Health & Fitness
“Lucky Money” Helps Family Build College Savings
One Virginia mother used "lucky money" to fund her children's Virginia529 college savings accounts; then she experienced a little good fortune of her own.
In the Vietnamese culture, family and friends shower children with money on the one-month and one-year anniversaries of their births. Called “lucky money,” the gifts are intended to ensure the children’s good fortune.
One Virginia mother used lucky money to fund her children’s Virginia529 college savings accounts; then she experienced a little good fortune of her own.
Kristin Ta of Chantilly was chosen in a random drawing from more than 800 entries to receive a $2,500 contribution to a Virginia529 college savings account. The prize was part of the organization's 2014 celebration of 529 College Savings Day on May 29.
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Kristin’s husband, Khang, is of Vietnamese descent. When their son, Bill, was born two years ago, Kristin knew just how she wanted to use the lucky money he received: to help him avoid the student loans she had taken on to fund her education.
After careful research, the couple chose Virginia529 inVEST for Bill’s college savings. They liked the flexibility of the 529 savings program and the income tax deduction available to them as Virginia residents.
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When daughter Emily was born four months ago, they opened a second inVEST account using her lucky money.
The Tas add to the accounts regularly. Kristin appreciates the convenience of automatic transfers from her bank account so that saving for the children’s college education is “not something I have to think about each month.”
Kristin plans to split the prize between the children’s two Virginia529 accounts.
Does your family or culture have a tradition that could help build your college savings?
About Virginia529 College Savings Plan:
Virginia529 is a 529 college savings plan that offers flexible, affordable, tax-advantaged savings for qualified higher education expenses through its four programs: Virginia529 prePAID SM (prePAID SM), Virginia529 inVEST SM (inVEST SM), CollegeAmerica® and CollegeWealth®. More than $49 billion in assets under management and 2.3 million accounts as of January 31, 2014 make Virginia529 the largest 529 plan available. For more information on Virginia529’s college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials. These include information on Virginia529 programs, investment objectives, risks, charges, expenses and other important information; read and consider them carefully before investing. All investments are subject to risk, including the possible loss of the money you invest.
