College education is crucial for increasing a child's earning potential. For example, a person with a bachelor's degree can earn up to $24,000 more annually than someone with a high school diploma.
Source: Bureau of Labor Statistics, "Earnings and unemployment rates by educational attainment, 2015. March 15, 2016 Note: Data are for persons age 25 and over. Earnings are for full-time wage and salary workers.
Earnings grow tax-free in a 529 plan
CollegeBound 529 is a college savings plan designed to help families save for qualified higher-education expenses on a tax-advantaged basis. Accounts can be set up by parents, grandparents and other friends and family — it doesn't matter what state they live in and there are no age or income limitations.