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When it comes to the best places to live in America, it’s more than just civic pride that earns a place a spot on the list. U.S. News & World Report recently published their list of the 100 best places to live in the USA, analyzing elements such as value, desirability, a strong job market and a high quality of life. If you’re looking for your next location and want to pick from the cream of the crop, check out some of these cities as your next potential target.

The Top 10 Best Places to Live According to US News & World Report

#1: Austin, TX

Love music? Crave more culture than you can shake a stick at? Then Austin, TX is the place for you. According to the study, about 50 people move to Austin every day. Cited as “Live Music Capital of the World” and home to two of the country’s biggest music, film and media festivals with Austin City Limits and South By Southwest, it’s no surprise it’s a hot destination for many renters.
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#2: Denver, CO

Known as the “Mile High City” due to its towering 5,280 feet above sea level elevation, Denver has recently shed its image of a wild west mountain town for a more cosmopolitan image. Though it’s undeniable that it is a perfect location for snow sports enthusiasts, Denver’s progressive attitude towards the legalization of recreational marijuana and its related industries has certainly seen a hike in the city’s desirability. Not a nature lover or fitness nut? There’s an emerging arts and brewing scene here that can’t be overlooked.
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#3: San Jose, CA

Do you know the way to San Jose? Though the famous lyrics may not know how to get there, it would appear that renters across the country do. Nicknamed the capital of Silicon Valley, it’s little wonder that this California stalwart is huge for those in tech. It’s not all business, though — San Jose is also great for hiking, camping and enjoying the great outdoors. Bonus: San Jose has over 300 sunny days a year, so feeling those mid-winter blues will be a thing of the past.
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#4: Washington, DC

It’s more than politics that drive people to move to the nation’s captial, and everyone from foodies to culture vultures can find a neighborhood that suits them perfectly. DC is home to a terrifically extensive public transportation system, so getting around without a car is easy. Additionally, the city is full of public parks, meaning you can still have fun in the great outdoors without losing the heartbeat of an urban environment.
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#5: Fayetteville, AR

Arkansas? Really? You bet. Full of good old-fashioned southern hospitality and currently feeling an economic boom, Fayetteville attracts those that crave a friendly, family-type atmosphere. Its close proximity to the Ozarks makes it a destination for lovers of the outdoors, and the city speaks to those who love the arts and local food movements.
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#6: Seattle, WA

Surrounded by beautiful landscapes and home to a hip, urban environment, there’s a lot more to Seattle than just grunge and coffee. The people here personify “laid back,” making it a hot spot for start-ups and tech firms of all sorts. Despite the hills, bike commuting is popular, and there’s an extensive bus system that runs throughout the downtown area. And no — it doesn’t rain all the time. In fact, New York City actually gets more rain annually.
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#7: Raleigh & Durham, NC

Part of the North Carolina Triangle, this area is pulling in about 80 new residents a day. Affordable rents and shorter commute times add up to a great quality of life factor in Raleigh-Durham which has attracted a younger population to the metro area. Kick back with one of the many local microbrews and enjoy the growing arts and music scene. With a lower cost of living than the national average, you’ll be able to afford the fun.
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#8: Boston, MA

Drenched with history and flooded with culture, there’s a lot to love about Boston. Home to world-class educational institutions, hospitals, eclectic music and arts scene and one of the nation’s oldest ballparks, the people of Boston are a diverse bunch. Everyone from recent college grads all the way to retirees love the city, and each neighborhood offers up something different. Though considered expensive comparatively to the national average, it’s money well spent for a city like this.
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#9: Des Moines, IA

“Is this heaven? No, it’s Iowa” as the famous line from Field of Dreams said — and Des Moines is no exception. This midwest gem may not sound like a must move destination, but it’s got it where it counts. Despite its population of 600,000, Des Moines has a neighborly feel making it a popular place to raise young families. With rents and cost of living below the national average, it’s worth consideration as a great place to live in America’s crossroads.
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#10: Salt Lake City, UT

Though Salt Lake City has devout roots in religion and Mormon faith, this city definitely changes with the times. Lovers of the great outdoors revel in the close proximity to five national parks and a few excellent ski resorts, while those with more urban leanings find fun in the city’s sports teams and many downtown entertainment options. Cost of living is fairly inexpensive compared to the national average, and with more apartments and condos being built availability is high.
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To read more about US News & World Report’s methodology, click here.

Are any of these cities on your moving bucket list? Do you agree with the report? Let us know what you think below!

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Posted on: October 16, 2018

Veterans have access to the three different types of loans: the purchase loan, the VA cash-out refinance and the VA streamline refinance (IRRRL). When looking to buy a home, only one of these can be used for purchasing.

The VA purchase loan has a lot of different rules, though. Depending on what the veteran is looking for, they can take advantage of some of these benefits, or ignore others entirely.

For the most part, veterans will take advantage of the same benefits offered through the VA loan: 100% financing, low mortgage rates and low credit score requirements, to name a few.

Purchase loans are mostly the same, although little changes can give you a different type of VA loan.

Click to begin the home buying process.

Regular VA purchase loan

By “regular,” this means that it’s a standard VA purchase loan. In addition to the biggest benefits offered by the VA loan, home buyers will also be able to prepay without penalty and avoid paying mortgage insurance, regardless of the size of their downpayment.

