Way too many parents use these words and in fact, the likelihood is that very small percentage will actually see it happen. The world of college scholarships is extremely competitive and while we always hope for the best and want to see our little superstars do well you should always have a plan B. Many parents are reluctant to search for what types of college savings plans are best for them because they can be very confusing.
An Option to Think About
I'm going to point out an option that may work for some parents. 529 college savings plans can be an excellent tool to implement as soon as your child is brought into this world. The money put into the account can grow tax free and if it used on qualified college expenses then every dime comes out tax free. Many parents ask "What if the child doesn't go to college or receives a scholarship?" The great news is you can change the student to another child if that is the case. The owner of the account is the parent and student can be changed to any child going to college.
Parents then ask, "What if all the kids get a scholarship?" In the unlikely event that this does happen then the student can be changed to the parent and many people use these accounts during retirement to task self-enrichment classes through approved colleges. Classes like golf, cooking, art, etc.
The point is don't let there be an excuse for not saving, start early and chances are you will thank yourself when your kids tuition bill comes. "
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