A friend of mine was bemoaning the cost of college these days and how bad his investing has been going. Not everybody knows this, but there is a college savings plan called 529, which are created to help families save for college tax free. It can be used to pay for tuition, room and board, text books and required supplies at accredited colleges, universities and vocational schools.
Earnings on the 529 are tax deferred, which is always helplful. The 529 allows asset allocation funds. You are in charge of the assets and can contribute up to $12,000 a year, $24,000 for married couples, per student without any federal gift-tax consequences. That's pretty sweet, considering you get nailed for anything over $10,000 normally.
By the way, my recommendation of Mastercard(MA) continues to play out as it hit a high of $105 a share. I would really like to see it go down a little before buying more shares however.