[quote=AN]
We have been putting money away for their college since the day they’re born. They will not have to worry about the cost of college, even if it’s private school. But they will be expected to put that money to good use or it can be easily taken away. That money is not part of the $5M goal.
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That’s the way to do it AN. We did the same thing. As soon as my kids were born starts the “birth” of their own spreadsheets to start the compound interest. You sound like a wonderful parent and I agree this is the best gift you can give your kids.
I’ve mentioned it many times but it’s amazing the power of compound interest. I know there are many many ways to set things up for kids. We set up custodial accounts which have their own benefits and negatives.
Also, I totally agree with what you mentioned NOT counting this money as part of the parents. I have a lot of friends that save up for their kids college but they count this in their total net worth. I always tell them they should NOT be even thinking about this money at all. And in some instances, I’ve seen people tap into those funds which is always sad to see.