There are other requirements to consider, though. The VA has required fees at closing, including the VA funding fee. This fee helps keep the VA program running. Even when including the funding fee in the total costs, though, the VA loan is usually still the best option for home buyers – if they’re eligible.

Also, the home that you choose will have to pass the VA appraisal. The VA has stricter standards than other organizations, and some problems like lead paint can prevent the mortgage from going through entirely. but most available homes (and nearly all new homes) will pass this with ease.

VA renovation loan

Not all homes are up to the VA’s standard, and some have a little work that needs to be done. This is where the VA renovation loan comes in.

The VA renovation loan is still technically a VA purchase loan, only the total size of the mortgage is going to be a little larger. Veterans can use this extra money – up to $35,000 – to make important renovations or repairs to homes.

There is a limit to where the money can be used, though. The extra funding can go toward repairing the roof or floors, improving the energy efficiency of the home and removing lead paint and getting the home repainted, among other uses.

You can learn more about VA renovation loans and their restrictions here.

VA construction loan

Beyond renovating a home, the VA loan can be used to build a new home.

A VA construction loan allows home buyers to become home builders, financing the construction of their future home with a VA loan. This can be an affordable way to build a home, if you have the time to wait until the construction is complete.

The biggest downside to this type of loan is that it can be difficult to find a lender willing to issue one, especially if the veteran is looking for 100% financing. These are rare loans – but the VA guarantees them, and some veterans do manage to find a lender willing to issue them.

Click to get connected to multiple VA lenders.

Native American Direct Loans

Native American Direct Loans (NADL) are VA loans specifically for Native American veterans and their spouses. These have all the same benefits of the VA loan, including the renovation benefits, but with fewer restrictions.

The biggest benefit of this VA loan is that the Native American veteran can use the loan to purchase property on Federal trust land. The regular VA loan cannot be used for this.

Differences when reusing a VA loan

You’re allowed to use VA loans multiple times, although the loan will change slightly after the first purchase.

The VA funding fee increases after you buy you first home with the VA loan. However, it won’t continue to increase if you use the VA loan to buy your third home and on.

As of January 1, 2020, VA-eligible borrowers can get any size loan with no down payment. There are no official limits. But remember, you’ll still have to qualify for the mortgage.

Click to check today’s VA rates.

Source: militaryvaloan.com

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More than 50% of Americans will be diagnosed with a mental illness or disorder during their lifetime, according to the Centers for Disease Control and Prevention. Chances are, some of these individuals will be inheriting wealth at some point.

If a family member’s mental health issues may interfere with their ability to manage finances, answering these questions could help them create long-term financial stability.

Have I set up a trust?

Setting up a trust is one way to transfer wealth to a loved one and create financial stability for them. A trust enables you to leave specific instructions for trustees about how to care for your loved one and distribute assets.

Trusts can be especially helpful for transferring assets to loved ones who have a mental illness but are still able to function independently. While these loved ones are often independent, they may still have difficulty managing assets on their own, says Lillie Nkenchor, an attorney who does estate planning in New York. One example includes someone with depression.

“You can put assets in a trust,” Nkenchor says. “It can simply be a trust that says, ‘This money is to be used to take care of my sister who is high functioning, but is not great with money.’”

Likewise, you can request money be allocated to health care expenses and anything else that helps them live a healthy and functional life. Having a trust in place can also help beneficiaries avoid probate, a court process for handling estates that could be stressful for someone who has a mental illness.

Does my loved one receive government assistance?

Another important question to ask is whether the person receives government assistance or may need to in the future. While a basic trust may suffice for a loved one who has a mental illness but mostly functions independently, it could negatively impact one who doesn’t and receives government assistance.

“We want to make sure that if we are caring for someone who’s receiving that type of benefit, we don’t accidentally leave them something that disqualifies them from that benefit,” Nkenchor says.

People who receive government assistance may have limits on how much they can have in assets. For instance, to be eligible for Supplemental Security Income through Social Security, they generally can’t have resources of more than $2,000 as an individual or $3,000 as a couple. That is, unless you put those assets into a special needs trust. It’s an estate planning tool for individuals with disabilities or functional needs.

“The special needs trust is meant to supplement government benefits that person is receiving. It doesn’t replace it, it’s meant to supplement it,” Nkenchor says.

Nkenchor adds that a standard special needs trust isn’t effective until the person who establishes the trust dies. So, if you plan to financially support your loved one while you’re alive while they receive benefits, consider setting up a stand-alone special needs trust. Since setting up an SNT can be complicated, it’s advisable you speak to a professional who specializes in this area. The Special Needs Alliance website has a directory that can point you toward attorneys for special needs planning to help you get started.

Have I named the right trustees?

The estate managers you name will be responsible for distributing assets to your loved one when you die or if you’re incapacitated. Talisa Utsey, an independent estate planning attorney licensed in Maryland and New York, says a mistake some people make is not appointing the right trustee. She adds that people sometimes take advantage of older adults, young people and those with mental illnesses.

You have two options: someone you know or a corporate fiduciary. Utsey says if you opt for the former, choose someone who has a good relationship with the beneficiary. You also want to be sure they have some knowledge of estates or can get advice from someone who does.

“If they are not familiar with estate administration, if they’re not familiar with the documents that give them the authority, they’re not familiar with their actual authority, then that can be harmful,” Utsey says.

Alternatively, you may choose to appoint a corporate trustee since they’re usually experienced and have no emotional investment. For example, you could use a financial institution like a bank. Just know that corporate fiduciaries often charge heavy fees.

