I spend a lot of time telling people to save for college, and to save as soon as possible. You Have No Emergency FundThe bedrock of a sound financial plan is an emergency fund, which takes priority over college savings. Similarly, there may be tax consequences if taking a non-qualified withdrawal from a college savings account. You Have Better OptionsLastly, it may not make sense to save for college if you have a straight-up better option. In these cases foregoing college savings to focus on growth in alternative strategies may make more sense, but it is up to you to assess the risks of those ventures relative to a traditional college savings strategy.

Source: Forbes November 01, 2020 10:52 UTC