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Should you have a college fund for kids?

Having a college fund for kids is generally a surefire way to help transition your children to a successful adulthood. And college, as we all know, isn’t cheap. According to a U.S. News annual survey, the average tuition for the 2022-2023 school year ranged from $39,723 (for private colleges) to $10,423 (for public, in-state colleges).

Can a child invest money in a college account?

Your child will legally be able to use the money in the account – for college or anything else – when they turn 18. There's no limit on what you can invest, and of course, the money doesn't have to go toward college.

Should I contribute money to my child's college fund?

You want to contribute a large amount of money to your child's college fund. You've started your child's college fund early (at least 10 years before they'll need it), and there's plenty of time for the money to grow.

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