Utsey also advises appointing at least one successor trustee — a person who takes over trustee duties if the initial trustee can’t serve. And don’t forget to consult with prospective trustees first, Utsey says: “Make sure that the primary and the successor are both interested in taking on that type of responsibility.”

Is my estate plan clear?

To protect your loved one from financial abuse and prevent mishandled funds, you want your estate plan to be clear and streamlined, Utsey says. This means ensuring all your accounts and assets are addressed to the trust, none are in your loved one’s name, and there are clear directions about how money is spent. All assets should flow through the trust if possible.

“When there’s a plan, there’s less likelihood of manipulation and funds being wasted because it’s clear, it’s a process and it’s written down in plain English, and black and white,” Utsey says. “And to some extent, it’s legally enforceable when it’s done the right way.”

Being clear will also help the trustee execute your plan with ease.

Source: nerdwallet.com

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What are the rules if you inherit a Roth IRA?

It’s important to know, because an inherited Roth IRA can trigger:

– Estate Taxes, and/or
– Income Taxes

Estate Taxes

Contrary to conventional wisdom, an inherited Roth IRA does not pass on to its heirs tax free, unless the sole heir is also the deceased owner’s spouse.

Just like any other asset, a Roth IRA is subject to estate taxes.

So if you inherit a Roth IRA as part of an estate large enough to be subject to inheritance taxes, you will likely owe inheritance taxes on the Roth IRA as well.

However, keep in mind that the deceased owner’s original after-tax Roth IRA contributions are NOT subject to estate taxes – only the tax-free earnings generated on those principal contributions.

The 10% Early Withdrawal Penalty

What happens if you inherit a Roth IRA and immediately withdraw some or all of the funds? Is your withdrawal subject to the early withdrawal penalty if you’re under age 59 ½?

According to the Roth IRA withdrawal rules outlined in IRS Publication 590, the 10% early withdrawal penalty is waived if “you are the beneficiary of a deceased IRA owner.”

So if you recently inherited a Roth IRA, you don’t have to worry about triggering a 10% early withdrawal penalty.

Income Taxes

Nevertheless, you do need to worry about income taxes.

Generally speaking, the original tax-free contributions of the deceased Roth IRA owner are not subject to income taxes. But the earnings on those contributions are subject to income taxes if the account fails to meet the requirements of the Roth IRA 5 year rule.

So what are the requirements of the 5 year rule?

A Roth IRA meets the 5 year rule requirement on the first day of the fifth tax year after the Roth IRA was opened and funded.

For example, let’s say you opened and funded a Roth IRA on May 5, 2010. Under this scenario, when will your Roth IRA meet the requirements of the 5 year rule?

On January 2, 2015.

Why?

Because 5 tax years will have passed since the time the account was opened and funded – 2011, 2012, 2013, 2014, and 2015.

Remember this rule, because it’s an important one to remember if you wish to minimize the tax liability of an inherited Roth IRA.

Also keep in mind that different rules apply to spousal and non-spousal beneficiaries.

Spousal Beneficiaries

If you inherit a Roth IRA from your spouse, you have two options:

  • Elect to treat the Roth IRA as your own, or
  • Delay your withdrawals until the time when your deceased spouse would have reached age 70 ½

If you elect to treat the Roth IRA as your own, it takes on all the characteristics of your own Roth IRA – the same as if you had opened and funded it yourself.

At this point, simply follow the normal Roth IRA rules, and you can avoid taxes altogether.

Non-principal withdrawals before age 59 ½, or before the requirements of the 5 year rule are met, will trigger an early withdrawal penalty and income taxes, but the original principal contributions can be withdrawn tax-free and penalty-free at any time.

In addition, you can make addition contributions to the inherited Roth IRA (assuming you qualify to make Roth IRA contributions), and you can allow funds to grow tax-free in the Roth IRA for as long as you wish (there’s no minimum distribution age).

Alternatively, you can elect to delay your withdrawals until the time when your spouse would have reached age 70 ½.

Under this scenario, you must begin making annual minimum withdrawals from the inherited Roth IRA starting in the year in which your spouse would have turned age 70 ½.

Essentially, the inherited Roth IRA will take on the same rules governing a Traditional IRA (except you won’t owe income taxes on qualified withdrawals).

Non-Spousal Beneficiaries

If you inherit a Roth IRA from someone other than your spouse, you:

  • Can’t treat the Roth IRA as your own
  • Can’t make new contributions to the Roth IRA
  • Must follow the minimum distribution rules

The first two points are self-explanatory, but what are the minimum distribution rules?

Under the minimum distribution rules, you have two options as a non-spouse beneficiary:

  • Take the entire distribution by December 31st of the fifth calendar year following the year of the Roth IRA owner’s death, or
  • Receive the entire distribution over a lifetime

Under the first option, you can withdrawal all the funds in the Roth IRA tax-free if you play your cards right.

For instance, assume you inherit a Roth IRA from your dad in 2012. He originally opened the account in 2010, and it’s composed of $10,000 in after-tax contributions and $2,000 in earnings.

You can immediately withdraw the $10,000 principal tax-free and penalty-free. But withdrawal of the $2,000 in earnings will trigger income taxes until the account meets the requirements of the 5 year rule.

