Saving for School Over Retirement | Series 9.9

Enjoy More 30s: Family Finance

Oct 10 2022 • 4 mins

Why do flight attendants say to put your oxygen mask on first, before helping others?

  • Instead of utilizing the ample college loan opportunities, we can instead try and pay for college as much as possible out of our own pockets. (01:42)
  • If we spend $250,000 today that we can't afford on their education, then 10 years later, when we go to retire, that would be around $500,000 less that we would have to work with and supporting our own selves financially. (02:14)
  • As you can't borrow for retirement, having your children borrow for what is possible to borrow for in college is in effect putting your mask on first. (02:54)

Quote for the episode: "But now using the 4% withdrawal rate rule of thumb that $500,000 you kept will now be $20,000 a year every year coming out to you and supporting your own post retirement goals." (03:16)

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