I have two young children that I am hoping will follow in my footsteps and choose to go to college some day. How do I go about setting up some type of an investment fund for them? I've heard there are IRA's or something similar that you can put money into for your child's college fund, but I know nothing about them and I'm not sure where to start.
Have you looked at 529 plan yet? There are tax benefits with it and you can roll over the remaining funds from your first child's account into your second child's, etc.
Read this article to get yourself up to speed for this plan.
Coverdell Education Savings Account is another plan you can look at. The Wikipedia article talks about the similarities and differences, so I won't repeat here.