Sometimes helping your kids means hurting your financial future.
Hey, Good Day Everyone.
Haven’t written in a while. My Bad. Been kinda busy with personal stuff. Stuff, you know, that stuff that gets in your way and prevents you from doing what you’re supposed to be doing. I my case I’m supposed to be researching how to better serve my readers with important content that will help you have a better future whether your wanting to increase your income or preparing for your “golden years” or are already retired. Lord, we all can use the help.
During my “busy” time, my wife and I went on vacation as we always do in late July. For 30 years we and the fam went to our usual place, a cottage on the water, we started talking about maybe finding a small place we could buy and go there anytime we wanted. We’re only 3 hours away. After all, the money we spent all those years on a cottage rental, we figured we could have had a decent down payment for a really nice place. Great idea we said. So we started the search. In about a day ,(ya extensive search, right) we found a small and perfectly kept home near our boat slip at the marina. Ok, we said, let’s put in an offer and start the mortgage process.
Here’s where it gets nasty. Long story, short. We were not approved for the home loan. Our credit scores were awesome, our income was adequate. And this brings me to the point I want to make today. It was our debt to income ratio that killed us. We had made a big mistake.
So I got on my horse and started looking around for some answers. I found that I wasn’t alone. There were millions in the same boat as we were. And likewise there were a million solutions with all kinds of approaches. What I found was some interesting information and solutions. Below is the info I discovered that made the most sense. >>>>
53% of Parents Are Making This 
Big Financial Blunder
Any good parent wants to do whatever they can to help their kids, but sometimes well-intentioned moms and dads might be setting themselves up for financial failure in the process. More than half of parents say they’re saving money to help their children pay for college, a survey from T. Rowe Price found. However, when asked about their financial priorities, 53% of parents said helping their kids pay for college was a bigger priority than saving for retirement.
There’s nothing wrong with helping your children financially if you can afford it. But if you’re sacrificing your own retirement to pay for your kids’ college education, it will come back to bite you down the road. Preparing for retirement takes decades of saving consistently, and if you wait until your kids’ student loans are paid off to start saving, it will likely be too late to save enough.
Now, I’m not the brightest bulb on the tree, but is there a way around this? There certainly is.
Balancing retirement planning and college expenses 
It is possible to both prepare for your retirement and help your kids with college, but it’s a balancing act.
First, figure out how much you should be saving for retirement each month (Pay Yourself First). Run your numbers through a retirement calculator to get an estimate of how much you should aim to save by retirement age, as well as what you’ll need to save each month to get there. If you can’t afford to save that much every month right now, then that means you’ll either need to save more later or find a way to live on less during retirement, or find new income.
The other possibility is to have a conversation with your kids about assuming the education loans you took out for THEM to help in THEIR education. Not an easy task but a necessary one if you want to free up credit space to get that forever home you’re looking at, Right? This is the conversation I will have to have very soon. There are loan institutions that will convert parents Fed loans to your children. Here are a couple that I have looked at: SOFI or Citizens Bank. Another good resource is Student Loan Hero.
As we go through the conversion process and have those uncomfortable conversations. I keep in mind that I still need to address the income issue if transferring the loans are not enough. To that end I continue to develop my new chosen profession of Affiliate Marketing online. This side-gig is now allowing me to save more money than I ever have in the past. My goal is to make this my primary source of income to the point where it will fund all my retirement needs. Just what the doctor ordered. The best affiliate marketing company to date, hands down has been Dean Holland’s Internet Profits. He has developed a system that works amazingly well for Digital Product Owners, Affiliate & Network Marketers, and e-Commerce Store Owners. Dean also has found and uncovered the truth about network marketing that has been kept a secret for years and only a select few knew what it was. When he found this out, he knew he couldn’t keep it inside. It was too important. Now, Dean has revealed this secret in a new book he wrote… “The Affiliate Marketers Playbook”. The best part is he’s giving the book away for FREE. All he asks is to cover minimal handling of $5.96. And this is refundable if you don’t like it.
If you’re looking for a complete plan or business model that really works, I strongly suggest you take a look at this new and innovative approach to internet marketing. After you read his book, you need to ask yourself two questions … If Not this, then what? & If not now, then when? I answered those same two questions and Dean Holland’s Internet Profits was the answer.
I Wish You All A Great Day.
Thanks For Visiting,
Lenny
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