PUSH Financial

“We love the FIRE Movement (Financial Independence Retire Early); we’re not trying to flex fancy cars or live in 11-bedroom homes that take years to pay off, we just want to invest, live meaningfully, be able to travel and work because we want to, not because we have to.”

@girlsthatinvest

How the wealthy send their entire family to school, TAX FREE… They open a 529 account when their first child is born (or before, then make the child the beneficiary once the child has a social security number)… They then contribute $15,000 annually (gift tax limit) to the 529 plan or use the 5-year forward provision where you can contribute $75,000 all at once… When the first child goes to college, trade school, or any other eligible institution, they use the funds to pay for tuition, books, laptops, etc. and the full withdrawal comes out TAX FREE…

Once the first child graduates, the rich transfer the 529 assets TAX FREE to a qualifying family member like a sibling, first cousin, etc. and the process starts over again…

The entire time the assets are growing TAX FREE… Then, when the owner of the 529 plan dies, the assets are passed to a successor owner (a new owner) TAX FREE, and they continue the process… But wait, don’t they have to pay taxes on the assets if they die? Because why 529s assets are not included in their taxable estate, when the owner dies, they don’t have to pay taxes on the assets. This is a unique feature to 529s… Hence why the rich sometimes hoard their wealth in 529 accounts. It takes the money out of their estate.

@getjoemoneyright

“Don’t focus on trying to invest $1 Million. Focus on investing $5 - $100/ month. And then $101 - $250/month. Then $251 - $500/month. Crawl before you walk. Walk before you run.”

@LPinFinance