Would you rather have a penny that doubles each day for a month or 1 million dollars? I saw this question the other day, and it reminded me of one of my favorite stories from high school math (yes, that's pretty nerdy, but this is a personal finance blog).

So, before I tell the story, think about it:

If a genie appeared and gave you a choice, what you would choose: would you rather have a penny today, that doubled everyday for a month, or $1 million today? 

The fact is, a lot of people get caught up in the initial amounts: $1,000,000.00 versus $0.01.

But let's share the story of the The Grain of Rice, a mathematical fable from India. And then we can break it down.

If your financial aid package falls short of your need, you can ask the college for more financial aid by sending them a financial aid appeal letter.

A financial aid appeal is not like a negotiation. It is not like bargaining for a lower price on a car at the car dealership.

Most students lack leverage to get the college to throw out its financial aid rulebook. Good grades and test scores, and strong extracurriculars may get a student into a college, but aren’t enough to earn the student a full scholarship.

To get an increase to your financial aid package, you need to know how to present your financial situation correctly. Merely asking for more money will not work, unless your appeal is supported by documented special circumstances. 

A successful financial aid appeal is based on providing the college financial aid administrator with relevant new information about special circumstances that affect your ability to pay for college. In this article, we'll show you how to write a financial aid appeal letter and let you know what supporting documentation to provide. 

Financial aid can provide students with access to educational options they may not have otherwise had. But sometimes, students are denied additional financial aid, even after making an appeal.

If you appealed for additional financial aid, but your appeal was denied, you still have a few options. In this article, we'll let you know what steps you can take to try and secure more financial aid. We'll also provide you with some alternative places to look for money. 

It's a common myth that student loans cannot be discharged in bankruptcy. However, the U.S. Department of Education has the legal authority to allow a borrower’s federal student loans to be discharged in bankruptcy, in certain circumstances. It has not, however, generally exercised this authority.

Instead, it often opposes undue hardship petitions. The general reasoning is that the availability of income-driven repayment plans provides sufficient financial relief for borrowers who face severe economic distress.

But is this reasonable, or should the Department of Education allow more student loan discharges in bankruptcy? Below, we discuss what we think, as well as a new bipartisan bill that could significantly change how students loans are handled in bankruptcy courts.

A Health Savings Account, or HSA, is arguably the best tax-advantaged account available in the United States. Contributions and qualified withdrawals are tax-free, which makes an HSA perhaps the only way you can earn, invest, and spend without paying taxes.

While we don’t usually like to think about it, we’re all going to die someday. Money-savvy folks want to know what happens to their HSAs when they die. Here’s an in-depth look at what happens so you know how to include your HSA in your estate plan.

I thought it would be interesting to look at some of the best investors in modern time. These are all individuals who made significant amounts of money by sticking to solid investment philosophies.

If you look at their strategies as well, they aren't very difficult or complex - they stick to basic financials of a company and look for value. If they believe there is value, they invest, and make tidy profits!

Some of these names may be very familiar, but others you might not know about! There's no particular order, as all of these individuals have an interesting path to investing over the long run.

For families saving for education expenses, 529 plans remain one of the most flexible and long-lasting options available.

Unlike other college savings accounts or financial aid programs, 529 plans do not have time or age limits for contributions or withdrawals. 

However, some states do have different rules that may impact your 529 plan contribution or withdrawal decisions. Remember, since 529 plans are state-based, each state can create their own rules, regardless of what the federal rules say.

If you're looking for passive income ideas, you may think the whole concept is a myth - there's no way that you can earn money by doing nothing. It's why passive income is highly sought after, yet often misunderstood.

The truth is, passive income streams require an upfront investment and a lot of nurturing in the beginning. After some time and hard work these income streams start to build and are able to maintain themselves, bringing you consistent revenue without much effort on your part.

Speaking from personal experience, adding passive income streams to your portfolio can help you increase your earnings and accelerate your financial goals in tremendous ways. For example, starting a savings account and earning interest, or investing in dividend paying stocks can all start adding income to your life without having to work! Your money is working for you!

For example, you can use passive income streams to help you get out of debt or achieve financial independence sooner. 

Let's get to the passive income ideas!

A Multigenerational 529, also known as a Dynasty 529 Plan, is a way of using one or more 529 plans to leave a legacy of education for future generations. A Dynasty 529 Plan can be set up by parents, grandparents, or other relatives. 

With a Dynasty 529 Plan, high net-worth parents save more than is required for their children’s college education, meaning, they can continue to save in the plan even after their kids have graduated. A Dynasty 529 Plan benefits from years of tax-free growth before parents tap into it to pay for the costs of college. 

However, passing on a 529 plan to future generations may result in gift taxes and generation-skipping transfer taxes. The 529 plans may also affect eligibility for need-based financial aid. 

Depending on the number of descendants and increases in college costs, a Dynasty 529 Plan might not be enough to pay for the college costs of all future generations. 

Even if you don't think you'll receive financial aid, you likely should fill out the FAFSA.

According to Sallie How America Pays for College report, 74% of students and families completed the Free Application for Federal Student Aid, or FAFSA for the 2023-2024 school year.

So why are over 25% of students deciding not to apply? They may believe their parents make too much or that they won't qualify for another reason and don't want to waste their time. 

But skipping the FAFSA can leave free money, access to student loans, and other opportunities on the table. 

Even if you don’t think you need it now you might wish you had later on. The FAFSA application window is open now.

Here’s why you should fill out the FAFSA even if you don’t think you’ll receive aid.