The Essentials of 529 Plans and Investing in College with Mike Dunlop
In today’s episode, Rusty and Robyn talk with Mike Dunlop, CEO of Intuition College Savings Solutions, LLC.
Before his 25-year stint in the financial services industry, Mike served in the Royal Navy for 12 years. Out of the Navy, he took several roles in the financial services industry including financial advising and portfolio managing. Mike’s current organization is at the leading edge of the prepaid and college savings industry and he continues to push education and training initiatives as CEO.
Mike talks with Rusty and Robyn about the specifics of 529 plans, the student debt crisis, and the impact of investing in college.
"I think we’re starting to see a period that the industry has grown. It’s gotten quite a decent size now that people are paying attention. Some of the big heavyweight companies in the industry are involved. Innovation is good. How do we pay for college as opposed to taking debt to pay for college? I think savings and creating the right savings vehicles are becoming more apparent.” ~ Mike Dunlop
Main Takeaways
With $1.6 trillion in student debt and its subsequent economic impact, the college savings plan approach is a way to help alleviate some of the current downsides of funding education.
Although contributions are not deductible, earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out for college. Some states offer tax deductions if you plan to invest. You can also take advantage of other benefits such as estate planning purposes and transferable beneficiaries.
You can choose between direct-sold and advisor-sold 529 plans. The direct-sold 529 offers a cheaper, DIY approach. The advisor-sold 529 plans have access to professional advice on positioning portfolios and holistically developing the client’s financial wellbeing.
Links
Mike Dunlop on LinkedIn
Britannia Royal Navy College
Adele - Skyfall
Merrill Lynch
Bank of America
Fidelity Investments
Drexel University
Morningstar
Saving For College
Harvard University
Secure Act
Bitcoin
Wall Street Journal
Connect with our hosts
Rusty Vanneman
Robyn Murray
Subscribe and stay in touch
Apple Podcasts
Spotify
Google Podcasts
2649-OPS-10/13/2021
Before his 25-year stint in the financial services industry, Mike served in the Royal Navy for 12 years. Out of the Navy, he took several roles in the financial services industry including financial advising and portfolio managing. Mike’s current organization is at the leading edge of the prepaid and college savings industry and he continues to push education and training initiatives as CEO.
Mike talks with Rusty and Robyn about the specifics of 529 plans, the student debt crisis, and the impact of investing in college.
"I think we’re starting to see a period that the industry has grown. It’s gotten quite a decent size now that people are paying attention. Some of the big heavyweight companies in the industry are involved. Innovation is good. How do we pay for college as opposed to taking debt to pay for college? I think savings and creating the right savings vehicles are becoming more apparent.” ~ Mike Dunlop
Main Takeaways
With $1.6 trillion in student debt and its subsequent economic impact, the college savings plan approach is a way to help alleviate some of the current downsides of funding education.
Although contributions are not deductible, earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out for college. Some states offer tax deductions if you plan to invest. You can also take advantage of other benefits such as estate planning purposes and transferable beneficiaries.
You can choose between direct-sold and advisor-sold 529 plans. The direct-sold 529 offers a cheaper, DIY approach. The advisor-sold 529 plans have access to professional advice on positioning portfolios and holistically developing the client’s financial wellbeing.
Links
Mike Dunlop on LinkedIn
Britannia Royal Navy College
Adele - Skyfall
Merrill Lynch
Bank of America
Fidelity Investments
Drexel University
Morningstar
Saving For College
Harvard University
Secure Act
Bitcoin
Wall Street Journal
Connect with our hosts
Rusty Vanneman
Robyn Murray
Subscribe and stay in touch
Apple Podcasts
Spotify
Google Podcasts
2649-OPS-10/13/2021
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