The key trade-off is tax advantages vs. flexibility in how you spend the money.

Brokerage accounts "don't care" what you spend the money on, but you'll pay tax on your investment gains. (Ordinary income tax on some investments, capital gains tax on other investments, but you're still paying tax. To learn more about taxation of brokerage accounts, check out How are Brokerage Accounts Taxed?)

College savings plans, such as 529 plans, give awesome tax advantages -- but only if you're ready to spend the money on education. There are penalties and tax if you don't.

To think through how to put college savings in the context of your other goals in life, check out our interactive AboveBoard Financial Action Plan.

How to protect your kids’ college savings

You’ve taken the time to research college savings and make smart choices. But even the best savings strategy depends on one key factor—your ability to keep contributing. What if an illness, injury, or even premature death prevented you from providing for your family?

Life and disability insurance help ensure that your financial plans stay on track, even when life takes an unexpected turn.

Get a life insurance quote or a disability insurance quote to ensure that a health crisis would not become a financial crisis.