Meg from Missouri wrote in about 529 plans and her generous in-laws:
I recently discovered your podcast and am really enjoying it. I have a 529 question that I am having trouble finding the answer to. My husband and I have a 5-year-old, 3-year-old, and 1 year old. My in-laws have been wonderful and opened 529 plans for each of our kids on their 1st birthday. They contribute $600/year to each child. We are beyond lucky to have such a generous family. My husband has finally finished his medical training. We have purchased a home and are now able to start contributing to the 529 plans.
My question is … Can a child have more than one 529 plan? We live in Missouri. Our in-laws opened 529 plans that are not associated with our state of residence. Can we open 529 plans that would allow us to take advantage of tax benefits for the state of Missouri or can a child only have one plan?
Our first question of the month comes in from Nick from Tampa who responded to a blog post I wrote about paying off our mortgage (here’s the article):
I love this blog post. As a former Dave Ramsey groupie myself, I’m really excited for y’all! Would love to hear about your perspective one year later. I’m curious where you’re at with this? Have you followed through on your plans to allocate your savings like you say at the end of the post?
Have you invested in other opportunities?
How have the vacations gone?
Do you regret paying the mortgage off or do you still feel it was a smart decision?
On any given day, there are around 438,000 children in foster care in the USA. Almost a half million kids without a forever home…
That is a major issue in our country and some parents are taking action to help.
Today, we’re chatting with Jillian Johnsrud on why she and her husband decided to become foster parents to 4 children in addition to becoming parents to two biological kids. We’re also going to discuss how she and her husband embraced minimalism and achieved financial independence in their 30’s.