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Managing family finances
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Which of the following is a tax-deferred savings plan many people use to help save for college?


A 529 college savings plan can allow you to make tax-free withdrawals to pay for certain college expenses, like tuition and room and board.

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True or false: Involving a lawyer or other legal advisory isn't necessary when you take out a loan from a family member.


Even though a loan from a family member might feel casual, a loan of any kind is a business transaction, and having a legal advisor look at the terms of the loan ahead of time could prevent misunderstandings down the line.

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Key Takeaways

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  • Strive to have open and honest conversation with your partner about your finances
  • Start by establishing an emergency fund for life’s unexpected complications
  • Plan for long-term priorities first, like college, then move onto the short-term considerations
  • Before asking anyone for a loan, be sure you have a handle on your finances
  • When borrowing money from family, always be honest and up front about what it’s for