On January 2, 2015, you’re free to withdraw the remaining $2,000 without taxes or penalties, because the account will meet the 5 year rule requirements, and you will have successfully withdrawn all of the funds in the account before December 31, 2017 (the fifth calendar year following your father’s death).

Under the second option, you can elect to receive an annuity which pays out over the course of your expected lifetime.

If you choose this option, the length of your expected lifetime is predetermined by IRS tables based on your current age and the current value of the account.

Conclusion

Unless you’re the spouse of a deceased Roth IRA owner who elects to treat the inherited Roth IRA as your own, the tax and legal implications of inheriting a Roth IRA can get extremely complicated.

Even if you manage to avoid inheritance taxes, certain types of withdrawals will be subject to income taxes. And certain actions on your part, such as making a contribution to an inherited Roth IRA as a non-spousal beneficiary, are strictly prohibited.

It is well worth your time and money to seek the guidance of a competent estate attorney, accountant, and/or financial advisor.

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Source: biblemoneymatters.com

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Ever wonder how much that real estate agent you constantly see on bus benches and your grocery store receipts makes?

Well, the National Association of Realtors (NAR) released some interesting data regarding just that. And it’s not really good news (surprisingly).

The study, titled “2017 National Association of Realtors Member Profile,” covers the approximately 1.22 million active real estate agents in the United States.

It found that the median income for a “Realtor” was $42,500, up from $39,200 in 2015. That’s a healthy 8.4% year-over-year increase, thanks to a fairly robust housing market (despite limited inventory).

For NAR members in the game just two years or less, the median income was a paltry $8,930, while of those in the real estate business 16 years or more earned a median $78,850.

Very Few Real Estate Agents Earn Six Figures

  • There seem to be really big winners and equally big losers
  • In the residential real estate business
  • Top producers capable of bringing in $100k+, while many others do $10k or less
  • The typical agent closed 12 transactions throughout the year

But it’s not all bad. Of the real estate agents with 16+ years of experience, 38% earned more than $100,000 in 2016. Unfortunately, the average real estate agent only has 10 years of experience.

Then you’ve got the 56% of members with less than two years of experience who earned under $10,000 throughout the year, which kind of highlights the wide range of possible salaries based on the entrepreneurial nature of the job.

Essentially, you’ve got a large group of real estate agents who don’t close many if any transactions in a given year, then the heavy hitters who close the lion’s share of sales year after year.

That’s evidenced by their work rate, which ranges from 20 hours per week to some throwing down 60 hours per week or more. These top producers are the ones making a life in real estate.

The others might just be dipping their toes in the pool – we also have to consider the individuals who get licensed simply to close their own home, or to help a friend or family member.

This could explain the relatively low 12 transactions per year on average, which is just one per month.

Do Realtors Practice What They Preach?

  • Some 82% of Realtors own their primary residence
  • Which means they practice what they preach
  • This number has fallen in recent years
  • As a result of the massive housing crisis that took place

Largely, yes. Apparently 82% of Realtors are homeowners, and many others own an investment property, or at least one vacation home.

Additionally, a small percentage own at least one commercial property. So they’re aren’t just out there selling real estate, they’re buying real estate as well.

Oh, and the median gross household income for a Realtor was $111,400, which is well above the national median, so I suppose they marry well too!

For the record, 2017 wasn’t a particularly great year in the real estate world, so the numbers could be skewed somewhat.  But then again, real estate is cyclical, so bad years are expected (and should be calculated) along with the good over time.

Source: thetruthaboutmortgage.com

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While U.S.-based mortgage lenders (and borrowers) are expected to benefit from Brexit via lower mortgage rates, the opposite might be true across the Pond.

Over in the UK, we’re already seeing a lot of risk mitigation related to the uncertainty of Brexit.

I awoke to all types of headlines about LTVs being slashed, home buyers pulling out of their purchases, and more.

It totally makes sense, but also illustrates the polarizing effect of Brexit.

You Can’t Borrow as Much in Britain

Two large UK mortgage lenders, Kensington Mortgages and Fleet Mortgages, withdrew “their higher LTV products” in order to protect homeowners (ha!).

The article I read didn’t have all the details, but apparently 90% LTV was withdrawn, ostensibly because these lenders expect home prices in the UK to be under pressure as a result of Brexit.

Oh, and I like how they said the move was to protect the borrowers, when in reality, it’s to protect the bank from defaults related to underwater mortgages. But hey, that’s good marketing.

Despite the product changes, lending was booming in the UK, with Fleet Mortgages saying it saw mortgage applications quadruple on Friday, making it their “busiest day ever.”

Meanwhile, Kensington is working on new products to replace the loss of their high-LTV offerings.

You Can Get a Mortgage Rate of 0.99%

It’s no wonder business is booming despite Brexit because at least one lender, HSBC, is offering a “fixed” mortgage rate of 0.99%.

Yes, you read that right. A sub-one percent mortgage rate. The catch is that it’s fixed for two years before adjusting to who knows what. Although, if the turmoil continues, you could probably just refinance to another low rate before the adjustment came through.

The exclusive loan program also requires a 35% down payment (they say deposit) and a product fee of nearly £1,500. So it’s not for everyone, much like the good stuff we see stateside.

HSBC also has a five-year ARM set at 1.99%, which is also quite cheap but more in-line with the rates you’ll see in the U.S.

In fact, we might soon see hybrid ARMs like the 5/1 offered in the high 1% range. That’ll be a treat for borrowers.

