Three Reasons Why You Should Put Forward Your Retirement Instead of Your Child’s College Plan

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.