Loftis: "Teach Financial Skills" & "Open a 529 Savings Plan" Good Advice
South Carolina Treasurer Curtis Loftis thought this article, “6 Ways to Successfully Prepare Your Child for College” offered sound advice.
“Especially No. 4 – teach financial skills,” Loftis said. “So often we see a lack of financial literacy when it comes to personal finance. Teaching children these skills at an early age is something I feel strongly about.”
The article goes on to cite 529 savings plans as a way parents can save for college.
A Future Scholar — or South Carolina’s 529 college savings plan — is a great way to save money for college, Loftis said.
“Similar to a 401(k), earnings on the plan are tax-free on both federal and South Carolina income taxes as long as the money is used for education,” he said. “It really is the smart, easy way to save for college.”
For additional tips on preparing your child for college, check out: