Triple Your College Savings in Less Than a Month
Even if money is a little tight these days we are still ready to pounce on an great opportunity when we find one. How often do you get to double or triple your money in under a month?
The Ohio 529 Plan is offering a $25 Referral Bonus for new accounts. You can open up an account, name a beneficiary for that account, deposit $25 in a Vanguard index fund, then get a $25 match in the account in about 10days. Rinse and repeat with another beneficiary. A little legwork to fill the forms out to open the accounts, but you get to double your money - something everyone will value these days.
You can even triple your money starting with the 2nd account you open. Open your first account (using a referral code such as this one:2439370) to double your $25 initial deposit. To turn $25 into $75 just refer your partner to open an account and your partner will get a $25 bonus and you will get a $25 bonus. Then your partner can refer you on a new account and you can turn $25 into $50 and your partner will also get a $25 bonus.
Even though our baby hasn't arrived yet we are taking advantage of this offer. I am opening accounts and listing a different family member as the beneficiary to each account (myself, my wife, my mom, my dad, etc) and will change the beneficiaries to our baby once she/he has arrived! In the meantime we get to double or triple the money we are setting aside for college.
How hard is it to change the beneficiary?
There is a form on the collegeadvantage web site that you can print off and fill our to change the beneficiary. The form requires a signature guarantee, but if you process a bunch of these forms/accounts at once, its just one headache for all the accounts you want to consolidate.
How to Open An Account with a referral code:
1) Enroll online or via postal mail. The entire enrollment process only takes about 15-20 minutes the 1st time. Make sure you have birth date/SSN for the beneficiary.
2) Enter your personal information. The application asks for your SSN, Drivers License, mother's maiden name, etc as the account owner. You will also need to identify the beneficiary of the account and provide his/her SSN and birthdate (You can be the beneficiary of the account if desired).
3) You'll then choose an initial investment contribution ($25 is the minimum). There is a Vanguard 500 Index Option (V500) or about 25 other investment options. Enter your bank information for ACH withdraw for your initial deposit and then make sure you enter a referral bonus code such as 2439370 to get your $25 referral bonus.
4) The last parts of the application will offer to setup recurring deposits, identify a successor owner, and some demographic information. None are needed to get your bonus.
5) It will take roughly 10 business days to see your contribution and bonus appear in your new account.
How to Maximize This Deal Step By Step:
1) Open your first account with the above instructions.
2) Now refer your partner to open a new account using the instructions above, but have your partner enter your account number as the referral code.
3) Now you open a 2nd account with a different beneficiary but enter your partners account number in as the referral code. You will get a $25 bonus and your partner will get a $25 bonus.
4) You can rinse and repeat for as many beneficiaries as you can name accounts for.
- You can still take advantage of this offer even if you already have an Ohio 529 plan. You just have to name a different beneficiary to the account to take advantage of the deal. For instance if you already have an account with you as the owner and daughter's name/SSN for beneficiary, you can't create a new account with your daughter as the beneficiary, but you could create an account and name yourself as the beneficiary.
- The investment options are attractive to me- plenty of Vanguard low cost index funds to choose from.
- If you don't live in Ohio should you still do this? Yes I live in NC and am still taking advantage - you only miss out on your state income tax breaks but not putting money into your own state 529 plan. Small change compared to doubling or tripling your money.
- My goal was to put aside $5,000 for college savings when my child was born. I thought I was not going to be able to achieve that, but if I really try and take advantage of this offer - in theory I would only need $1,675 to get $5,000 in college savings a much more achievable number for us at this point.
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