Skip to Content
Saving & Budgeting
Managing family finances
Open toolbar

Take the bonus quiz

Test your knowledge. Earn more points. Get started

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

Correct

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.

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

Correct

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.

Next question

You got 2 of 3 correct

You can retake the quiz to maximize your points, but you won't get additional points for questions you already answered right.

Retake quiz

Key Takeaways

Print version

 

  • 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