How do you save for your children's education? Scott Donnell and Chad Willardson welcome the "accidental financial guy," Robert Farrington from The College Investor.com.

They discuss when it's a good time to start teaching your children about money, the Y.E.S. acronym, why 529 plans are worth looking into, and the different approaches you could have, in regards to saving for college, depending on your children's age.

Robert Farrington, who labels himself an "accidental financial guy," starts the conversation by sharing his story and how we got to where he is today with The College Investor.
Robert focuses on introducing children to money because he believes that "the earlier you start to build wealth, the less money it takes" – plus, you have time working in your favor.
Starting as early as you can, obviously with age-appropriate money education for your child, is something Robert recommends to all parents.
It's about understanding the why, and helping children understand it, says Robert. Moreover, you should also teach children about earning money from a young age.
There are different ways children can earn money: chores, household projects, saving money gifts (e.g. from birthdays), but also things outside the house, like small works or recycling, for instance.
Even if your children ask about something you do know about, it's very easy to get yourself informed today through podcasts, blogs, and YouTube channels.
Robert always likes to approach paying for college using the Y.E.S. acronym: you, Educational savings, and then general savings.
Robert's suggestion is to use the oxygen mask analogy and take care of yourself first, also because there are several ways to navigate education – grants, scholarships, financial aids, different school choices, etc.
Chad points out that many parents over-invest in putting money away for college and then under-invest in their own retirement. This is a mistake because you can't get scholarships, grants, or student loans for retirement…
For Robert, getting a 529 plan or leverage taxable investing are the two bread and butter ways to approach saving for education.
Beware: there are plans that are marketed nationally, but they're all housed by states.
Typically, a plan is based on the rules of the state of the account owner, usually a parent.
Many people are afraid of the taxes and the 10% penalty you'd have to pay if you pulled money out of the account for non-qualifying expenses.
Robert brings up an idea of how a family could use a 529 plan to create an "education trust" of sorts.
Remember: a parent could be the account owner of a 529 plan. This is important to keep in mind because while 529 plans do impact your financial aid (though they only count towards 5.64% on the FAFSA), grandparent-owned 529 plans don't impact your financial aid one bit.
Robert, Chad, and Scott talk about what happens if your child receives a scholarship, as well as the life insurance side of things, and when you should tell your children that you're saving for their education.
People who struggle the most with student loans are the ones that never graduated college.
Robert shares his advice for both parents with very young children and for those with older ones – including the approach he has with his own kids.