Question 3: How much control do I have?
Like a Roth IRA, you can invest in any mutual fund in any allocation you wish in your ESA. That’s what makes an ESA a better option than the 529 for most people.
You can also change funds as often as you want. Most 529 plans are limited to one fund family and restrict the number of investment strategy changes you can make each year.
Before investing into your kids or grandkids college, you need to be debt free (besides mortgage), three months of expenses saved up in your storehouse fund and finally putting 15% of your income away towards retirement. Don’t begin saving for your loved ones college until those steps just mentioned have been completed.