If you're like many parents, you're concerned about the rapid yearly increase in college tuition. One way to attempt to keep up is by investing in 529 funds with 529 plans. These investment plans allow you to invest money earmarked for educational purposes without having to pay taxes on the increase.

Good 529 funds will allow you to change beneficiaries so that in case your child chooses to not go to college or doesn't need what you've saved up, you can use the money for your grandchildren, nieces or nephews, or yourself.

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