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so today we're going to be looking at the pros and cons of using the financial service called backer now in today's episode it is going to be in partnership with money made i'll have a link for them in the show notes down below now as we go through this list of pros and cons when it comes to using backer i will actually have a link for them in the show notes down below if you click on there it'll take you to this page right over here where you can go ahead and click onto the right-hand side of the page to go ahead and sign up and start up your account today now for those that maybe aren't as familiar with what a 529 plan is it's actually a tax advantage savings plan designed to help pay for education this can cover costs such as tuition fees books supplies and even equipment and as of 2017 can actually even be applied for anything to cover for k-12 education now 529 plans are ran by the states and their rules can differ so just something else to keep in mind the very first pro is going to be the tax advantages you get for using backer and having a 529 plan so the great tax advantages for this is that you get to put the money in and when it grows it's growing tax-free and when you withdraw it it's getting withdrawn tax-free as long as you are using it for college purposes now another great pro is your money is going to get invested to help it grow to have more value by the time you actually need to use this for college funds and as an example if you have a hundred dollars invested every single month at a five percent annual return you could be getting nearly 35 000 in 18 years so that can really help out for you know any college student that needs to go through and pay for college on their own now one con when it comes to using the service is that there is going to be a monthly fee now luckily it is only going to start at just one dollar so you're not going to be having to pay that much out of pocket to have your account up and running and get started with now a great pro when it comes to this monthly fee is that if you have multiple family members that are gonna have to have an account for their colleges all of that is included into that one monthly cost now when it comes to actually having money deposited into the account one con here is that if you are using a debit card or credit card there are going to be additional fees on top of that but the nice thing is if you are using something like a regular bank transfer you're not gonna have to worry about those...