Follow
This week I was fortunate enough to spend time with my newborn great niece and nephew. It is amazing to think that in 18 years they will most likely be going to college. Having older teenage sons myself those newborn days seem only a short time ago.
The time to begin putting money away for college is never too soon. The magic of compounding allows you to put away money that will grow over the years. The more years there are before college the more compounding there will be. If you reach the point where you know you have enough saved for college you may want to consider putting a portion of the money into income producing investments to go toward private school tuition if you feel that a private education would be the best route for your child.
One thing is for sure; our children grow up before we know it. Make sure you are financially prepared to help your child fund their college tuition if this is her calling. Start early and allow yourself the luxury of long term compounding for your educational funding.