wealth for a comfortable retirement.

But there are some common 401(k) pitfalls that can really get folks in trouble. In many cases, these 401(k) mistakes can end up costing investors tens or hundreds of thousands of dollars over a career of diligent saving!

Here are 4 common 401(k) dangers, and how to avoid them.

Got Kids? You Need to Know About These Income Tax Credits

Having children brings a whole host of concerns, especially for first-timers--like me. Is my child receiving enough emotional support? How do I know she’s eating enough? Is it okay for her to cry herself to sleep? What type of diapers should I use?

In addition, financial concerns quickly become a reality as well. The cost of another mouth to feed, future college expenses. Fortunately, our tax system is set up in such a way that incentivizes socially beneficial activities--like having kids.

To the taxpayer, this means something extra special--TAX CREDITS--which are very different and typically more financially advantageous than tax deductions.