We went to a Bitcoin conference and hobnobbed with all the currency nerds…but one person was missing. 🤔 Superman RSVP’d but backed out at the last minute. Someone told him it was crypto-night. 🦸🫠
Speaking of crypto, we’ve got good news for PA college savers. Now, you can use the digital currency to sock away funds for the future. 🧑🎓💰
Here’s Five Fast Facts on crypto and PA’s savings programs:
- 👛 Digital Days - Pennsylvania is bringing its education savings programs into the digital-asset era. The state says savers can now use digital gift cards purchased with cryptocurrency to fund PA 529 and PA ABLE accounts. It’s the first state to offer the option through a state-run education savings program.
- 🔄 The Middle Man - PA's savings programs aren't taking digital assets directly. Instead, savers use cryptocurrency to buy digital gift cards through Gift of College, with the transaction processed through Bead and converted into U.S. dollars.
- 🧑🧑🧒🧒 Family Function - It takes a village to pay for college these days. Pennsylvania's new system allows family and friends to contribute using both traditional money and digital assets, while keeping the state's existing tax benefits for eligible gift givers.
- 🎓 Expense Report - The new payment option builds on a program that has been helping PA families save for education for more than 30 years. PA 529 funds can be used for a wide range of qualifying expenses, including K-12 tuition, apprenticeship programs, technical training, credentials, and college costs.
- 🤸 Willing & Able - In addition to PA 529, the state also offers PA ABLE accounts for residents living with disabilities. These accounts allow families to save tax-free for qualified disability-related expenses without affecting eligibility for certain benefits.
🔥Bottom line: Whether you’re saving for college with Bitcoin or the old fashioned way, starting early makes all the difference! Does the thought of taking your pup to the vet give your wallet the willies? Those bills are expensive AF, but pet insurance may help. Check out this article for our hot takes.
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