I'll give the dissenting opinion - LOL I have two kids in college as we speak, one about to go to law school and one that is at the University of Alabama (I went to Auburn), so I pay out of state education fees. I did the Florida Pre-Paid education fund and both kids qualified for Brighfutres. However, based on what occurred in the economy during 2004-2008 I never wanted to leave anything to chance. Not to mention, I wanted my kids to have an education if something were to happen to me and my wife. That's tough to do if no one is making contributions to their investment accounts on their behalf. With that said. I would encourage you to first put in place a "will", then worry about their education later. I cant tell you the number of times I talk to people where both spouses passed away, and the kids become the responsibility of someone else, unintentionally. I would also caution you about "Athletic Scholarships". Our daughter qualified for several, but then came to us during her junior year and said " I want to go the college I want to go to, not because they offered me a scholarship". In addition, she was also blessed to play with about 20 D1 scholarship athletes, of which only 3 are still playing.
While I love Dave Ramsey, and think he gives great advice, Its tough to save your way to financial freedom by saving a $1.60 on a coffee. Its much easier to sell another product, work over time, or work on the weekend to make up the difference. You also have to consider the "time value of money"". I can change my own oil, but I am in sales, and own my own company, its much more profitable for me to make another sale during that same time frame. Vice versa, its even better to have someone else make a sale for me during that same time frame, while I spend time with my family . I provide a 401K for my employees but I don't participate, I get a bigger return on my money by reinvesting in myself and my business. Not to mention the write offs I get along the way. Every person that I know that has been successful in life from a financial perspective has the ability to control their income. Whether it is through real estate. owning a plumbing company,. or being a preacher and speaking at different events, they all have the ability to increase their income.
As the world becomes more connected, what can be outsourced for a lower amount will be. You either have to be the owner of the company outsourcing, or you have to be the person who cant be outsourced,