Society loves to add pressure to our lives. Buy a diamond ring with 3 months' salary (hmmm...wonder who came up with that one?). You are a bad parent if you don't save for your kids' college education (hmmm ...anybody with a vested interest here?). Be careful getting caught into these traps. Consider this.........
Society says you must save for your kids’ 4-year college education or you are a failure. Ouch, that’s a lot of pressure…especially with education costs these days at 4-year universities.
There are many alternatives.
First, you should ensure your own finances are in order (no unsecured debt…emergency account fully funded…savings goals achieved such as replacement car accounts funded, car maintenance accounts setup, save for down payment on a house…establish retirement savings, etc.).
Only after these things are accomplished should you start saving for your kids’ education. Too many people do this in the wrong order. They help their kids’ pay for college, and then the kids need to help their parents in old age.
No!! Take care of yourself first so your kids won’t have to. I know this seems counter-intuitive and against the pressure of society, but it is good wisdom.
Besides, if you never get to the point of saving for your kids’ education, they still have many options:
- Go to a community college for the first two years; and then transfer to a four-year school.
- Pay for their own college with a job.
Believe it or not, the above two options result in a higher graduation rate anyway because the kids appreciate their education rather than using college as a forum to party on your dime!
Just thought I would alleviate the pressure you may have from feeling like you have to save $100,000 for your kids’ education.
Anybody have any thoughts on this?