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Running a Business? SAVE For College TOO!
Manage episode 488124775 series 2421926
Content provided by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
What happens when your child's college fund becomes a business opportunity fund, or neither?
Most business owners feel trapped by a painful dilemma: save for their kids' education in accounts they can't touch, or keep capital available for business opportunities. But what if this choice is based on outdated assumptions about how education and entrepreneurship actually work?
In this episode, we explore why traditional college savings can backfire for business families, and reveal a flexible strategy that prepares your children for success whether they choose Harvard, trade school, entrepreneurship, or paths not yet invented.
Key Quote: "I was saving for the future I thought my kids should have, instead of preparing them for the future they might actually want."
What You'll Discover:
- Why 529 plans can trap business owners when opportunities arise (and what happened to the agency owner who missed a $200K acquisition)
- The hidden FAFSA impact most business owners don't know about their college savings
- How the SECURE 2.0 Act creates new options for unused 529 funds (plus the gotchas to watch for)
- A real strategy that funded both college tuition AND business growth during COVID
- Why teaching kids about money might be more valuable than giving them money
Perfect for: Business owners torn between funding their children's future and maintaining capital flexibility for business growth, plus parents questioning whether traditional college savings fit their entrepreneurial family's reality.
Listen now to discover how education funding for business families should actually work in an unpredictable world.
Ready to evaluate your education funding strategy? Check out this week's Wealthy Wednesday for the Business Owner's College Funding Flexibility Guide mentioned in the episode.
Interested in our Freedom Retreat? Text Freedom to 513-447-6501 to start the application process.
00:00 Introduction: The College Savings Dilemma
00:50 Welcome to Wealth Wisdom Financial Podcast
01:41 The Challenge of College Savings for Business Owners
01:56 Carlos' Story: A Business Owner's Dilemma
05:17 The Changing Landscape of Higher Education
06:14 Sarah's Story: Missed Opportunities
08:16 Introducing the Bank on Yourself Strategy
08:24 Marcus' Story: Flexibility in Education Funding
09:26 The Benefits of a Flexible Financial Strategy
10:31 Common Objections and Recent Law Changes
16:35 Elena's Story: Adapting to Uncertain Times
19:57 Conclusion: A New Approach to Education Funding
23:17 Special Announcement: Freedom Retreat for Business Owners
Watch on YouTube here: https://youtu.be/AS6VJqZIsEI
100 episodes
Share
Manage episode 488124775 series 2421926
Content provided by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Brandon Neely and Amanda Neely, CFP®, Brandon Neely, and Amanda Neely or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
What happens when your child's college fund becomes a business opportunity fund, or neither?
Most business owners feel trapped by a painful dilemma: save for their kids' education in accounts they can't touch, or keep capital available for business opportunities. But what if this choice is based on outdated assumptions about how education and entrepreneurship actually work?
In this episode, we explore why traditional college savings can backfire for business families, and reveal a flexible strategy that prepares your children for success whether they choose Harvard, trade school, entrepreneurship, or paths not yet invented.
Key Quote: "I was saving for the future I thought my kids should have, instead of preparing them for the future they might actually want."
What You'll Discover:
- Why 529 plans can trap business owners when opportunities arise (and what happened to the agency owner who missed a $200K acquisition)
- The hidden FAFSA impact most business owners don't know about their college savings
- How the SECURE 2.0 Act creates new options for unused 529 funds (plus the gotchas to watch for)
- A real strategy that funded both college tuition AND business growth during COVID
- Why teaching kids about money might be more valuable than giving them money
Perfect for: Business owners torn between funding their children's future and maintaining capital flexibility for business growth, plus parents questioning whether traditional college savings fit their entrepreneurial family's reality.
Listen now to discover how education funding for business families should actually work in an unpredictable world.
Ready to evaluate your education funding strategy? Check out this week's Wealthy Wednesday for the Business Owner's College Funding Flexibility Guide mentioned in the episode.
Interested in our Freedom Retreat? Text Freedom to 513-447-6501 to start the application process.
00:00 Introduction: The College Savings Dilemma
00:50 Welcome to Wealth Wisdom Financial Podcast
01:41 The Challenge of College Savings for Business Owners
01:56 Carlos' Story: A Business Owner's Dilemma
05:17 The Changing Landscape of Higher Education
06:14 Sarah's Story: Missed Opportunities
08:16 Introducing the Bank on Yourself Strategy
08:24 Marcus' Story: Flexibility in Education Funding
09:26 The Benefits of a Flexible Financial Strategy
10:31 Common Objections and Recent Law Changes
16:35 Elena's Story: Adapting to Uncertain Times
19:57 Conclusion: A New Approach to Education Funding
23:17 Special Announcement: Freedom Retreat for Business Owners
Watch on YouTube here: https://youtu.be/AS6VJqZIsEI
100 episodes
All episodes
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Similar to Wealth Wisdom Financial Podcast
Series that demystifies health issues, separating fact from fiction and bringing clarity to conflicting health advice.
…
continue reading
The daily drama of money and work from the BBC.
…
continue reading
Whatever your business conundrum, there’s a TED Talk for that—whether you want to learn how to land that promotion, set smart goals, undo injustice at work, or unlock the next big innovation. Every Monday, host Modupe Akinola of Columbia Business School presents the most powerful and surprising ideas that illuminate the business world. After the talk, you'll get a mini-lesson from Modupe on how to apply the ideas in your own life. Because business evolves every day, and our ideas about it sh ...
…
continue reading
Short documentaries and adventures in sound presented by Josie Long.
…
continue reading
Host Paul John Roach and his guests find the mystical core and explore the perennial philosophy amidst the infinite variety of the world’s religions and spiritual traditions. Paul emphasizes the practical application of spiritual wisdom imparted from poets, writers, philosophers, mystics, and scriptures in order to foster a deeper awareness and understanding in our everyday lives. Explore over 650 shows with thought leaders and spiritual teachers. #PaulJohnRoach.com
…
continue reading
Move more of your body more often and in more interesting ways with the Get-Fit Guy! If you want to begin an exercise routine and don't know where to start, or if you've been working out for a while and aren't getting the results you want, Kevin Don will give you the tips you need to reach your fitness and movement goals. Get expert information on the latest fitness trends and advice on everything from toning your arms to running a 5K or simply building more movement into your day. With his ...
…
continue reading
Reflections from a faith perspective on issues and people in the news.
…
continue reading
Player FM - Podcast App
Go offline with the Player FM app!
Go offline with the Player FM app!
