🌿Wednesday Wisdom: If you do this, are you a bad mom?

September 11, 2024

Recently, I’ve had conversations with friends, primarily fellow moms, about the dilemma of funding our children’s (or grandchildren’s) college education versus securing our own retirement. It's a challenging topic, often accompanied by feelings of "mom guilt."

And while every parent wants to alleviate the burden of student debt for their children and provide them with a solid foundation for their futures, many grapple with the reality of competing financial obligations.

I get it; the landscape of higher education has changed significantly since many of us attended college. (Class of 1991, right here!)

To gain clarity, consider reflecting on a few key questions regarding your retirement:

• Where do you envision living?

• What activities do you want to pursue?

• Will you work part-time?

• Will you have financial responsibilities for aging parents?

The answers to these questions can help you assess the income you’ll need in retirement and whether your budget can accommodate contributions to both your retirement savings and your child’s college fund.

It’s important to remember that your child or grandchild has various options for funding their education, such as scholarships, part-time employment, and student loans. In contrast, there are no loans available to finance your retirement.

Realizing you may need to prioritize your retirement plans above other financial goals, such as saving for your child's education, is OK.

Choosing to focus on your future does not reflect poorly on you as a mom. In fact, it demonstrates your financial insight and responsibility.

By doing so, you’re actively minimizing the chances of facing unforeseen financial obstacles that could impede your ability to retire on your own terms and fully enjoy the retirement you deserve!

Wishing you a happy (and guilt-free) Wednesday! 🌿

Warm Regards,

Lisa W. Burns

PS: If this is something you've been thinking about and would like to discuss, please let me know. Jim and I have put two kids through college, and we have two more to go. Sometimes, chatting about life experiences can help us reflect and take meaningful steps forward. 😊

. . . "Wednesday Wisdom" was created with the goal of providing women-focused content to inspire you to grow. I welcome feedback to tailor it to suit your needs. For more info on myself and Her Path, LLC. please visit www.herpathbegins.com. Thanks for being on this journey with me!