Re: Education Fund
When each of our boys was born, we opened a college savings/investment account and my hubby has amounts taken out of his paycheck and automatically deposited into each of their accounts. With the cost of college today and the projected cost when my boys go, we will need over 1 million to educate all 3. That isnt an amount we can just pull out of the bank.
There seems to be a bit of confusion about college funds here in this thread...you dont PAY interest, you EARN it and the money increases. And you dont pay taxes on the money that you deposit into a college fund. So its a good thing all around.