Buyers Ditching Their Home Purchases

It’s not all good though – some home buyers are reportedly ditching their home purchases in the wake of uncertainty.

One individual told Bloomberg he was pulling out because, well, the UK is pulling out. I guess if they’re not sure neither is he.

The man said he was concerned about a recession post-Brexit, and plans to wait for a better deal as a result of the turmoil. Smart guy…

Another woman seems to be sure that home prices will go down (hence those LTV cuts), so she too will take a wait-and-see approach.

And those who recently purchases homes said they may have delayed the buy if they could do it all over again. I suppose it makes sense, knowing that a monumental event was set to maybe or maybe not take place.

Of course, it’s not always about the investment, some folks just want a nice home to live in for their family.

The takeaway here is that there’s lots of uncertainty, and it’s already washing up on our shores. For those looking to refinance, it’s likely going to prove beneficial. Let’s just hope it doesn’t dampen home prices in the process. Actually, maybe that would be a boon for buyers too.

Source: thetruthaboutmortgage.com

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I can only imagine what would have happened if my parents would have given me access to a big chunk of money when I was still young.

I used to be really good at blowing my money on crap that I didn’t need, so I’m sure anything they would have saved would have been gone in an instant.

Sound familiar for any of you?

This is just one of the many reasons why custodial accounts were created.

If you’re scared that your child will blow through their savings, here’s what you need to know about custodial account rules.

Basically, a custodial account is established to protect the financial assets given to a minor child. In most cases, the account is created by the child’s parent or legal guardian for one of two functions.

Some custodial accounts can be established to make sure the child has sufficient resources throughout his or her adolescence. Other custodial accounts are created to cover educational expenses after high school graduations.

Additionally, the account can be established to provide a good financial foundation during the child’s adult life.

Custodial Account Rules

While there are multiple reasons that a parent or legal guardian may have to open a custodial account, the process to begin is the same. The account can be opened at a brokerage firm, a mutual fund company, bank or any other type of financial institution. An adult is assigned to manage the account until the child reaches the age requirement for to have full access to the account.

Depending on state legislation, the age range to grant access can be between 18 and 21 years. This is known as the age of majority and the age can be over 21 based on state legislation and specific circumstances.

Additionally, the custodian of the account must approve any transactions that the minor may want to conduct on the account. Investments are allowed but must be limited to mutual funds or similar financial products.

Role of the Custodian

Custodial accounts originated with the Uniform Gifts to Minors Act (UGMA) of 1956 where a custodian is designated to manage the account until the child reaches adulthood. The parent or legal guardian can act as the custodian or name another adult to serve in this capacity. Generally, the custodian’s role is to manage the assets of a custodial account to buy, sell and/or reinvest earnings. If necessary, the custodian can withdraw money from the account when it benefits the child.

The law requires that all assets in a custodial account be used only to benefit the minor child.

Clearly, the expectation is that the custodian will never use the money for personal interests. Paying expenses that are unrelated to the child’s interest is prohibited.

If the custodian is also the legal guardian or parent, they should get expert financial advice on the appropriate use of the funds. There are allowed distributions that may apply. In general, the account cannot be used to pay for daily expenses that the guardian or parent is legally obligated to cover.

What Happens to Investment Income?

The dividends, interest and earnings from investment income is considered income for the child, and the rules around this have recently changed. Currently, when the child is under 18, any unearned income over $2,200 is subject to the “Kiddie Tax”. This rule also applies if the child is under 24 and a full-time student.

Here’s how it breaks down. For the 2020 tax year, the child’s unearned income under $1,100 is not taxed; the next $1,100 is taxed at the child’s tax rate, which can be very low, and any unearned income in excess of $2,200 is taxed at the parents’ tax rate.

Ownership of the Custodial Account

The assets of the custodial account are owned by the child for whom the account was created. While it is true that the child does not control the account until he or she meets the age requirement, the child is the legal owner from the start. Typically, assets are placed into the account as a gift for the child.

Legally, this completes the transaction and a person cannot take the property back at a later date. The same rule applies to any income that generates from the assets, i.e. stocks, mutual accounts.

529 Plans Vs. Custodial Accounts

Establishing savings plans for your kids basically comes down to two options: custodial accounts or 529 plans.  There are many differences between the two, but here’s the main ones I point to people who are interested:

  1. With 529 plans, the owner (usually the parent) is always in charge of the money even after the child turns 18.  This is huge for a lot of parents.
  2. The 529 plans must be used for college or college related expenses (think room and board, books, supplies). Custodial account has no restriction on what the money can be used for.
  3. If the money inside the 529 plan is used for the above mentioned expenses, the owner will not have to pay any income tax when cashing out the funds.
  4. Custodial accounts offer a lot more flexibility with the investment choices (brokerage, high yield savings, etc.). 529 plans are usually mutual funds that are pre-selected by the states plan that you choose.

Overall, if saving for college is your prime goal, I would suggest the 529 plan over the custodial account.   If you don’t want your child to feel like the money has to be used for college, then go with the custodial account.

Termination of the Custodial Account

Custodial accounts terminate when the child reaches the specified age according to state law. The type of transfer may also determine when the account terminates. A parent or legal guardian could designate an age that is different from state law.

For example, state law may require account termination when the child turns 18 years old. However, the creator of the account may specify termination at age 21. Once the account terminates, the child has free reign on how to use the assets of the account.

