Whats the best way to invest money for college, 5 y.o. and newborn?

I would go to Savingforcollege.com and enter my state on the left hand side. They have many investment options
I would recommend investing predominately in stocks when they are young and slowly switching to bonds as they get older. If you don't like stocks you can invest in bonds or money market funds.

this may not be the best way, but it is an easy way- UPROMISE. go to www.upromise.com and register your credit cards, debit cards, grocery cards, etc. when you make certain purchases, money goes into savings account for college for whatever child(ren) you specify. you can also set up actaul college funds on the web site (and transfer money into them), that are legitimate. i started doing this for my three kids and found that i can easily save money just by doing my normal grocery shopping and eating out.

here are a few links, good luck

https://lty.s.upromise.com/

https://promo.schwab.com/ad046/ad046home...

http://www.independent529plan.org/

Start a 529 plan for them. Most states have them although you can use a program from a different state than the one you live in. The, in addition to your contributions, you can get friends and family to make contributions at birthdays etc. The earnings grow tax free as long as the money is used for school. There are several additional benefits.

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