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October 04, 2007


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When it comes to personal finance, ignorance is very expensive indeed. But so are obsolete habits.

Every state 529 plan web site I've ever been to has been very easy to understand. You can never go too far wrong by picking the age-based option, that grows more conservative as the child approaches matriculation. I don't see how a "financial professional" could possibly make it any easier.

Buying 529s through brokerages clearly doesn't have a leg to stand on, so why does Bankrate make any allowance for it at all? My guess is to avoid offending readers who have already made the mistake. They're afraid to just come right out and say that the parents and grandparents who involved a salesman in the process were wrong to do so, and wasted money as a result.

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