Parents and future parents get a little touchy when it comes to this topic. Is it your moral obligation to send your child, and pay, for their college? By sending your money off to college, you might actually be jeopardising your own balance sheet, and putting more strain on yourself as you reach old age. Your children might even have to pitch in to help keep you sustained after retirement. Today, Paul offers an alternative way to approach the college financial discussion.
What Was Covered
- 01:50 - Saving money solely for the purpose of college might not be the best option for you and your family.
- 02:15 - With that being said, do not cash those accounts out just yet! Consult your CPA first!
- 02:55 - You’re sending your money to college.
- 04:15 - Let’s assume college costs $50,000 a year for the next 5 years.
- 05:05 - Over half of baby boomers do not have enough income to last them till the end of their life.
- 05:35 - Do you have to pay for college?
- 06:45 - You might be setting yourself up for failure by paying for your child’s college.
- 08:25 - Put on your oxygen mask first, before helping others.
- 08:55 - $50,000 x 5 is not just the only cost you have to consider.
- 10:55 - Have more than one child? Your lost opportunity costs increases too!
- 11:35 - By sending your child to the fancy school, you’ve cost your child millions in inheritance — per child!
- 15:45 - Too often, we’re not aware of how expensive college really is, both today, and in the future.
- 19:45 - What if you taught your child about loans?
- 22:30 - There is a way for you to be cash positive AND send your child to college.
- 27:55 - There are alternatives for you and your family
- 28:55 - Paul does a quick recap.
- 30:15 - Know your numbers before you begin making promises to your child about college.
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