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 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.