There are also legal guidelines if the child dies before the account terminates. Typically, the custodian cannot allocate how the assets are distributed. The custodial account becomes part of the child’s estate and must be distributed according to estate laws.

Source: goodfinancialcents.com

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While cities like New York and San Francisco may soak up a lot of the travel attention, a trip to Columbus, Ohio, can offer a great getaway in the middle of the country. Columbus is a vibrant city with one of the country’s top Millennial concentrations — which means that dining, festivals, concerts, and other entertainment options are often (but certainly not always) targeted towards a youthful, energetic demographic. This large, bustling city is filled with diverse neighborhoods and communities, each with its own unique vibe.

So, check out these fun things to do in Columbus, Ohio. You’ll learn about the 10 best things to do in town, plus find tips on when to travel and how to make your visit as affordable and enjoyable as possible.

Best Times to Go to Columbus, Ohio

Consider the weather. Columbus tends to experience a nice spring (although spring and summer can both have rainy spells), and summers are warm without typically being too hot. Autumn can be gorgeous with mild temperatures.

Columbus is a city of festivals throughout the year, particularly as temperatures warm up, covering a wide range of interests and audiences. Explore ones of interest, and schedule your trip for a time that dovetails with the activities you want to attend. Bonus: Many festivals are free, ideal for the frugal traveler.

The jewel in the crown is the Ohio State Fair (ohiostatefair.com/), chock full of entertainment (including but not limited to live concerts), food, playgrounds, competitions, and so much more.

Other festivals of interest include the:

•   Columbus Arts Festival columbusartsfestival.org/

•   Pride Parade columbuspride.org/

•   Jazz and Rib Fest hotribscooljazz.org/

•   Dublin Irish Festival dublinirishfestival.org/

If you’re a college football fan, you’ll likely love visiting Columbus in the early fall and being surrounded by serious pigskin energy among some of the most passionate fans in the land. You’ll encounter tailgate parties, pep rallies, and random people on the street, shaping and shouting the letters “O” and then “H” before listening to people holler back and shape with their arms the letters “I” and then “O.”

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Bad Times to Go to Columbus, Ohio

Two factors may cause you to reschedule: weather and traffic. From November through February, temperature can be darned cold with ice and snow often in the forecast. If you are flying into Columbus at that time of year, you may want to see if your credit card travel insurance will cover you, should your flight get significantly delayed or canceled.

March can be pretty chilly, too. Plus, if you aren’t going to Columbus for Ohio State-related activities, you might want to avoid steer clear; roads can be congested with restaurants, bars, and other venues likely to have long waiting times.

The same can be true when students are coming and going at the beginning and ending of semesters and when fair goers are flocking to the Ohio State Fair.

Average Cost of a Columbus, Ohio Vacation

Costs will vary based on how you’ll get there: driving, for example, or flying. If the former, current gas prices will play a role; if the latter, it’s wise to look into how to get cheap flights.

Here are more specifics:

•   If you’re traveling solo, expect to pay about just about $900 for a week’s trip. What you’ll spend, of course, depends on where you’ll stay and whether it’s a budget inn or a more luxurious hotel; where you’ll eat; and admission prices to anywhere you choose to visit.

•   No matter how frugal or freewheeling you plan to be, it’s helpful to know how to save money for a trip. You can then enjoy yourself without worrying that you don’t have enough cash for what you’d hoped to do.

•   The average price for a hotel room for a couple is $115 and, altogether, the average price of a trip for two is about $1,800 although the same caveats exist as described above. Here’s how to save money on hotels so you’ll have more in your pocket for dining, sightseeing, and so forth.

•   Using your credit card and taking advantage of credit card rewards can help with expenses, leaving you more for discretionary spending.

•   Columbus has walkable sections and an excellent public transportation system (more on that below). However, if you are looking to zip around from one end of the city to another, you may want to look into renting a car and add the amount needed to the goal you are saving in your travel fund.

Recommended: Where to Find “Book Now, Pay Later” Travel

10 Things You Must Do in Columbus, Ohio

Columbus truly is an exciting, diverse city — and so, when you visit for the first time, it just makes sense to enjoy that variety: art, music, science, nature, history, sports, architecture, shopping, and good eats. Then, when you return, you can explore the kinds of places you appreciated in more depth.

Here are 10 of the best things to do in Columbus, culled from top-rated online reviews and in-the-know travelers.

1. Tour Franklin Park Conservatory and Botanical Gardens

Stroll through 13 acres of lush gardens, exotic plant life, and seasonal beauty while also viewing art exhibits and cultural presentations. Attend a class — whether arts and crafts, culinary, gardening and so forth — and visit the iconic 1895 John F. Wolfe Palm House. fpconservatory.org

2. Revel in Some Art

To soak in more beauty, visit the Columbus Museum of Art, which focuses on outstanding American and European works of art from the late 19th and early 20th centuries: paintings, photography, folk art, glassworks, and more. Frequently changed special exhibits ensure that each visit can be fresh and interesting. columbusmuseum.org/

3. Explore German Village

This is a unique neighborhood where German settlers arrived in the mid-1800s, and it’s now one of the country’s largest privately funded historic districts. Homes from the 1840s to 1890s are preserved — not recreated — and visitors today can stroll through the neighborhood, appreciating the architecture and shopping and dining. germanvillage.com

