by Catherine Rein
(last updated April 24, 2009)
A friend recently told me that her son's college tuition is expected to exceed $60,000 for the 4-year public school he is targeting in 10-15 years. She's starting early by opening a savings account for her son. She's looking for high market returns and will likely be investing in stocks since she has over 10 years before the money will be needed.
If you are looking for an easy way to save for your child's college education or other expenses, there are lots of choices available. There are advantages and disadvantages to all the plans available and it is important to talk to a tax advisor if that is one of the important considerations to you. Consider the following types of accounts when you are researching college savings programs for your children:
No matter which plan you choose, consistency is key. Automate your savings and contribute an equal amount every month. Don't try to time the market, pick solid investments that will grow over the long term. With a plan and consistent savings you'll meet your college savings goals with time to spare.
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