MINOT, N.D. (KMOT) – About 50% of Americans don’t know much about 529 plans, which are investment accounts for education expenses, but less than a quarter actually have one.
According to research by Edward Jones, this is what happened.
The Minott family decided to start one for all three of their children under the age of 12.
Even better, their 5-year-old recently won extra money to add to his account through the State Library’s reading program.
Marina Vetter is only 5 years old, but she likes reading with her family. Her favorite part is flipping through the visuals.
“I like looking at pictures,” Marina said.
Earlier this summer, the State Library partnered with Bank of North Dakota to award 10 children $529 to add to their college funds.
The Minot Public Library challenged children to read for about 20 minutes a day for 30 days.
Marina achieved that goal and came away with another lucky win of $529. She is one of more than 4,000 children across the state who participated in this year’s summer reading campaign.
“When she won, we were like, ‘Oh, yeah.’ Well, she did.’ Well, we never expected her to win,” her father said. , Blake Better said.
Blake said once he completed the challenge and received the $10, it was already a win.
“So we were kind of shocked and kind of excited for her at the same time. You told her she won and she was like cool!” Blake said.
Blake said she heard about the College SAVE account from Dolly Parton’s Imagination Library.
“Libraries have a lot to offer, it’s actually pretty crazy,” Blake said.
They typically borrow at least 10 to 20 books each time they visit the library, he said.
“I think it starts slowly. Every time you start reading aloud, the children want to learn. Find out for yourself what’s going on, and gradually things will get better.” said Blake.
Marina is still in kindergarten, but she has big plans for when she grows up.
Here’s what she wants to be:
“Swim teachers and dance teachers because they can teach people dance moves,” Marina said.
The Vetters encourage families whose children can enroll in a college fund to invest in their children’s futures.
For more information about College SAVE accounts or 529s, click here.
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