savings_stories_RYDER

Like all parents of each succeeding generation, we have always wanted our children to have more opportunities and a better life than we've had. Many of our grandparents were immigrants who came to this country with little more than the clothes on their backs and a pocketful of optimism. If they were lucky, they learned how to read and write with the help of a few years of grade school. They struggled in difficult jobs in order to make a good life for their children.

Our parents' generation had high school and maybe trade school education, and survived the Great Depression and World War II. They worked at blue collar jobs and impressed on us to go to college and "make something" of our lives.

We were the first in our families to have college educations. We both worked long hours at hard jobs to earn enough to pay our tuition at Cleveland State University during the 1960s, in its second freshman class, crammed to the seams in temporary quonset hut classrooms. We delivered mail, flipped hamburgers, raked hot tar onto roofs, ran drill presses, and photographed weddings. We were constantly sleep-deprived, working late hours, putting in a little studying, even less sleep, then off to classes. We started our married life a year after graduation, relieved that we had no college debt hanging over our heads, and continued to be frugal and work hard to get one of us through four years of law school, also at CSU. We were building for the future of our family.

We wanted our two daughters to attend college without having to work as hard as we had, and to receive their degrees and begin their careers without being burdened with debt. A program called the CollegeAdvantage made that dream possible.

When our girls were little, we were building a home and business, and there was no extra money to set aside as we struggled from paycheck to paycheck. We were grateful for the U.S. savings bonds that older family members gave the girls for birthdays and Christmas. "These are for your education," we'd explain when they would tell us they'd rather have a Barbie Dream House. We knew those few bonds and the contents of their piggy banks wouldn't be nearly enough when the time came.

When our oldest was in middle school, we heard about CollegeAdvantage. We carefully paid into the program regularly, and asked the older family members to contribute in lieu of other gifts. Both girls worked very hard to earn good grades, participated in extra-curriculars such as chorus, band, sports, and service organizations. Both volunteered in the community as well.

Our oldest decided to attend Miami University to major in finance, and during her four years she headed the co-ed business fraternity, Delta Sigma Pi, and ran the school's credit union. She also sang in the chorus, which performed throughout the U.S. and Europe. She spent a semester studying in Luxembourg. Without the help of CollegeAdvantage, these opportunities would not have been possible for us to afford. She now works as a trust advisor for a major bank.

Our other daughter decided to attend Muskingum College. She used her CollegeAdvantage funds and won scholarships. She majored in speech/communications with an emphasis on Spanish. She studied in Spain for one semester, and returned to Spain after her 2003 graduation to teach English at the university level for one year. She has since earned a Masters in Teaching English to Speakers of Other Languages (TESOL) from Western Carolina University. She teaches English as a Second Language at the junior high level.

We now have four grandchildren, whose moms and dads understand the importance of a college education. The minute our grandchildren were born, we set up CollegeAdvantage 529 accounts for each one. We contribute to each account on birthdays and other holidays, and have recruited the other grandparents, aunts and uncles to do so as well. Both the girls and their husbands contribute each payday to their children’s accounts. They know how important it is to get a college degree, and how difficult it is to pay for it without having a plan.

It takes discipline and sometimes sacrifice to prioritize the budget to include contributions to CollegeAdvantage, but it's an investment in the children's future. They are carrying on the dreams of the generations who have gone before them. There is no more important goal.

Ed and Diane Ryder

Chagrin Falls Ohio

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529 Short Course: New Parents

5 things every new parent needs to know about saving for education

  1. Why Ohio 529?
    529s are specifically created for higher education savings. Unlike a traditional banking account, a 529 account benefits from tax-free earnings and tax-free withdrawals. For Ohio residents, there is also a state income tax deduction for those contributions.
  2. It’s simple to start.
    You can open your 529 account online in minutes with as little as $25. With ready-made portfolio options, you don’t have to be a financial expert to feel confident in your savings plan choices.
  3. Set it and forget it with automatic deposits.
    The sooner you start saving, the longer your account benefits from the Ohio 529 tax advantages as well as compound interest. Many new parents take their 529 contributions off their to-do list by setting up small automatic deposits from either their banking accounts or paycheck. Also, with our ReadySave 529 app, it’s also easy to track and adjust your account right on your mobile device.
  4. Save for college, career training, and more.
    Ohio 529 can be used at over 30,000 schools of all kinds, nationwide, including universities; community colleges; trade, technical, and vocational schools; certificate programs; and apprenticeships. Your Ohio 529 account can also pay for K-12 tuition at a public, private, or religious school. And, if it’s not needed for educational expenses, you can now roll over your 529 to a Roth IRA.
  5. Others can help.
    It’s easy for family and friends to contribute to your child’s account and receive tax benefits for themselves. You can share your account’s unique Ugift number with others to contribute online without creating their own 529 accounts. Those who live in Ohio will also receive a state income tax deduction for their contributions. Also, you can sign up to have reminder emails sent to you and loved ones for the big milestones in your child’s life.

Hoping to find gold at the end of the rainbow? If you are saving with Ohio 529 CollegeAdvantage, you have the benefit of Ugift with your account, which is savings gold.

Ugift makes it easy for others to give to your Ohio 529 account. With Ugift, you generate a unique code which allows loved ones to contribute to your Ohio 529 savings plan without needing the actual account number. Once they have the Ugift code, your friends and family can visit Ugift529.com to make their online gifts directly to your 529.

When friends and family ask for gift ideas, share that you are saving for your child’s future education with Ohio 529. Then invite them to join in with gift contributions to your Ohio 529 account with Ugift. After all, a gift for your child’s education will truly last a lifetime.

The quickest and easiest way to pass along your child’s Ugift code is with the ReadySave 529 app, which you can access as an Ohio 529 CollegeAdvantage account owner. At the bottom of every page is an Ugift icon. Click on the gift symbol to view your Ugift code which you can send immediately as an invitation via texts, emails, and Facebook/Instagram chats from your phone.

Or log into your account online to view your child’s Ugift code to send to family and friends who would like to give the gift of education.

The Ugift code doesn’t expire. Which means whenever there is an occasion to celebrate­ like baby showers, holidays, birthdays, graduations, and special achievements, your family and friends can give to your Ohio 529 account. And they can choose to contribute as much as they want whenever they want. It can be a one-time gift or recurring gift; all they need is that Ugift code. Your loved ones’ contributions - whether big or small – will add up over the years. Added to the power of compound interest, these gifts will power your 529 savings to cover even more college and career training costs.

An added bonus for gift givers who live in Ohio: They are also eligible to receive a state income tax deduction for their Ohio 529 gift contributions, up to $4,000 per year, per beneficiary.

To learn more about all of the gifting options with Ohio 529 and order cards for special occasions, visit  529 Gift Central.

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