From a radio show by <what was that dude’s name>
about college versus retirement
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The host made an excellent case that parents should worry about their retirement more than their children college.
Retirement is paid for upfront. Assuming your retire at age 65, you must have all your “savings for retirement” completed at that point.
College for children can be paid over the child’s lifetime. Potentially 45 years to spread it out over. Student loans at low rates of interest allow this to happen.
Your estate can be used to pay off student loans. Student loans can not be used for your retirement.
College’s ROI is over valued. There are cheaper ways to get a college education. Specifically, community colleges. Specifically, get a job where the employer pays. Specifically, the GI bill. (Note, imho, that could cost you a child. Too expensive.) Specifically, testing to get required courses waived.
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Convinced me!
Especially the ROI. Get a degree in basket weaving for $160k? To earn no more than a high school grad? And some jobs don’t require a degree — sales for instance.
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Reinke Faces Life 