JR Gondeck, one of the top rated millennial US wealth managers, told us why he feels 529 college savings plans are wrong for most of his clients.
. And when they do have kids, they'll eventually face the crucial decision of how to pay for college.
Gondeck, a managing director and partner at the Lerner Group — a part of HighTower Advisors that manages $1.3 billion in wealth — says many people are making it difficult on themselves by failing to use the smartest method at their disposal., an option that emerged around the time millennials started graduating high school, and have grown in popularity since.
"As the child is younger it tends to be more aggressive," he told Business Insider in an exclusive interview."As your child gets closer to college age it becomes much more conservative."The top US wealth manager for the ultrarich revealed to us the 2 mistakes his clients repeatedly make — and how other investors can best avoid them
When parents begin saving for college, Gondeck explains, they don't know how much they'll ultimately need. So if tuition costs less than they anticipated or their child gets scholarships, they could end up withdrawing that leftover money and paying penalties.trust funds"The trust, even though it pays taxes, over time can accumulate a lot more wealth," he said.
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