How to Choose a 529 Plan (For Your Child's Future College Expenses)

In this two-part episode, we’re diving into strategies for building wealth as a modern parent. First, Kelly Palmer—a financial planner and founder of The Wealthy Parent—joins the show to break down how to choose a 529 plan. She shares the pros and cons of different education savings options, the impact of the new SECURE Act updates, and why she’s a proud 529 mom herself. If you’ve been feeling overwhelmed by college savings decisions, this segment is full of clear, practical guidance. Then, in our Net Worth Win segment, Shang Saavedra from Save My Cents reveals how she and her husband built a net worth north of $2 million by age 39. From a revenge-of-the-nerd money mindset to embracing FIRE, Shang’s story is packed with lessons on frugal living, dual-income saving strategies, and long-term thinking. Whether you're focused on education planning or financial independence, this episode delivers actionable tips and real-life inspiration. EPISODE RESOURCES Nectarine (Advice Only Financial Planners): ⁠https://marriagekidsandmoney.com/nectarine (affiliate) The Wealthy Parent: https://thewealthyparent.com  ⁠ Wealth is a Mindset (Book): https://amzn.to/3FQT0nh (affiliate) Save My Cents (Shang Saavedra's Website): https://savemycents.com/ CHAPTERS 00:00 – Introduction01:00 – How to Choose a 529 Plan05:20 – Tax Benefits and State-Specific Rules09:00 – SECURE Act Updates and New Roth IRA Rollovers13:45 – 529s vs UTMAs and Roth IRAs for Kids18:00 – Final Thoughts from Kelly Palmer20:30 – Net Worth Win: Shang Saavedra24:15 – The Mindset Shift Behind Wealth Building29:30 – Living on One Income and Saving the Other33:00 – Renting by Choice and Real Estate Insights36:00 – Teaching Generational Wealth Through Habits38:30 – Future Goals and Advice for Parents MKM RESOURCES: ⁠MKM Coaching⁠: Want 1-on-1 support with your family finance journey? Book a time with me today. ⁠Coast FIRE Calculator⁠: A free calculator to help you find out when you can slow down or stop investing for retirement. ⁠Mortgage Payoff Calculator⁠: A free calculator to help you see how fast you can become mortgage free. ⁠YouTube⁠: Subscribe for free to watch videos of these episodes and interviews. RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES): ⁠Monarch Money⁠ - Best Budget App for Families & Couples ⁠Empower⁠ - Free Portfolio Tracker Cr⁠ew⁠ - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link ⁠Ethos⁠ - Affordable Term Life Insurance ⁠Trust & Will⁠ - Convenient Estate Planning HOW WE MAKE MONEY + DISCLAIMER: This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone. Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice. Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. CREDITS: Podcast Artwork: Liz Theresa Editor: Johnny Sohl Podcast Support: Nev Maraj Learn more about your ad choices. Visit megaphone.fm/adchoices

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The Marriage Kids and Money Podcast will strengthen your family tree and help you live financially free. We work to help you build the life of your dreams!  Each week, award-winning Family Finance Coach Andy Hill shares wealth-building tips that help parents and couples to design their ideal lifestyle. Learn how to get on track with your finances, work toward financial freedom, and even build generational wealth.  Knowing community makes for a happier future, Andy interviews millionaire parents, couples who have reached financial independence, or other money pros so listeners get a well-rounded perspective.  With over 400 episodes and counting, you are sure to find an episode to help you. Show topics include strategies on becoming debt free, how to invest simply, setting your kids up for success, and living more generously.  Don’t just take our word for it! Marriage Kids and Money has been hailed as a top podcast by US News and World Report.  Join the family wealth-building conversation by listening to our top-rated personal finance podcast today!