on a talk show a financial expert was saying you should fund your retirement first,we are trying to do both now, but if i had to choose i would put the money towards my kids.i was wondering what everyone else thought
2006-07-16 10:07:54 · 14 answers · asked by evian 6 in Pregnancy & Parenting ➔ Parenting
Well I'm putting more money in my children's college fund than my retirement because if things go according to plan they will finish high school before I retire from the military, and when I retire from the military I will only be 40 years old, so I will probably work another job thereafter to cover any expenses that the college fund won't cover. Hopefully, by time it is time for them to go to school, the wars will not be as prevalent as today and they can join the military.
R/S
srounds23504
2006-07-16 10:14:55 · answer #1 · answered by srounds23504 1 · 1⤊ 0⤋
We are not going to pay for our childrens college. If they choose to go there are many avenues they can take. There are loans, grants, scholarships and of course the military. We have three daughters and we know that there is no way in hell we could ever afford three weddings, and three colleges and not be in debt up to our ears until the day we die. Lots of people may think its not right, but we know in our hearts if they really want to do this they will. Both my husband and I were not handed bank accounts when we turned 18, we both joined the Airforce, I served my term and he's still serving his and we are 5 years from his retirement. We are a year from being debt free, and look forward to it! We're not saying we wouldn't help our kids out if they ever needed it thats for sure. I just see too many kids out there today pissing their parents money away and screwing around. I think if they are made to be responsible for their way in life, they will definately work hard for what they get. JMHO though!!!
2006-07-16 13:27:28 · answer #2 · answered by dixi 4 · 0⤊ 0⤋
I'm in the same boat. Retirement experts always say to fund your retirement first. I did that, but as college approaches I can't resist the temptation to fund the college accounts. I'm not even putting into my retirement accounts. Sure......it's easy for them to say when they're an accountant and their husband is a chiropractor and they're pulling in 175 Grand a year and they can afford to max out their IRAs first and still fund college. I'm just resolved that I'll just fund the kids' college funds (they have to work for their half) and work a few extra years. Our generation will be lucky if we get to retire anyway. I'm in the same boat you are.
2006-07-16 10:13:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
why not both? If you can. If you need to choose retirement fund is better because you can still use it towards you children's education or if they get financial aid or work their way to college you can use it as a retirement fund. Also, I think some colleges deny financial aid if they know that the child has college savings in his account. If you want to get it anyways get in it your name or spouse's name and put him/her as the benficiary. This might also be used by parents if they plan to go to school later in life think about it.hope this helps.
2006-07-16 10:47:29 · answer #4 · answered by samy'smom 3 · 0⤊ 0⤋
You're children should come first because they have their whole lives ahead of them while yours is just coming to a close. Besides, when they get the education they need and the job they want, they could help you fund it, or maybe even fund it themselves. You're children deserve the best. That financial expert either has no children, or doesn't ever deserve to have one.
2006-07-16 10:12:51 · answer #5 · answered by Mujareh 4 · 0⤊ 0⤋
I plan on funding both. My kids will never know they have a college fund. They won't even get to use it for college. They will get it after getting loans and or scholarships to pay their way for school. In order for my kids to get the money that their father and I have saved back, they have to finish school. I'm not paying thousands of dollars so my kids can party it up in college. I think they will appreciate college more if they don't get it paid for by their father and I.
2006-07-16 10:12:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Personally I am choosing to fund retirement first though I am putting some into a college fund for my kids. I will not tell them that they have that fund and expect them to help pay for it. I will not fund their education entirely. And I don't expect them to pay for me once I am old.
2006-07-16 10:31:09 · answer #7 · answered by corajalem 1 · 0⤊ 0⤋
Fund your retirement first,
Teach well your kids to be good students, earn scholarships, and get ahead by own merit in school.
You are first, if you are not well, when your kids are grwon up, they will have to work to help you, and you can send them to school with half tuitions, or less,if they are good students..
2006-07-16 10:13:57 · answer #8 · answered by Pi 3 · 0⤊ 0⤋
One..your kids may or may not want to go to college. Two...your kids may not be suited for college or they may get a scholarship. Three, you are almost certainly going to need money in retirement.
2006-07-16 10:16:41 · answer #9 · answered by Lantern 3 · 0⤊ 0⤋
Read the dave ramsey book "Total Money Makeover". He gives some of the best advice out there. He is financial planner.
2006-07-16 10:12:25 · answer #10 · answered by pappa_15 3 · 0⤊ 0⤋