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When I first began reading that President Obama was considering reducing the tax benefits for savers who make use of 529 plans and other education savings accounts to reduce the cost of education-related expenses, I was surprised. It has been my understanding that 529 plans, all though I do not have one, are intended to help the middle class by encouraging tax-efficient savings for education.

According to the statistics on 529 plans and Coverdell Education Savings Accounts, these college savings plans have not lived up to the expectations. The middle class has mostly ignored these options for preparing for their children’s and grandchildren’s education. Those taking advantage of the tax benefits might be families who may not need the incentive.

Since December, federal banks and credit unions have been allowed to offer savings accounts that include a raffle element, after some states have allowed accounts like these for some time. The goal of these lottery-like accounts is to encourage more people to save money, particularly those households with low and moderate incomes. This was the single provision of the American Savings Promotion Act, a bipartisan bill signed into law by the President of the United States.

How prize-linked savings accounts work.

When you open an account with a certain value, you receive an entry in the raffle. While account holders don’t necessarily earn interest, one lucky winner will receive enough interest to change one’s life. The more you save, the more chances you have at winning.

A few days ago I shared four personal finance “rules” I’ve broken. So-called rules sell books because they provide a way for an author to be declarative and have solid opinions, even when these rules have been around for a long time, repeat already well-known concepts, or aren’t appropriate for everyone.

Start saving for retirement when you start working.

And sometimes, the ideas are good in theory, but difficult in practice. And difficulty shouldn’t be an excuse. Sometimes you have to make difficult choices. For extraordinary results, you have to do things differently than most other people.

Thumb through any book about personal finance, money management, and investing written by an expert, and you’re bound to come across a number of rules dictating financial behavior. Sometimes the author-dictators believe their rules are unbreakable and chastise those who might think differently, while other writers leave room for flexibility. In general, the more powerful a brand behind the writer, the more likely he or she will ridicule and disparage those who are willing to put up an argument. That happens to be how cults succeed, as well; if you disagree, you’re shunned and embarrassed, but if you want to share in the glory of the brand, albeit in the shadow of the leader, toe the line and preach the truth.