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Bachelors degree seekers from the class of 2023 borrowed an average of $29,374.
Heres a quick overview of Russells simple blueprint forsetting your kids up for life.
A 529 plan is a flexible, tax-advantaged way to save and invest for education expenses.
Most states with a state income tax offer a tax break for 529 plan contributions.
The money grows tax-free, and qualified withdrawals in retirement are also tax-free.
To qualify, your child needs to have earned income, such as from a part-time job.
If youre a business owner, consider hiring your child as a W-2 employee, as Russell recommends.
In 2025, your child can contribute up to $7,000 to an IRA.
Russell points out that having an established Roth IRA may also help your child become a homeowner.
A first-time homebuyer can use up to $10,000 for a down payment without an early withdrawal penalty.
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