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Episode 3755:
Michelle Schroeder-Gardner explains why parents who are behind on retirement or carrying debt should think twice before paying for a child's college education. She points out that students can borrow for school but no one can borrow for retirement, and argues that helping is fine as long as parents can genuinely afford it. She then offers ways to support a college student without risking financial independence, such as setting limits, helping them find work and building a budget together.
Read along with the original article(s) here: https://www.makingsenseofcents.com/2014/09/should-i-ruin-my-retirement-by-helping-my-child-through-college.html
Quotes to ponder:
"While I understand that these parents care for their children, they need to realize they are putting their retirements at risk."
"For some reason, there is this myth out there that helping your child go to college means you need to pay for everything for them."
"A budget can go a long way and help someone overcome many financial difficulties."
Optimal Finance Daily is a daily personal finance podcast where we narrate the best articles on financial independence, investing, saving money, and money management, read to you by a professional narrator so you can grow your wealth a little more every day.
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