2) Putting your kids before yourself.
This is one of the most difficult things I ever have to tell a client, but sooner or later, you’ve got to think of yourself. I’m a parent of two wonderful children who have both recently gone off to college. It’s hard to let them “go.” But for many clients, what’s even more difficult, is reining in the money train, both during college and after.
But here’s what I ask them: Do you want your kids to have to support you in 20 years? Because that’s exactly what could happen if you get into too much debt (or fail to adequately save) while supporting them.
We live in a time when our children stay financially dependent longer than they did in previous generations. And while that allows our children to (hopefully) get a more secure “launch,” I’ve seen it place the retirement of many of my friends at risk.
When and where to draw the line is a very personal decision. But I’ve used this warning more times than I can remember: In 20 years, do you want your kids to have to support you?
Sometimes, doing what’s hard now is best for everyone later.