Thus far, I haven't saved any money for my kids' college education. I have not because I don't want to save in a 529 plan and then my kids not go to college. This is a real fear of mine. Oh yeah, Y doesn't want to pay for college but I do. He thinks that kids who are handed college don't try or focus as hard. I paid my own way through college and graduated in 4 years. I have no idea what I would have done if I would have had help or any parental pressure.
I have thought about starting a 529 plan for my kids. If neither one goes to college, we would have to pay income tax on the gain which would not be a big deal because we would pay that on a regular investment. We would also have to pay a 10% penalty. This is the biggest risk.
Would you start saving for college if you were me?