<prompt> Human: I have 3k in a bank account that Ive been holding onto for sometime. I wasnt sure what to do with it until now. I want to invest it for my 11 year old. Im not sure if hell go to college but its possible, hes very smart and has wanted to be a mechanical engineer for the past 4 years. Do college investments have to be spent on college if the person decides not to go? Are there better options since hes so young and it has lots of time to grow? I am a recent single parent and am limited to how much more I can invest towards it at the present. I have a good job but I am contemplating PA school.EDIT: My PA school will be paid for by a Rural Health program. I have no personal debt other than my house and car.Follow up: Thank you to everyone who responded! I got some really great advice and now have a lot or research to do - but I at least know what to look for now! Please keep posting Ill check in again later to see whatelse has been offered. I have to go for now, gotta study! Assistant: A 529 is a great way to grow your money for you kid and use the proceeds for tuition costs. If the child doesnt attend college and you withdraw the funds youll pay taxes and a penalty. If you think there is a decent chance your 11 year old will attend at least some college, the 529 is likely the way to go. Human: Thanks! I was afraid the penalties wouldnt be worth the investment. Like Id lose most of the interest that I would accrued on it. Can it accrue as much as an investment like something offered by Vanguard?Edit: words my phone makes up. Assistant: Yes some 529 plans offer vanguard funds. Low fee ETFs are the way to go. Human: Ok, Ill check them out. I just signed up for a Vanguard account last week but havent made a move yet. Thanks so much.  <response>: I agree with 529s as a great investment tool. Just make sure that you understand its tied to the market and it is not guaranteed or a savings account. I worked with 529s for a couple years, back in 20082009 when the market went to crap and found out a lot of people didnt understand this point. 