This post is sponsored by BabbleBoxx.com and contains information on the New York’s 529 College Savings Program Direct Plan. The content and opinions expressed in this post are my own.

My daughter recently finished Pre-K. I was disappointed that she didn’t have an opportunity to have a graduation ceremony, but I decided to ask her the same question that they asked me when I graduated from Pre-K: what do you want to be when you grow up? I am not going to lie, I told them I wanted to be a mom. (Check that one off the goals list!). My daughter’s answers were a lot more detailed than mine, which lead me to think about how to support a child’s dreams and future.

 

When asked what she wants to be when she grows up, my daughter almost always says “Veterinarian”. (That is when she doesn’t say Wonder Woman – dream big girl!). As a single mother, I already worry about how I can support her future goals and back to school time always has me thinking forward. So I was thrilled to learn about the NY 529 and be able to talk to her about our plans to start saving for her future right now!

It’s never too early to talk to kids about their dreams and their plans for the future. You can start out by introducing them to different careers and discussing their likes and dislikes. These are some of our favorite ways to start the conversation with your kids about their future plans:

 

1. Read books about their favorite topics

Encourage kids to follow their passions. I’m not saying you should only buy them books based on their current fascination, but rather that you try to find lots of different ways to encourage, ­ even if it doesn’t interest you. My daughter loves reading books about STEM topics. I was much more interested in arts and fiction as a kid, so it has been lots of fun to learn about STEM topics along with my daughter. Whether she chooses to still become a vet someday or not, I won’t regret reading about science and STEM topics with her and showing her that I supported her passion.

 

2. Read books about careers and heroes

There are so many amazing books about people in different careers, both in fiction and nonfiction. When my daughter decided that she was interested in STEM, I made it a mission to find all kinds of resources that gave her real world representations of women in STEM. (Since my previous posts on women in STEM are some of my most popular posts, I know lots of you are always looking for this too!). We hear a lot about representation in children’s literature, and it is true! Allowing kids to see themselves in a book, whether fiction or nonfiction, can be huge for them. Reading books about careers or influential people in their dream jobs can make a big impact. 

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Related Post: Children’s Books about Women in STEM

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3. Empower them to chase their dreams and use what makes them unique to change the world

I love that my daughter is already proud of her unique abilities. She will gladly tell anyone that she loves making friends, and she has a connection with animals. I love talking to her about her unique abilities and the special gifts that she can offer to the world. It is so important that we highlight our child’s unique qualities for them, since sometimes it can be hard to recognize them for ourselves. We especially love Nancy Tillman’s books for this!

 

4. Talk to them about their hopes and dreams – and revisit the conversation often

I don’t know about you, but I changed my dream job constantly as I was growing up. Besides wanting to be a mom, I also dreamt of being an author. Then an interior designer. Eventually I dreamt of being a teacher. (Interestingly, my current job kind of encompasses all of these passions!).

The important thing to remember is that our kids may change their minds all the time about their dream job. We don’t want to be the parents that decide at age 3 that our child will be a famous ______, and only support them toward that goal. Follow them on their own crazy path through life, supporting and encouraging as they grow and change. Remind them that many adults are constantly changing their passions too!

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Related Post: Empowering Books for Kids

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5. Start saving for the future together

Teaching kids to think forward isn’t just about big dreams. It can also be an important lesson about finances and planning for the future. It’s never too early to start teaching kids about money, responsibility and thinking about the future.

Starting college savings when kids are young can help you a lot in the long run. Plus if you start saving together, then it also teaches your kids the importance of planning for the future. They will recognize that you are supporting them in achieving their dreams, and they will feel like they are a part of it too.

 

How to Get Started Saving

529 investment accounts are federal tax-advantaged, and they are a great way to start saving for college.* The NY 529 College Saving Program Direct Plan has low fees, requires no minimum contributions, and has state tax benefits as well.** Even if you can’t save a lot right now, the NY 529 Direct Plan gives you the benefit of time. NY 529 Direct Plan can be used at thousands of colleges, as well as vocational, technical, and graduate schools. If the student doesn’t need the money when college time comes, then family members have the ability to use the money for their education. Friends and family can also contribute to the Plan. Talk to a financial advisor about your particular situation, and get all the details at NYsaves.org.

How do you encourage your kids to think forward and how do you support a child’s dreams? Share in the comments below!

 

Disclosure/disclaimer:

* Earnings on federal nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. Tax and other benefits are contingent on meeting other requirements. Please consult your tax advisor about your particular situation.

**Contributions of up to $10,000 are deductible annually from New York State taxable income for married couples filing jointly; single taxpayers can deduct up to $5,000 annually. New York State tax deductions may be subject to recapture in certain circumstances such as rollovers to another state’s 529 plan, federal nonqualified withdrawals, or withdrawals used to pay elementary or secondary school tuition, registered apprenticeship program expenses, or qualified education loan repayments as described in the Disclosure Booklet and Tuition Savings Agreement. State tax benefits for non-resident New York taxpayers may vary. Please consult your tax advisor about your particular situation.

Investment returns are not guaranteed, and you could lose money by investing in the Direct Plan.

For more information about New York’s 529 College Savings Program Direct Plan, download a Disclosure Booklet and Tuition Savings Agreement [nysaves.org] or request one by calling 877-NYSAVES (877-697-2837). This document includes investment objectives, risks, charges, expenses, and other information. You should read and consider them carefully before investing.

Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other benefits that are only available for investments in that state’s 529 plan. Other state benefits may include financial aid, scholarship funds, and protection from creditors.

The Comptroller of the State of New York and the New York State Higher Education Services Corporation are the Program Administrators and are responsible for implementing and administering the Direct Plan.

Ascensus Broker Dealer Services, LLC, serves as Program Manager and, in connection with its affiliates, provides recordkeeping and administrative support services and is responsible for day-to-day operations of the Direct Plan. The Vanguard Group, Inc., serves as the Investment Manager. Vanguard Marketing Corporation provides marketing and distribution services to the Direct Plan.

No guarantee: None of the State of New York, its agencies, the Federal Deposit Insurance Corporation (FDIC), The Vanguard Group, Inc., Ascensus Broker Dealer Services, LLC, nor any of their applicable affiliates insures accounts or guarantees the principal deposited therein or any investment returns on any account or investment portfolio.

New York’s 529 College Savings Program currently includes two separate 529 plans. The Direct Plan is sold directly by the Program. You may also participate in the Advisor-Guided Plan, which is sold exclusively through financial advisors and has different investment options and higher fees and expenses as well as financial advisor compensation.

© 2021 New York’s 529 College Savings Program Direct Plan

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