Saving for Retirement vs. Kids' College: Which Should You Prioritize?

The Money Guy Show
The Money Guy Show
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Published 2024-07-15
A top financial priority for most parents is to set their kids up to live a life better than their own, and they often do that by saving for their kids’ college tuition. With the rising costs of college and the fear of student loans, we don’t blame you! However, there are some things you need to take care of first before you can focus on the kids.

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All Comments (8)
  • @peterromba2982
    You can take out a loan for tuition. You can’t take out a loan for retirement.
  • @BiggMo
    (Brian’s Troll here) send your kids to school overseas. My daughters best friend saved 60% going to vet school in Ireland vs here in the US … and yes, it’s transferable (do your research)
  • @TonyCox1351
    I haven’t saved a dime for my kids college yet. My kids are 4 and 5 and frankly the currently trajectory of college costs is unsustainable. At this rate, in 15 years college tuition is either going cost $100K a semester, or there will be some societal shift in the way we fund it
  • @mikesurel5040
    If you start when they are just born you can put away 50 or 100 bucks per month. Something small. Over 18 years it adds up. It won't cover 100% of tuition, likely, but it will help tremendously. Also college is like car buying used to be. The sticker prices are scary, but if you shop around you can often find a relatively good deal. One rough guideline that we found helpful is if you need to take on debt for school, make it a car payment and not a house payment.
  • @tcgtpl
    My parents didn’t have much to provide in terms of college funding for my siblings & I, and I didn’t want any financial assistance. I wanted to make it on my own. I’ve done well enough in my career that I paid off all my college debt early & have built up a very comfortable nest egg that I now have real financial independence.
  • @cohenkevinloriqueen818
    That’s what I did, and 4 of my daughters graduated with college degrees and not 1 of them, now, work.. using their degree..