The article emphasizes the importance of balancing financial responsibilities between parents and children. While parents naturally want to secure their children's financial future, they should also prioritize their own financial wellbeing, like retirement savings. It highlights the challenges some parents face when they delay their own needs to support their children, particularly regarding trusts and college funds. Seeking advice from financial advisors is recommended to find the best approach, ensuring that parents can address all financial priorities effectively while thinking about their children's future.
As a parent, it's natural to want to take care of your children financially to the best of your ability. And the sooner you start that financial planning, the more peace of mind you might get.
It's important to prioritize your own needs, too. A lot of parents get into financial trouble because they put their kids' needs ahead of their own.
The best way to get an answer could be to sit down with a financial professional who can offer customized guidance.
Many parents forgo retirement savings to save for college, putting themselves at risk of facing financial shortfalls later in life.
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