This is a super alternative to the 529 Plan for education. This MDB Plan comes with many advantages over the 529 Plan. One of the beautiful aspects of our plan, unlike the 529 Plan, is that ours is not a government plan, thus, it does not have all the stipulations that come with any government plan.
Alternative to the 529 College Savings Plan
In the past several years, many parents have been severely disappointed in the performance of the single-purpose 529 Plan. Our multi-purpose Million-Dollar Baby plan has a protection of principal as well as the gains, and can be used for anything—including education. This flexibility is especially important since the child may later decide that he/she does not want to attend college or just simply may not be college material, which is perfectly fine. In either of these cases, what happens to the money in the 529 Plan?
Our MDB Plan is what becomes basically the child’s own bank so the child can later access these funds for anything including large purchases, i.e. car, financing education, weddings, house, starting a business etc.–all without having to qualify with a bank or mortgage company. Also, the child has the peace of mind knowing that these items that he/she purchased will not be repossessed if the owner becomes disabled over an extended period of time (i.e., longer than their emergency fund lasts) when they cannot make the payments on them.
Our Million-Dollar Baby Plan goes like this (which we highly recommend putting back into the plan—with no structured repayment plan) after each use as soon as possible to be used at the next opportunity):
- From age 0 through age 22, the parents (and/or grandparents, etc.) put $50 a week ($200/month) into the plan.
- At age 23, they can stop putting money into this plan.
- At age 23 through age 26, the child can use $25,000 a year of this money for his/her education. This is $100,000 total ($25,000 x 4.)
- At age 32, the child can use $40,000 of this for a down payment on a house.
- At age 50, the child can use $50,000 of this toward the purchase of a business.
- At age 65 and FOR THE REST OF HIS/HER LIFE, he/she can use $100,000 a year of this plan—and all TAX-FREE. This eliminates the biggest fear that most retirees have today, which is the fear of outliving their money.
To learn more, call 931-269-9520. There is no pressure or obligation to purchase anything.
J. Graves – www.joycegraves.com – Tax-Free Retirement, [email protected]
