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Every parent wants to provide for their children; to give them a better life than they had.
This often carries over into helping them pay for college.
But is that always the smartest thing to do?
Here’s the biggest mistake I see with parents in saving for their kids college.
Don’t make this mistake.
Jeff Rose, Certified Financial Planner™ from Illinois. Jeff is also an Iraqi combat veteran, In-N-Out burger addict, and loves to do Crossfit.
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Jeff Rose is a CERTIFIED FINANCIAL PLANNER™ professional and founder of Alliance Wealth Management, LLC.
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The prices of tuition at the universities is getting crazy! By the time my kids are in college, if tuition keeps going up I fear that I won’t have enough to help them like I’d like too. I don’t put every one of my last pennies into their college savings. I try to spread the savings in case of any other emergencies. I’ll admit that I haven’t been saving for retirement. I just have an emergency fund, which thank the lord, I haven’t felt the need to use yet. Thanks for the eye-opener. That’s one more thing I have to keep in mind, no matter how far retirement feels.
I fully intend on helping my girls out a ltitle bit, but when it comes down to it, it’s their education, so they’ll need to pay for it. Again, I want to help a little bit, but figuring out the finances of collge is another part of college education, as far as I see it.
Excellent post. Investments should balance all the needs a family has. College is an important part, but there’s also retirement, a rainy day fund, home ownership, and funds for vacations or other large purchases. Best to create a comprehensive plan that balances your various needs with what you can save.
Great post… and right on the money (no pun intended). You are really honing your skills as a blogger too. Keep up the great $$ work. Thanks.
Good thought. On the other hand, I say if you can do both, then go for it! My Dad is someone I consider a responsible financial decision maker. As soon as I was born, he started saving for my college via bonds. At the same time, he also poured more than most into his retirement so he certainy didnt neglect that aspect. As a result, he was able to retire at age 50 with an excellent retirement (and benefits) and I was able to attend a junior college, university, and grad school with out ever having to take out a student loan. Not only am I grateful for his wise decion making, but not having a student loan to worry about when I married my husband (who does have one) took a lot of pressure off. I know if I had to deal with paying off 2 student loans I wouldnt be able to sleep at night!