A New BMW or One Year of College?

Years ago a friend told me, “Paying for college is like buying a brand new BMW every year, but never getting to drive it.” Not only has it become one of my favorite quotes, but it motivated me to think about how I’d pay for my own children’s college educations. After some quick math, I realized that four years for both my daughter and son — with two years overlapping — would come to 8 BMW’s in six years. If my husband and I were going to be in a position to cover that, I knew we needed to start planning immediately.