If you want to start savings for long-term, which one should be the priority? Your retirement or your kid’s college?
My answer: Your RETIREMENT.
Why?
#1. Duration
Kid’s college: Typically about 4-5 years.
Retirement: It may last 25 -30 years.
# 2. Survival
Kid’s college: Luxury.
There are options to select either an expensive or a more affordable college or university.
Retirement: Necessity.
You have pay for your living expenses – food, shelter, transport, utilities, medical, maintenance etc.
#3. Funding Source if Lack of Savings
Kid’s college: There are fund’s supports like scholarships, education loans, PTPTN, work part-time etc.
Retirement: Hardly any bank or organization will give a loan for retirement.
# 4. When you on airplane, they tell you:
“When the oxygen mask drops, help yourself first and then the person next to you.
Conclusion:
1. Save for yourself because it will put you in a better position to support those around you.
2. Simply put aside10-15% of your income for retirement, while still saving for kid’s college.
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