Comments on: Should You Save For College Or Retirement?

By: JoeTaxpayer

JoeTaxpayer — Thu, 03 Jan 2013 23:54:00 +0000

My wife and I saved enough to pay for our daughters college cost in full, and I’m wondering if we did the right thing. Had we used these funds to accelerate our retirement, we could qualify for far more in grants and reduced college costs. I may be mistaken, this isn’t my strong subject, but I’ve read that funds in cask for college directly reduce any aid one might receive. Not true?
I also understand a child’s money is considered available for tuition, and have encouraged my daughter to put her money into a Roth IRA based on her income each year.

By: Roger Wohlner

Roger Wohlner — Sun, 18 Nov 2012 13:39:00 +0000

Great post. As a financial advisor your 4th bullet point about getting a will is one that I see all too often in younger prospective clients. I will get a call from a young professional who is all ready to invest, buy income property, etc. When I ask him if he (it’s usually a he) if he has a will in place to deal with what would happen to his young children in the event he and his wife were out on “date night” and were killed by a drunk driver and also if he has life insurance in place in the event of his demise the answer is all too often no. I politely tell him this is something that he should get done as soon as he hangs up the phone with me.

As to your thoughts about paying for college, I am the father of three, including a 24 year old college grad plus a current college senior and a soph. While we have been fortunate in terms of our kids receiving various scholarships and the like, we still write out a lot of checks. As a parent there is nothing more important to me than providing my kids with a good start in life. My advice is to listen to Mr. Latte he is actually right (at least this once). I know how this works after 28+ years of marriage, I was born to be wrong.

By: Mac

Mac — Thu, 14 Jun 2012 03:11:00 +0000

Whatever you decide, the first few tips were helpful. There are so many unknowns between now and then… but the college plans, ideas, and lessons can take shape over time. The important thing seems to be keeping smart financial decisions the priority over that amount of time.

By: Deborah @ImpulseSave

Deborah @ImpulseSave — Fri, 08 Jun 2012 14:27:00 +0000

This is a very interesting debate. For me, parents paying for college was never even a discussion. With eight children in the house, if they were to save for each of us to go to school, they would pretty much have nothing else – including essentials like a house and food! They are saving for retirement and contribute as much to our schooling as possible. The debate was easy to determine because there are so many kids, but there are other facts as well.

For example, as you said, in order to appreciate the college experience more and to encourage hard work in school, my parents want us to contribute as much as we can towards the bills. We all got jobs during high school and work as hard as we can during college years and summer breaks so that we know we did everything we could to pay for school. Loans and scholarships cover the majority, and then the parents and kids cover the remaining balance.

Also, both of my parents had student loans when they were younger and understand that with hard work and a reasonable balance, you can pay them off eventually.

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By: certified cash loans

certified cash loans — Tue, 17 Nov 2009 00:40:23 +0000

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By: dashton dietrick

dashton dietrick — Wed, 08 Jul 2009 19:49:07 +0000

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By: Loan modification

Loan modification — Thu, 29 Jan 2009 01:35:48 +0000

College is becoming increasingly difficult to afford. Nice post.
Borrowing money for college is a big responsibility but college remains a smart investment for obtaining a satisfying career that earns a competitive salary.

By: The Talk: “So When Are We Having Kids?” | Girls Just Wanna Have Funds

Mon, 10 Mar 2008 10:07:36 +0000

[...] been with Girls Just Wanna Have Funds since its inception then you know how I feel on this topic: You Can Get a Loan for College But You Can’t Get a Loan for Retirement! This is also another topic we have yet to finalize. He doesn’t want them to have to struggle [...]

By: K.

K. — Thu, 03 Jan 2008 22:36:57 +0000

If I had to choose one or the other, it would be retirement of course b/c like you said, there are no loans to cover that. However, I intend to be able to do both by sacrificing say, buying a new car every four years. And living in a modest home vs. piling my cash into a ginormous house. Not splurging on $400 game consoles & $200 jordans and such. It can be done as long as we remember needs vs. wants. Also, as long as me & future hubby can pay for at least some of their education, I’d be happy with that. I have a shytload of student loans and I don’t want my kid to have to do the same — or at least not to the same extent.