Season 4|Episode 5
I’m Not Saving for My Kids’ College, Here’s Why
We all want to take good care of our kids and set them up for a great future, but is saving for college really what’s best?
A traditional 529 plan, or college savings plan, has been the norm for a very long time, but for many, it’s not the best option. In addition, many people mix up their priorities when planning for the future and save for their kids’ college while paying no attention to retirement savings. In today’s podcast, Grant and Jeremy discuss how you may want to set your priorities, and what things you need to consider to help your kids in the best way possible. In last week’s podcast, Grant and Jeremy talked about important financial milestones we all need to reach if we plan to retire, but the reality is, you might not be set up in those ideal situations. With that in mind, it is unwise to save for college when retiring will end up requiring much more financially and you really need the time-value of money on your side. There are ways you can plan your finances that will allow you to save what you need for retirement while also preparing to help your kids at the start of their adult lives too. This podcast presents real, practical wisdom to do just that.
We wrote a blog on the topic here.
and we made a video about it here.