Do NOT use your IRA to pay for child's college.

[@BryceJohnson88]

What I've seen with the IRA option is people will open it with the intention of college, but when it gets time to take the money out the numbers too high and they see it as their retirement. Priorities change and as you get older retirement seems just around the corner. Best to put at least some in a dedicated 529.

[@inNYCC]

Now I'm confused. U have anther video saying the opposite.

[@mildsriracha9630]

Hmmm... I'm thinking of doing exactly this. I've been maxing out my Roth 401k for retirement. Really like the flexibility of using Roth IRA as college account, especially if my kid doesn't go to college or gets scholarship. Not jeopardizing my retirement at all.

[@bookwormaribk7614]

🤔Hmmm, i just watched another video from a year ago of you saying its best to use a Roth IRA for kids college!

[@victorquintana622]

Exactly!

[@craigwilson9010]

So did I! So which one is it? Roth IRA good or bad for kids college?

[@OGHG771]

@@craigwilson9010 it is not smart vs other vehicles

[@javiersanchez-reaza808]

This guy said exactly the opposite in another video. What the hell?!

[@carascojasper]

Samething. Now im questioning his opinions or advices. Not consistent

[@keithminton6120]

This is true only if you are maxing out you and your spouses ROTH IRA first. If you are putting money in a CESA or 529 and not maxing out your ROTH then you should max out your Roth first. Reason is ROTH gives you a lot more flexibility to use it or not for their education. With 529 and CESA you have to use for school or pay penalty.

[@mandolorian25]

This is just dumb what if you have $10 million dollars in an IRA account you wouldn’t use it for other purposes if possible?

[@laura.redfield]

So many people try to treat their retirement accounts like savings accounts because they don’t save enough in general. Save, people! Tomorrow isn’t promised, but that doesn’t mean we shouldn’t try to be prepared for it.

[@Jazzwealth]

Right! Get your dough straight before Investing and the game is that much more fun ;)

[@Max-fx1yf]

What the hell bro? I just watched a video from 2019 of you telling everyone to use their Roth IRA to pay for college. So do we use it or not?

[@Jazzwealth]

The key is in the details. It's only an option if you have your retirement on track and the withdrawal will not hurt it. If not then let the kids work it out ;)

[@kin6david]

Lol I literally just watched the same video! But I get what he's saying.

[@yorkielovesmoky2766]

I also switched to save my kid's savings account into my roth because he said I can use it for college in his last video! Urgg! Not happy at all.

[@RiaByMe]

Yeah right... And why is it not advisable to help pay for you kid's college? That's why people have such high education loans.

[@Jazzwealth]

You can certainly help but not at the expense of your own retirement ;)

[@ericjuli6576]

Dustin, curious what you think about the FL Prepaid 529? We started a reg 529, but then decided to take the market risk off the table and go FL prepaid. Not sure if it was smart by the numbers, but emotionally it worked for us!

[@Jazzwealth]

Then that is all that matters. My opinion is more UGMA focused but if you made the right move then my opinion is just that ;)

[@KP-rh5qz]

I set up a 529 account and I have it deducted out of my payroll. How do you feel about 529 plans? My parents paid for my college and their parents paid for their college. I don’t agree with starting young adults life in debt.

[@Jazzwealth]

I like the UGMA myself but nothing wrong with dedicating money to help a child, just not money earmarked for retirement ;)

[@dangerscarred3519]

What about the idea of opening separate custodial IRAs for each of your children so they can fund their education from that should they choose?

[@Jazzwealth]

Yes!

[@udaykhatry]

Do you know that you can open ROTH IRA a count under your kid's name if they have earned income? Then you can use that money for their education.

[@Jazzwealth]

Yep! Don't try and fool the IRS with "earned income" though. They don't mess around with that.

[@elliottmiller3282]

would be interested to know about 529 accounts but I'm worried about that since hte benefits are for state taxes only. Or so I hear.

[@solarmandavid5884]

Another great way to fund the kids college is by promoting the idea of them going straight to active duty military for 3 or 4 years after high school... Just so many more benefits to this option;)

[@Jazzwealth]

Yeah could be!

[@SilverDragonEyess]

Then they may end up dead or a cripple. Great parenting!

[@ameljasarevic5194]

What a ridiculous video.