Putting Your Retirement Above Your Childs College Fund

 

In a perfect world, you would save for your kid's college AND your retirement. But in reality, for a lot of families, it's tough to do both adequately.

 

If you are putting your children's college fund above your retirement fund, stop.

 

Why? Simple. YOU CANT BORROW MONEY TO FUND YOUR RETIREMENT, but you can for your child's future education.

 

Additionally, any money that you have in your 401k and IRA isn’t counted as income so that will help you in securing financial aid if needed.

On the flipside, any money you have in a 529 college fund, will count "AGAINST" you in this scenario.

 

And don't feel like this makes you a bad parent. Even the airlines tell you "In the event of an emergency secure your mask before those around you."

 

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