Our twins have always loved going to the park: playing on the jungle gym, swinging, or swishing down slides. Recently, they have found an open path where they love running races.
They will race each other, Mom, or Dad. Although they are identical twins, they have very different running styles. Max will pump his arms and legs in a way that makes me think he very well could be a sprinter someday. Theo has a more free-spirited way of running.
After completing a 25-yard dash, Max is ready to go again. And again. And again. He never seems to tire, and it makes me think that if sprinting is not his thing, he could very well be a distance runner. Theo doesn’t so much tire as he gets distracted. He will go off to throw a ball, jump off something, or climb onto something else.
They share the same DNA, so I assumed that they would share a lot more characteristics. It just goes to show that even with the same DNA, being raised in the same household, and constantly doing the same things, people have their own strengths, interests, and personalities.
Those things change over time. In six months, I could very well describe the boys completely differently.
We can’t force our children to love something. We can expose them to different things, but we can’t make them be good at something. All we can do is support and encourage their interests.
This is why we have worked to make our 529 college savings plans so flexible.
I have talked to many parents who have told me that their children will receive college scholarships. I have spoken with parents who have told me their children probably won’t go to college. Those things might be true, or they might not, but they shouldn’t stop a parent from saving in a Bright Start 529 account.
These accounts aren’t just for universities. Parents can use them to pay for community colleges, vocational programs, trade schools, or apprenticeships.
If your child receives a scholarship, you can take out the amount of the scholarship, penalty-free from the IRS. You can also leave the money in the account and use it for a graduate program. If one child doesn’t use the money, it can be used for a sibling or grandchild, or even yourself.
If they don’t use it for any post-high school education, or have money left over after completing school, up to $35,000 can be rolled over into a Roth IRA for the same beneficiary.
You can’t know exactly how your children’s interests will develop, nor their abilities, but with a 529 savings account, you will be better able to support them in whatever passion they find. And I think there is nothing more rewarding to a parent than to see them thrive following their passions.
Sincerely,
Michael