cover of episode Ask HTM - First-Time Landlording, New Car w/ Severance Pay, & Roth 401k for Early Retirees #907

Ask HTM - First-Time Landlording, New Car w/ Severance Pay, & Roth 401k for Early Retirees #907

2024/11/18
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How to Money

Chapters

Rebecca from Ohio seeks advice on the best savings plans for her newborn, considering both long-term education funds and more immediate access options.
  • Ohio offers one of the best 529 plans with Vanguard funds and state tax deductions.
  • Liquidity and high returns are often mutually exclusive; consider the timeline for access.
  • Uniform Transfer to Minors Act (UTMA) or Uniform Gift to Minors Act (UGMA) accounts offer flexibility but come with potential drawbacks.

Shownotes Transcript

Let’s dive into the week with some fresh listener questions we have lined up for you! And don't just stand on the sidelines- if you have a question you’d like us to answer, toss your voice memo our way. It only takes about 90 seconds to record and you can find a step by step guide over at HowToMoney.com/ask) . Regardless of how random or bizarre you might think it is, we want to hear it!

 

1 - What’s the best no-restrictions account where I can save money for my baby for any purpose?

2 - How do I tap funds in my Roth 401k if I’m looking to retire early?

3 - Do I need a special type of insurance as a first-time landlord and where should I look for a good leas?

4 - I’d like to use my severance to buy a used car, but I’m considering a new car since it’s not that much more…

 

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