#26: You Or Your Kids
Which should come first for you: save for retirement or college? There’s a 50% chance that your child will go to college and graduate, but there’s a 100% chance that you will retire—and possibly sooner than you think. In this episode, Chris talks about wants versus needs and higher education versus higher awareness. He offers several tips for parents who are thinking about their kids’ college and hoping to retire inspired. Also featured in this episode: a Hogan rant; Wake-Up Calls; The Takeaway: The Comeback; and a new Millionaire Moment.
1:30—YOUR KIDS’ COLLEGE VERSUS YOUR RETIREMENT
Hogan discusses the pressing dilemma of paying for kids’ college versus saving for retirement. He offers seven principles:
- Do the math. (@13:38)
- Don’t wander off into crazy land (@14:49)
- Zero in on your options. (@15:27)
- Remember, your kids are not doomed if you can’t pay their tuition. (@16:02)
- Talk to your kids often. (@17:03)
- Work with your kids to create a good plan. (@18:01)
- Do the federal paperwork. (@18:47)
22:13—LISTEN UP VIPS
At daveramsey.com, we are giving away $20,000 throughout the month of May. You can your name each day to try to win your share! Email us your retirement dreams and wins @ email@example.com.
Hogan references a survey in which 84% of people say they have less than $10,000 in their savings.
Hogan talks with three people:
- A 52-year-old VIP who wants to retire but has $38k of debt (@29:18)
- A VIP who needs help with real estate (@33:05)
- A VIP who needs investing help (@36:32)
39:20 —THE TAKEAWAY: THE COMEBACK
Hogan gives solid advice on what to do when you’ve made financial mistakes.
46:02—THE MILLIONAIRE MOMENT
Hogan shares insight from a self-made millionaire couple in their 30s, Victoria and Jeremy, whose net worth is over $1.2 million. They’re first generation millionaires who understand the importance of money management and giving.
48:35—CALL TO ACTION
Hogan wants to invite you to be a part of our rapidly growing online community. Go on Facebook and search: Hogan’s Retirement Challenge.
Help your circle of influence by telling them about the Retire Inspired Quotient tool (R:IQ) at chrishogan360.com