When should you start planning for a child's college education? Ideally, as soon as the child is born. The cost of four years at a private college or university currently is increasing faster than our inflation rate. Don't become alarmed if you haven't started planning for your child's college education. No matter what the child's age, strategies are available to help you come up with the necessary funds.
You can use the our Education Planning Calculator to estimate what how much is needed for your child's education and how much money you should be investing now to be able to meet those needs.
For young children, start putting money away regularly now, investing in higher-potential-growth securities and mutual funds as you would for other long-term goals, such as retirement. As your income increases, try to increase the amount you're investing. When a child reaches high school age, you'll probably want to begin moving college investments into lesser-risk investments.
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ReplyDeleteyupz..I agree with you and the best planning we should do is take an education insurance as soon as the child is born.
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