Final answer:
ESAs are a good way to save for college, offering tax advantages for educational expenses while setting up students for a good investment in their future.
Step-by-step explanation:
Education Savings Accounts (ESAs) are indeed considered a good way to save for college. ESAs offer the advantage of tax-free earnings growth and tax-free withdrawals when the funds are used for qualified education expenses. This can make ESAs a valuable tool in planning for the costs of higher education, which are widely acknowledged as a worthwhile investment. According to the New York Federal Reserve, despite rising costs, college is generally viewed as a good investment. However, like any investment, it requires planning, saving, and making financial sacrifices. The trade-offs for achieving substantial personal wealth, including saving for college, will typically require effort, patience, and sacrifice.