Parents often wish to help their children with college tuition, especially when debts reach extreme amounts like $400,000. While the intention is to give children a head start, such financial assistance can greatly impact parents' retirement plans. Opting for cheaper educational options is advisable, but when debts are already incurred, parents face difficult choices. The pressures of supporting children at the cost of personal financial security can be exacerbated by uncertainties in the job market due to AI advancements. Thus, parental support should not compromise their financial well-being.
Even if the daughter's educational pursuits (is it medical school, law school, or something else to rack up such a jarring debt load?) appear to have a decent return on investment (ROI), there are really no guarantees, especially in an age of AI-fuelled disruption.
Helping with debt repayment doesn't have to come at the cost of one's own retirement or financial well-being.
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