College, technical or professional training are tools you may
use to launch your children or grandchildren into a future life
of independence. After all, in a knowledge-based economy like
ours, what your children know and can contribute can be of
substantial value to different employers and therefore generate
higher pay for them. There are three ways to pay for the
training - beforehand, during and afterwards. 1. Beforehand
means putting money aside from income or assets into an account
that will be available to pay tuition, books, room and board,
and other expenses when the time comes to pay the bills. This
approach has time working for you; the money you have
contributed into your account may earn interest and dividends
and even grow. 2. During means using your income to pay the
bills directly while your (grand)children are in school. This
approach can work great, but with current high educational
expenses you need to have substantial discretionary income to
find enough money.