---
title: Kimmie Moehring Talks 529 Plans with KARE 11
description: Birchwood advisor Kimmie Moehring recently talked with KARE 11 about Minnesota's new incentive to start college savings plans.
image: https://blog.birchwoodfp.com/hubfs/Kimmie%201.png
---
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# Kimmie Moehring Talks 529 Plans with KARE 11
[Birchwood Financial Partners](https://blog.birchwoodfp.com/news/author/birchwood-financial-partners)
Sep 8, 2023 9:09:13 AM
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Birchwood advisor [Kimmie Moehring](https://www.birchwoodfp.com/kimmie-moehring-cfp) was recently featured on a KARE 11 story, ["New Incentive for Parents, Grandparents, to Start College Savings Account for Kids."](https://www.kare11.com/article/money/consumer/incentive-for-parents-grandparents-to-start-college-savings-account-for-kids/89-9237b2cd-9607-4d93-8635-51920693800e)
From the interview:
KARE 11 Gordon Severson: For all new babies born in 2023, parents can earn a $50 bonus if they sign up for a [MN Saves 529](https://www.mnsaves.org/investment/compare?tc_mcid=se_Non-Branded_Minnesota+529+plan_Minnesota+%7C+529&gad=1&gclid=Cj0KCQjwxuCnBhDLARIsAB-cq1pUi9fk9JEXYRGC_M2EI7vFXoHyNVZdJJUoEO8nWY2Mr3hpnBbH5swaAgIQEALw_wcB&gclsrc=aw.ds) account between September 1 and the end of the year. Parents can use promo code Smart Start 23. The initial deposit must be at least $50, and they need to fund that account for at least six months, putting in at least $25 a month. New parents will also get a letter that tells you how the account works.
I'm sure it seems a little strange for some people where it's like, I just had this baby, and you're asking me to already be thinking about college.
Birchwood Advisor Kimmie Moehring: The more time that you have for those dollars to grow, the better it is for your financial situation.
KARE 11 Gordon Severson: Kimmy Moehring says, in the world of investing, time is everything. Let's say you invest $1,000 into a 529 account when your child is 14 years old. Assuming 8% annual growth, that money could grow to just over $1300 when they turn 18. But that same thousand dollars invested when they're a one-year-old could become $3,700.
Birchwood Advisor Kimmie Moehring: The longer time that you have for those dollars to grow, the more you're going to have at the end when you need those dollars for education, and.
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