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[Music] lindsey's weather's lindsey's in sheridan wyoming hi lindsey how are you great thanks how are you thanks for taking my call today sure what's up so i was just crying my husband and i are currently making 529 contributions for our daughter and nieces and nephews and it kind of came up in discussion what do we do we want to be able to gift them all equally but you know what would be your recommendations or thoughts on you know if one of them went to a trade school or something that doesn't cost quite as much you know was kind of thinking you know what would we be able to do to help them all equally if they don't choose the same path in life if that makes sense if you had the same amount of money in there what wouldn't be unequal well my thought what you know like if one of them went to a trade school that only cost twenty thousand dollars they would have the money left over they'd have the money left over wouldn't they they would but i mean if it can't be used for an educational purpose if they're done with their education my thought was you know if they're do you have an idea like if we wanted to perhaps help with like a down payment on a house do you think it's wise to invest it all in a 529 or go other routes so we have more than one option well i mean most people do not get enough into their 529 to pay for college okay and so most of the time this is a theoretical discussion so most of the time the answer is put all you can in 529 because it's still not going to be enough even even for trade school now if you're way way way ahead of the curve and you've done a great job and you're worried about having 200 dollars in a 529 and then they go do something for 60 grand at a trade school that's a valid concern then and if you're really looking at those actual numbers and that's actually occurring today then you say okay i'm going to split it off i'm just going to put some and a mutual fund in that kid's name and i'm the custodian that's exactly what we want to do yeah and that's a custodian because are you okay but i'm not doing that if you don't if you have five thousand dollars in your 529 you're putting 50 bucks a month in there i'm not doing that i bet you don't lindsay though because you're talking about a down payment even i mean are you guys how much is in the 529 today uh we i mean they're all like one and two years old okay so you want to worry about it today i you know i don't we it just came up in discussion and we thought well should we go this route yes you should go this route you should go this route until you have enough in the 529 that it starts to be an issue and you know so if you get up to 100 or something in a 529 after that you can start talking about putting some of it somewhere else if you think that kid might be a trade school kid instead of a uh you know a four-year kid and by the way either one's fine with me i'm great with that so uh but yeah but but don't don't split it off today and you know fifty dollars or fifty dollars there that'll drop you nuts yeah and you're missing out on all the tax benefits because it's gonna grow tax-free in that 529. so the college world is a changing it's changing we're talking about that during the break i know and there's a lot of i mean i've heard i think probably more in the last two years and even more so since the pandemic and everything and how much online has gone and everything i mean it's just it's crazy that people really are kind of questioning okay what's education going to look like in 20 years right she said that they're those kids or the accounts are one or two years old but if you have kit littles and winston and i we're still funding kids college we're still doing it um but i think it is an interesting conversation though of what education could look like in 20 years but you were saying at the break you're like yeah but it's higher education's not going away you're still going to be using those funds but it's i don't know no i mean are people going to there's two things that have happened that have jarred everybody out of their their their uh zombie-like sense about education and one is this student loan debacle epic failure of the student loan system and uh and one of the results of that huge mess is that higher education is has shot through the roof in cost yeah so it's so stinking expensive that it's making everybody go this is just stupid and then the second thing that's happened is pandemic now they're still trying to charge for all that online and they and you can't go back and you're socially distanced and so there's four people in the class or some kind of crap and they're going uh uh that's not exactly the college experience and air quotes i had in mind and so they're going no i'm not paying full price for you know online if i'm gonna do online i'm gonna jump on somewhere and take a 29 course screw this and so that has changed the consumer's mindset of education uh those two things have have given uh really given higher ed two black eyes right now yeah and we i know we don't have a crystal ball you don't have a crystal ball but seriously though what do you think if you were to predict in 10 years i mean like literally the online stuff has just shaken everyone to the court because people are i mean everything like the things you thought were never going to happen happen during the pandemic and people are so comfortable with the internet there's i mean even ramsey plus right we were able to launch what was a standard class for so long online and we and it and it's amazing so like things are changing so quickly in that regard i mean you don't have a crystal ball so it's unfair to even ask but i'm just curious your thoughts on what education could look like especially higher education where you're paying well 40 grand a semester you know a year at these private schools that aren't even meeting now like well it's wild obviously if they don't start meeting nobody's going i mean they're they're going to lose all their customers and so you know it's it's like if churches don't keep meeting don't start meeting again then you know it's going to be there's going to be a fallout there in this country that's going to be unbelievable and so if people don't get past um th the fear on these things and start coming back together then um and i didn't think it would take as long as it's taken i thought it'd be back to normal by now so what the crap do i know so i don't know anything but um but i do think higher ed for the first time people are stepping back and giving it a really hard look and not to say that it's invalid because i really do not think higher ed is invalid i really think it's valid i if um i would want all of my six grand babies today to get a four-year degree that would be my goal as their papa dave am i going to be mad at them if they go get a vo-tech degree no i'm not going to be mad at them but i think there is a benefit to a four-year education i still believe that now how we go about doing it yeah 18 years from today for little charles right there maybe a whole different way of doing it 17 he's almost a year okay he could do it in 16 because he's so smart that's right 10 months genius