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Cake day: June 6th, 2023

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  • WhiteRice@lemmy.mltoPersonal Finance@lemmy.ml529 for younger sibling
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    15 days ago

    If your goal is the save for education a 529 is a good choice for tax free growth.

    Your returns are based on your investment strategy, but the earnings would be tax free. Assuming modest growth of 4% per year what you put in today would be worth 22% more in five years.

    Should you be saving solely for your sibling’s education depends on your personal financial strategy. There are plenty of guides online on how to prioritize your dollars. I like money guys financial order of operations.













  • I think it starts with shift in mindset from your money/my money to our money.

    I’ve found it beneficial to have all money going it and out of joint account.

    One person can take the lead both parties must understand and agree to the budget.

    I do most of the tracking but ask my partner about unrecognized transactions. They ask me how much money is left in which categories periodically.