Posted on December 3rd, 2022
In 2022 parents who save with Raise Education (a.k.a Scholar Raise) received upwards of $250,000 in gifted contributions. In 15 years, those contributions alone will be worth around $1,000,000. That's $1,000,000 of qualified educational expenses covered at zero cost to the parents. Let that sink in.
Between compounding returns and gift contributions, a shareable 529 is a game changer for educational savings. A shareable plan allows you to take action today, even if you don't have it in your budget to start saving just yet.
And if you're worried your loved ones won't want to contribute, think again. They're likely already gifting you or your little one, you're just giving them a feel-good way of doing it, while saving them a little time and stress. Every parent knows that the only thing more cutthroat than the toy aisle during the holidays is a wedding dress sample sale.
If you haven't set up a plan with Scholar Raise, click on this link below. Then once you're in your scholar profile you can share via the button, or simply copy and paste your scholar profile URL into an email, text message, or share via social media. Pro tip: Make sure your profile is set to ‘public' for sharing.
Don't have a shareable plan yet?
No-one likes asking for money, and no-one likes being asked. So unless you want to become a meme, you might want to avoid the Bernie Sanders approach.
After all, you're NOT asking for money. You're giving loved ones permission to contribute toward a really meaningful gift, no matter their budget.
If you're close to your family, you may know they're likely going to gift you or your children a little something for the holidays. They might even ask you for ideas of what to buy. If this is the case, your job is easy. Simply let them know that a contribution to your child's 529 plan is a welcome gift. It saves your loved ones a trip to the store, and saves you having to pretend to love that strange gift that your forgetful sister regrettably pulled together at the last minute.
But what about the kids? We hear ya! We're not Grinches around here, and we know substituting all your children's gifts with 529 contributions will lead to some really sad faces.
By giving loved ones permission to contribute to your 529 plan, you actually might be helping THEM out. There are no minimums on contributions through Scholar Raise. This allows those who care about you to gift in a meaningful way, without buying into holiday materialism, price gouging, supply chain issues and feeling obliged to spend more than they're comfortable with.
This is doubly-relevant for those with big families, or a large, close-knit group of friends.
Everyone is on social media these days. Why not share the news of your college savings journey on social media?
Tell your loved ones why education is important to your family, share a fun anecdote about how little Danielle wants to be an astronaut. Maybe give a few shout outs to those who have contributed already, thanking them for supporting your child's future education.
This plants the seed for those who are likely to send you a gift, but who you don't feel comfortable asking directly for a contribution. It may also help out your Secret Santa who's struggling to find a cool gift within the $10 price limit.
At the end of the day, those who are cheering you on, showering you with love and the occasional gift are going to want to support your college savings journey. So share your story in any way that makes sense for you and your loved ones. Who knows, you might inspire a fellow parent who doesn't know about the magic of 529 plans and their tax-free compounding returns yet. You could be the spark that prompts them to start their own educational savings journey, improving their future educational prospects AND their future finances. That's a pretty powerful gift too.
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Raise Financial, LLC, a Tennessee Limited Liability Company, is an internet based investment advisory service. Our internet-based investment advisory services are designed to assist clients in personal investment and are not intended to provide comprehensive tax advice or financial planning. Our services are available to U.S. residents only. This website shall not be considered a solicitation or offering for any service or product to any person in any jurisdiction where such solicitation or offer would be unlawful.
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