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No. 529 isn't a part of the magic numbers from LOST. A 529 college savings plan is probably the best way for a parent to save for their child's college education that there is today. There were some doubts when I started up my 529 plan, back when Caz was born because the federal tax break it afforded you was only supposed to last until 2010. It was always assumed that the break would be permanent. Well now, it finally is.

In many ways, a 529 plan is like an IRA. It is a tax free way to save for college costs and invest those savings in an investment vehicle that will grow your assets over time (hopefully enough to actually cover the cost of tuition when your child is ready to go to college). Each state has their own 529 service provider. MA's happens to by Fidelity Investments (www.fidelity.com). Their website has a lot of good information on the specifics, along with a robust Q&A section that answers most common questions.

My best advice is to start one with an auto investment feature. Like many things today, they can deduct on a monthly basis, right from your bank account. I time mine with my paycheck so I don't really notice the hit. Like that informercial says: "Just set it and forget it." You will get to a point where you don't notice the deduction from your account and when you get a statement, it's a nice surprise to see how much you have accumulated.

When it's tied into a Upromise account, the growth is even sweeter. You can actually get a Fidelity 529 credit card. Like frequent flyer miles, each purchase puts money into your 529 account. Each quarter your 529 points get invested in your 529.

What is nice as well, is that you have some investment choices that fit your style. You can choose a conservative strategy or an aggressive one. They have the popular Freedom Fund feature where you invest in an age based fund, based on the age of your child and when that child will enter college. As in infant the investment style of the fund is very aggressive. But as the child becomes older, the portfolio becomes more conservative. As the child enters college, the fund is basically an income fund or money market account.

Do yourself favor an check it out.