Retirement or Kids College? Pick One.

Many parents, from day their children are born, worry about how they are going to pay for their children’s college. Money is usually set aside, but sometimes it’s not enough. Parents today are even putting retirement money away for their kids’ college years. Marty Allenbaugh says that route may not be as uncommon as you think:

“Delaying retirement to help fund college is a realistic option, as long as retirement needs aren’t being ignored. We feel that delaying retirement is a personal decision that an investor can decide to make. We feel more concern if they stop contributing for their retirement. We recommend that parents continue with retirement savings and make sure that is on track before they save for college.” -Marty Allenbaugh

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Matt talks with Marty Allenbaugh, a financial senior marketer and a certified financial planner for T-Rowe Price Group. The total outstanding student loan debt in the U.S. is $1.2 trillion, which is the second-highest level of consumer debt behind only mortgages. Most of that is loans held by the federal government. About 40 million Americans hold student loans and about 70% of bachelor’s degree recipient’s graduate with debt. With these numbers only seeming to increase and tuition rates continuing to rise, it seems there are very few ways left to pay for a college degree. Marty Allenbaugh explains how parents and kids can make choices now to pay for future college plans.

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How to Talk to Your Kids About Money- When You Have a Lot of It

Some topics are really difficult to bring up when you talk to your kids- one of those is money. “Dad, what do you do for a living?” “Mom, are we rich?” These questions can leave us stumbling over our words when we try to give correct answers. John Christianson gives us tips on how to best approach this subject:

“Where I think we struggle as parents, and from my own experience, it takes a great amount of introspection to understand where you’re coming from. As you’re communicating this, what is the expectation that your kids can expect? From cars to allowances, you need to find the playing field, and you need to know the boundaries of what you expect, and what your kids are going to expect. Make sure your kids are taking seriously what you pay for them- from guitar, to soccer lessons, to anything in between, make sure your kids understand that you are not just a limitless resource of money for your kids. Let them know how much it is, and ask them if it’s something they really want, especially if they had to pay for it on their own.” -John Christianson

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Dr. Matt talks with John Christianson, Founder and CEO of Highland.  Money can be a difficult topic to discuss with our children. John comes on the Matt Townsend show today to help all of us parents learn how to talk to our kids about money, and how to answer their never-ending questions about the financial situation of our lives.


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