4. Visit Capitol Square

Another fun thing to do in Columbus is to see its seat of power. Located just eight blocks from the German Village, Capitol Square includes the Ohio Statehouse, Senate Building, and Atrium where public tours are offered. The stunning Statehouse is designed in the Greek Revival style, a popular choice in the early and mid-1800s because democracy was born in Ancient Greece. ohiostatehouse.org

5. Cheer on the Team at Ohio Stadium

Ohioans love their Ohio State Buckeyes football team with its 39 Big Ten Championships and eight National Championships. Getting tickets to a game wouldn’t be easy, but the stadium itself is a sight to see, the fourth largest on-campus football facility in the nation with a seating capacity of 102,780. Since opening day in 1922, more than 36 million people have watched games here: ohiostatebuckeyes.com/sports/m-footbl/facilities/ohio-stadium/

6. Shop Til You Drop

Imagine more than 1.7 million square feet of shopping, dining, and entertainment venues with plenty of open air squares, parks, and fountain — and that’s Easton Town Center. This is one of the leading urban retail centers in the country with more than 30 million annual visitors and 200 retailers (including Gucci and Tiffany).eastontowncenter.com/

7. Be Surprised by Science

When thinking about things to do in Columbus, Ohio with kids, COSI Center of Science and Industry) jumps in front of mind. From skeletons of giant dinosaurs like T. Rex and pterosaurs to a planetarium that helps children and their families to explore space, COSI is full of engaging science exhibits and interactive experiences. The Big Science Park is perfect for play and the Little Kidspace is ideal for fun exploration.cosi.org/

8. Time-Travel at Ohio Village

Need another top 10 thing to do in Columbus, Ohio? Step back in time to see what village life in Ohio was like in the 19th century, watching artisans demonstrate old-fashioned skills. You can also tour period homes and other building, try circa-1800s activities yourself (which are also fun things to do in Columbus with kids), and perhaps watch a game of “base ball” using rules of the era, ohiohistory.org/visit/ohio-village/

9. Indulge in the Arts

This state-of-the-art center offers culturally diverse performances and provides art education in a 1928 building that was created and managed solely by African Americans. Jazz fans: This is a landmark location for this stellar form of music while also serving as a modern center for multiethnic and multigeneration arts. lincolntheatrecolumbus.com

Enjoy the Riverfront

When looking for free things to do in Columbus, Ohio, no trip is complete without a stop at the Scioto Mile. More than 175 acres of gorgeous parkland stretches along the riverfront in the heart of downtown Columbus. Besides being an ideal place to walk and bike, you can enjoy urban festivals, listen to outdoor music, and much more. If you’re traveling with a pet, this can be a terrific place to spend an afternoon. sciotomile.com/

Advice on Getting Around

Many of these fun things to do in Columbus, Ohio are located in or near downtown, but this is a large, sprawling city of more than 225 miles in size — the biggest city in Ohio. So, when planning your trip, map out where you’re going to ensure that you’ll spend less time traveling from one spot to another and more time enjoying the sights. Although most attractions are open year round, check to ensure the ones you want stay open through the winter.

Although individual areas and neighborhoods—such as German Village, Ohio Village, Franklin Park Conservatory and Botanical Gardens, and the Scioto Mile are all quite walkable, getting from one section of the city to the next requires transportation. Fortunately, the Central Ohio Transit Authority (COTA) provides bus service; in 2018 and 2020, COTA received the American Public Transportation Association’s Outstanding Public Transportation System Achievement Award. cota.com/

The Takeaway

The best things to do in Columbus, Ohio will depend on your taste, interests, available time, and budget — but one thing is for sure: This vibrant city is filled with places to visit and activities to enjoy. Our list of the 10 best things to do in Columbus, Ohio is a great starting point, and then you can branch out from there. From museums to parks to historical sites and excellent shopping, this city has something (or more) for everyone.

FAQ

Is Columbus a walkable city?

Plenty of neighborhoods and venues are quite walkable and, whenever that isn’t practical, the city has an award-winning public transportation system. Some of the best free things to do in Columbus, Ohio, include parks and gardens, each of which is walkable for most people.

What food is Columbus, Ohio, famous for?

Foods include the Columbus-style pizza with thin crusts with toppings right up to the edge, then cut into squares. Buckeye candy — peanut butter and chocolate in a buckeye shape — are in demand. So is the peanut butter and chocolate doughnut from Buckeye Donuts.

Is Columbus, Ohio a fun city?

With its hipster-urban vibe and a plethora of fun things to do, the answer is “yes”!

Photo credit: iStock/Sean Pavone

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Source: sofi.com

Apache is functioning normally

Save more, spend smarter, and make your money go further

Earlier this month I had a major #fangirl moment. It was a full #fangirl evening, in fact, when I teamed up with New York Times bestselling author and Girlboss founder Sophia Amoroso to share in a very special money event.

In partnership with Mint, Sophia and I hosted a panel of four trailblazing entrepreneurs to have an “impolite” conversation about money. The audience heard from Mackenzie Barth, founder of Spoon University (which recently got acquired by Scripps Networks), Lisa Price creator of Carol’s Daughter, a multi-million dollar beauty brand, fashion entrepreneur Nina Faulhaber and Wing Yau, acclaimed jewelry designer.

The only rule for the evening was to be brutally honest. So, we went deep. We talked about our financial hang-ups, our money mantras, how we spend and save, as well as our money wins and losses.

