Have any of you set up an educational fund for your kid(s)?
 

Perhaps a more effective way of saving money is just deciding you will only pay for a state school, BYU, or no school at all.

Yep.

I did.... its easy and I get tax credits in Michigan dollar for dollar.

In 2005, Harvard was 41k for one year.

In 2020, using Tom's inflation calculator, that will be about 60k.

Of course, college tuition tends to increase faster than inflation.

60k x 4 years = 240k
3 kids 240 x 3 = 720k

That's a bundle to save. I ain't doing it.

We did and we are glad we did.

We have already latched on to one of the girls as our college candidate. The other two will be funneled toward a career in the food service industry.

I think one of the big minuses of this approach is that it can lead to entitlement and ultimately disappointment.

My personal opinion, you don't want to have to share responsibilities with a medical resident for whom residency is his/her first job in life.

No struggle.

as you learn to love your children as much as we love ours, your opinion will change.

is this because of your upbringing, not only going to BYU, but having to go BYU law school as well (ugh)?

This could possibly be the cheapest route to being a lawyer in the country. But maybe you were better off for it.

How about this approach?

Meet half their educational loan payment 10 years from the time of the last degree? Help on the backend?

Were you guys planning to pay for any professional degrees as well?