Best way to save for luxuries later in life?

So if a person in their late 20s is established has a mortgage, life insurance and single. What other avenues should one look into to save for their potential future? Say children's college and maybe additional family cars travel and birthdays. If one view's their 401k and life insurance as their retirement funds. What other investment opportunities should this person be saving their money in… The stock market is there. But do you do all the trading yourself or hire a broker? Do you set up your own IFT's investing in a bunch of companies rather than just one. Or is it better to do an IRA or mutual funds to save this money? Keep in mind their is a potential for 2 kids their colleges family travel and the nicer things in life. If this person can save 10-20k per year in addition to the life insurance and 401k. What is the best way to save this money and what kind of situation are you looking at…

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