Saving for School Over Retirement | Series 9.9

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Welcome to the Enjoy More 30s Family Finance

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podcast. The only podcast dedicated to making life more

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enjoyable for young families, by hitting on the financial topics

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that tend to weigh on us, stress us out, and distract our focus

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from simply enjoying life.

Joseph Okaly: 00:00:16

Hello, and welcome to the Enjoy More 30s Family

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Finance podcast. For all those people out there trying to avoid

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being financially secure, well, we have our series for you 10

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Ways To Not Be a Millionaire. Now if you actually do want to

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be a millionaire, not to worry. This series isn't just for those

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people who are looking for financial ruin. If you avoid

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doing these 10 things then you could very well be on your way

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to millionaire-hood as well. Each and every week, I'll share

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a quick step in this how to not be a millionaire process, so you

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know what to do or hopefully what to avoid. As always, before

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I begin, please share and like, please leave reviews. I'd love

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to reach and help as many young families out there just like

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you.

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Today's great tip on how to not be a millionaire is Saving For

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School Over Retirement. Ah college the next step forward

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towards a lovely life for our children at anywhere from $25 to

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$65,000 a year, at least in today's dollars, all they need

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is just a quick $100 to $250,000 well, per each child you decide

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to have, of course, and they'll be well on their way to success.

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This provides a great opportunity for those who do not

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want to be a millionaire. Instead of utilizing the ample

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college loan opportunities, we can instead try and pay for

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college as much as possible out of our own pockets. This can

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provide an opportunity to significantly hamper ourselves

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financially, providing less overall in the way of resources

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for our own retirement, where of course there is absolutely no

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such thing as a retirement loan to get us through assuming a 7%

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growth rate. If we spend $250,000 today that we can't

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afford on their education, then 10 years later, when we go to

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retire, that would be around $500,000 less that we would have

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to work with and supporting our own selves financially. A great

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success for those not wanting to be millionaires. If however, you

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want to do the exact opposite of that, and instead follow what

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you have heard on absolutely every airline flight you've ever

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taken; 'Putting your mask on first before helping the person

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next to you', then you should likely reconsider this entire

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approach I just went through. As you can't borrow for retirement,

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having your children borrow for what is possible to borrow for

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in college is in effect putting your mask on first. Can you

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still help them with the amount that won't throw your retirement

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into a nosedive? Of course. Can you still help them down the

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road with payments if you can afford to? Sure why not. But now

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using the 4% withdrawal rate rule of thumb that $500,000 you

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kept will now be $20,000 a year every year coming out to you and

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supporting your own post retirement goals. Overall, I

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think it is more than clear. Saving for school over

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retirement is a fantastic way to not be a millionaire.

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Thanks for tuning in today and join us for next week's episode

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on how to not be a millionaire, Living For Lifestyle. As always,

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please remember to review and share for others. And if you

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need any help, don't hesitate in reaching out. I probably have

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helped someone just like you. Until next week. Thanks for

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joining me today and I look forward to connecting with you

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again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal, tax, or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer or other professional before acting upon

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any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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of TFS Securities, Inc., and TFS Advisory Services an SEC

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Registered Investment Advisor, Member FINRA/SIPC.