Can anyone help give investment advice for my daughters college education?

Ideally I would like to have 50,000 for her in 14yrs. and I'm trying to figure out how much I need to save a week in order to do that. Assuming I'd earn 6% on my money in the stock market......and I'd rather not give my money to an investment advisor.Can anyone help give investment advice for my daughters college education?
Here is a calculator; you can enter whatever figures you like. I estimate you have to save $2,527 a year, or about 50 a week, if you use a return of 6%. However, the stock market averages closer to 10% a year. http://finance.yahoo.com/calculator/bank鈥?/a>





If you are saving for college expenses, you should take advantage of federal tax breaks aimed at families saving and paying for college. These include the following:





Qualified Tuition Programs (529 plans)鈥擡arnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs.





Coverdell Education Savings Accounts鈥?Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs. May also be withdrawn tax-free for primary and secondary school expenses.





However, don't invest more in these than you child will need for college. There are tax penalties for non-educational withdrawals. Additional funds should be invested in a UGMA or UTMA.





For more information read this link, where most of this information comes from:





http://www.savingforcollege.com/Can anyone help give investment advice for my daughters college education?
You would have to save $43.68 per week for 14 years to accumulate $50,000 given a 6% return. That's based on there being (365.25 days per year * 14 years / 7 days per week) = 730.5 weeks in the 14 year period. After 730 weeks you will have contributed $31,886.40 to the college fund and made a profit of $18,105.91 on your investments for a total of $49,992.31.





As some of the other answers indicate, you should put this money into a 529 savings plan so that the profits are tax free when used for qualified educational expenses.
Most mutual funds have college investment plans set up for people like you. They are called 529's. Your best bet is to contact Vanguard or Fidelity. They offer the best choices at the lowest costs. Get some information from both, then make your decision. The money you save in these will be tax free when you use it for college. I have found both companies very helpful and easy to deal with in the past. Good Luck to you and your daughter. She is lucky to have great parents.
I am just doing this in my head quickly. So you might double check my numbers.





If you save in the area of $30 per week at 6% for 14 years, then you should have $50,000.