WHAT YOU NEED TO KNOW ABOUT EDUCATION SAVINGS

Apr 19, 2023

1 min read

How can we take the taboo out of talking about money? Join us on The FitMoney Podcast for conversations on building healthy financial futures for everyone, everywhere.

What are 529s? Are education savings really "use or it lose it"? How does saving impact financial aid?

There any many misconceptions around saving for higher education. Can saving today mean less opportunity for financial aid in the future? What recent legislation has changed the value in investing for your family?

In this weeks' episode, FitMoney Executive Director Jessica Pelletier meets with Ali Bono, the founder and CEO of Pelican, an investment platform to help families understand and build education savings. Today, Jessica and Ali discuss the misconceptions about 529s and other saving options, addressing the “use or lost it” concerns many families have, and sharing their perspective on what every family should know today to build accessible educational opportunities in the future.

Stay tuned to hear from authors, teachers, creators, entrepreneurs, and much more. And, as always, for more financial literacy resources, tools, guides, games, and everything in-between, visit fitmoney.org.

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About FitMoney

FitMoney is a New England-based nonprofit organization dedicated to improving financial literacy in Massachusetts and across the country. FitMoney provides free, unbiased financial literacy programs to help K-12 students develop life skills for a financially fit future. To see all modules, lessons, and videos, please visit www.FitMoney.org.

2 Comments

Jagusioeoe Bsakosusue

Sep 09

This was such a helpful breakdown—I definitely fell for the “use it or lose it” myth for way too long. It’s refreshing to hear that recent rule changes have made 529s more flexible for families. I also appreciate the honest talk about how saving might affect financial aid; it feels like a balancing act, but knowledge is power. On a lighter note, when I need a break from crunching numbers and researching all this, I sometimes unwind with a quick round of スイカゲーム—it’s a fun way to reset my brain before diving back into the serious money stuff. Thanks for tackling the taboo and making this topic feel approachable!

sadret eidar

Feb 17

We were terrified our kids might skip college and we'd just forfeit the cash. Instead, I poured money into some online "investment course" I found through an ad. Bad idea, the content was super generic, and when I tried to get a refund, I was stuck navigating https://hotmart.pissedconsumer.com/customer-service.html for weeks. I wish I’d just listened to experts like this instead of chasing quick schemes. Now we have a 529, and knowing it can roll over to a Roth IRA is such a relief.