If you are worried about your own financial situation, I am sure you have put some amount of thought into your children and the best way to prepare them for their financial futures. Two of the most common approaches for saving for your child’s future is doing so in college savings plans (529s, ESAs, etc.) or in custodial accounts (UTMAs/UGMAs). Neither one of these are bad ideas, but they are very different in their use and rules. I want to compare and contrast the two and tell you what I am doing for my son and why that is the case.

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Don’t forget to like, subscribe, and leave comments below as I would love your feedback. Be sure to check out my website (www.mnowithdylan.com) where you can get more information on my financial coaching services and more, the podcast of these shows if you are more of a listener than a watcher, and follow the show on any social media outlet (FB, Twitter, & Instagram) @mnowithdylan (Money’s No Object with Dylan Howell) [All links in description]. Tune in for more personal finance concepts. Don’t forget to check-in every weekday (Monday-Friday) for new videos which will be uploaded each day at 6 a.m. CDT. Thank you, guys, for tuning into this episode of Money’s No Object. I’m Dylan Howell.

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(Please keep in mind that I am not a financial advisor. I create these videos for educational purposes only. You and only you are responsible for the investment decisions that you make.)