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.