Being able to go to college to get a degree is something that is of paramount importance to a lot of people. In many cases, giving their children a college education is the only inheritance that parents can offer. In many areas, one can go to an institution for tertiary education for free, or at least subsidized by the government. However, the costs associated with a college education is still quite considerable, and the average family will be hard pressed to send their children to college.
The best thing to do is to prepare for this huge expense early on. Many parents start planning and preparing for their child’s college education in the early years of the child’s life. One of the common things that parents do is to take out an educational plan, which is basically an insurance policy. Various insurance providers offer this type of policy, but you ought to take a close look at the terms, as having an educational plan may not even be enough to cover all the costs when the time comes for your child to go to college.
Another option is for you to set up a trust fund. If you decide to go this route, the best thing to do is to consult with a financial advisor so that he can assist you in choosing the best investments for the trust fund.
You may also look into various types of investments that will help you grow your money over time. Since you are looking at many years before your child will need the money for college, you have ample time to invest and earn more money. Again, the services of a financial consultant may be very helpful in this endeavor.