For most parents, the love for their child dominates their
own personal need, only to find that they may become fiscal burdens in their
child’s future. Most will prioritise their kids’ college funding because it is “the
right thing to do.” However, being a good parent also requires being a critical
and thinking parent, and sometimes, your retirement is more important to put
forward because of the following.
1. There
Are Many Alternate College-Funding Sources
You don’t have to build capital to ensure that your child
gets a proper education through a college fund. Your children will have the
option to get grants, financial aid, scholarships and even a college loan that
can help them cover their college costs. Meanwhile, you have no other option
for making up for lost money from retirement savings. Children are also likely
to appreciate your fiscal investment if you tell them they are also part of it.
2. If
Your Retirement Is in Good Shape, Then Consider Saving For College
If your retirement fund is already in good shape, then it is
the time to fund for your child’s college. Remember, there are avenues to get
educational financing. However, you don’t have any alternative for your
retirement fund. You will end up weighing down your kids when they become
successful and you become a burden to them, which could strain your
relationship despite your earlier good intentions.
3. Stick
With Your Financial Plan
Your financial plan gets altered when things go out of hand.
When it does, you end up having to give your children their dreams rather than
fulfilling yours. However, it would end up as big trouble with your children’s
financial plans in the future if you haven’t fulfilled yours, or you are
unsatisfied with your own lifestyle by that time. This is why fulfil your own
dreams and responsibilities to yourself first before your give them anything to
pursue their dreams.