While there were many takeaways, as moderator, I picked up on a few common threads – impolite “rules” – that ran through many of the stories shared. Here are my 5 favorites.

#1 Your Emotions Count

<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?w=557" class="alignleft wp-image-66785" alt decoding="async" loading="lazy" lazy="1" srcset="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png 1667w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=768,432 768w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1536,864 1536w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=740,416 740w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1000,563 1000w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=640,360 640w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=620,348 620w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1240,696 1240w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=600,338 600w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=900,507 900w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=450,253 450w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=1440,810 1440w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png?resize=720,405 720w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="433" data-permalink="https://mint.intuit.com/blog/mint_girlbossquotes-loganwide-2/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-LoganWide-1.png" data-orig-size="1667,938" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Inspriational quotes you see in a meme" data-image-description="

Inspriational quotes you see in a meme

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The panelists, a row full of successful entrepreneurs who seem to have a great handle on life and work, admitted that money can sometimes make them feel scared or anxious. In some cases it’s because, as business owners, they don’t always earn a consistent paycheck. In other cases they may not know the best way to save or invest. From time to time, they have doubts, insecurities and fears.

The room was full of nodding heads.

We all can get a little (or a lot) emotional over money, right? The topic triggers all sorts of feels, depending on our upbringing and life experiences.  And that’s ok. Emotions provide context for how and why we the make decisions we do. On the panel, some grew up wealthier, while others remember living paycheck to paycheck. Each experience left them with a unique set of money emotions.

Rather than keep them bottled up, these women embraced their feelings. They shared them and through that discovered they weren’t alone and received acceptance and support.

#2 Don’t Be Shy. Ask a Lot of Questions.

<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?w=557" class="alignleft wp-image-66782" alt decoding="async" loading="lazy" lazy="1" srcset="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png 1667w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=768,432 768w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1536,864 1536w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=740,416 740w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1000,563 1000w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=640,360 640w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=620,348 620w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1240,696 1240w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=600,338 600w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=900,507 900w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=450,253 450w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=1440,810 1440w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png?resize=720,405 720w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="431" data-permalink="https://mint.intuit.com/blog/mint_girlbossquotes-amelawide/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-AmelaWide.png" data-orig-size="1667,938" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Resources for Someone Starting Out" data-image-description="

Resources for Someone Starting Out

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To help us jump over our emotional hurdles, we need to arm ourselves with facts.

The panelists talked about how they continuously seek knowledge and answers to guide their decision-making.  They need to make informed choices around saving money, using credit, taking on loans and building financially sound businesses. If they don’t know something, they’ll ask experts and advisors to find out.  There’s no sense in guessing.

#3 You’re More Money Savvy Than You Think.

The voices in our head may be telling us that we’re not good enough or smart enough with numbers to manage our money well. Ignore the noise and realize it’s not that difficult. You may face a learning curve when it comes to budgeting, investing and expense tracking, but sometimes the only thing getting in the way is a bad mindset.

Panelist Wing Yau, the founder of WWake, is an artist first and businesswoman second.  Like fellow artists, she admitted that she wasn’t exactly hard-wired to know how to analyze a profit and loss statement or manage the financials of her business.  Money was an overwhelming topic, at times. But Wing insisted on learning how to manage her company’s books through research and seeking help, as well as trial and error.  The process not only left her more educated. It gave her the confidence to fully tackle her business.

#4 Find Your People.

<img width="557" height="313" src="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?w=557" class="alignleft wp-image-66784" alt decoding="async" loading="lazy" lazy="1" srcset="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png 1667w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=768,432 768w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1536,864 1536w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=740,416 740w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1000,563 1000w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=640,360 640w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=620,348 620w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1240,696 1240w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=310,174 310w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=300,169 300w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=600,338 600w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=150,84 150w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=900,507 900w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=450,253 450w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=1440,810 1440w, https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png?resize=720,405 720w" sizes="(max-width: 557px) 100vw, 557px" data-attachment-id="432" data-permalink="https://mint.intuit.com/blog/mint_girlbossquotes-jessiewide/" data-orig-file="https://blog.mint.com/wp-content/uploads/2017/06/Mint_GirlbossQuotes-JessieWide.png" data-orig-size="1667,938" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Start Living My Dream" data-image-description="

Start Living My Dream

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You can’t possibly know it all. And you shouldn’t go it alone.  Each panelist credited friends, advisors and partners in giving them the support and feedback they need to make smart money moves, as well as business decisions.

Having an accountability partner, someone to keep you motivated and on track, was also critical.

For example, Nina Faulhaber, co-founder of ADAY, an active wear startup, recalls meeting with Sophia Amoruso prior to launching her fashion business to ask a laundry list of questions. Nina was coming from the finance world but knew very little about the fashion industry.  Sophia was more than helpful, providing feedback and connecting her with other key people in the clothing world to offer guidance and mentorship.

#5 Never Lend. Always Gift.

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Never Loan Unless You Can Afford to Give

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So now that they’ve established successful businesses, are friends and family coming out of the woodwork asking for money or help? In some cases, yes, the panelists admitted.

But if there is one money rule Lisa Price, founder of the uber successful beauty line Carol’s Daughter, lives by, it is to never lend money. “Only give what you can gift,” she said. In other words, never give money to anyone with the expectation that it will be returned. Instead, offer it as a gift to avoid resentment or disappointment, since, as we know, many personal loans can go awry.

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