Jul 29, 2020
This week, I’m talking about how to pay for your kid’s college and save for retirement at the same time.
These 2 competing priorities are a real challenge to balance, so today I’m talking about the #1 rule to follow when it comes to deciding between funding your kid’s college or funding your own retirement.
As a parent myself, I understand how important it is to give your children every opportunity to succeed in life. But my hope for parents of kids who are faced with the conundrum of paying for college vs. paying for retirement is that you will consider this:
You can get a loan for college, you can not get a loan for retirement.
We all love our kids deeply and we make sacrifices for them, but putting college first, ahead of saving for retirement is a mistake. The number one rule to follow is that retirement must come first on the priority list. And that’s not being selfish to put your retirement first.
Children have options when it comes to school. There are loans, scholarships, less expensive trade schools or community colleges, working part-time. You don’t have the same options when it comes to retirement. And bad decisions when it comes to retirement means you could run out of money and become a financial burden to them later in life.
That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.
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