Why do flight attendants say to put your oxygen mask on first, before helping others?

• Instead of utilizing the ample college loan opportunities, we can instead try and pay for college as much as possible out of our own pockets. (01:42)
• If we spend $250,000 today that we can't afford on their education, then 10 years later, when we go to retire, that would be around $500,000 less that we would have to work with and supporting our own selves financially. (02:14)
• As you can't borrow for retirement, having your children borrow for what is possible to borrow for in college is in effect putting your mask on first. (02:54)

Quote for the episode: "But now using the 4% withdrawal rate rule of thumb that $500,000 you kept will now be $20,000 a year every year coming out to you and supporting your own post retirement goals." (03:16)

Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families, by hitting on the financial topics

that tend to weigh on us, stress us out, and distract our focus

from simply enjoying life.

Hello, and welcome to the Enjoy More 30s Family

Finance podcast. For all those people out there trying to avoid

being financially secure, well, we have our series for you 10

Ways To Not Be a Millionaire. Now if you actually do want to

be a millionaire, not to worry. This series isn't just for those

people who are looking for financial ruin. If you avoid

doing these 10 things then you could very well be on your way

to millionaire-hood as well. Each and every week, I'll share

a quick step in this how to not be a millionaire process, so you

know what to do or hopefully what to avoid. As always, before

I begin, please share and like, please leave reviews. I'd love

to reach and help as many young families out there just like

you.

Today's great tip on how to not be a millionaire is Saving For

School Over Retirement. Ah college the next step forward

towards a lovely life for our children at anywhere from $25 to

$65,000 a year, at least in today's dollars, all they need

is just a quick $100 to $250,000 well, per each child you decide

to have, of course, and they'll be well on their way to success.

This provides a great opportunity for those who do not

want to be a millionaire. Instead of utilizing the ample

college loan opportunities, we can instead try and pay for

college as much as possible out of our own pockets. This can

provide an opportunity to significantly hamper ourselves

financially, providing less overall in the way of resources

for our own retirement, where of course there is absolutely no

such thing as a retirement loan to get us through assuming a 7%

growth rate. If we spend $250,000 today that we can't

afford on their education, then 10 years later, when we go to

retire, that would be around $500,000 less that we would have

to work with and supporting our own selves financially. A great

success for those not wanting to be millionaires. If however, you

want to do the exact opposite of that, and instead follow what

you have heard on absolutely every airline flight you've ever

taken; 'Putting your mask on first before helping the person

next to you', then you should likely reconsider this entire

approach I just went through. As you can't borrow for retirement,

having your children borrow for what is possible to borrow for

in college is in effect putting your mask on first. Can you

still help them with the amount that won't throw your retirement

into a nosedive? Of course. Can you still help them down the

road with payments if you can afford to? Sure why not. But now

using the 4% withdrawal rate rule of thumb that $500,000 you

kept will now be $20,000 a year every year coming out to you and

supporting your own post retirement goals. Overall, I

think it is more than clear. Saving for school over

retirement is a fantastic way to not be a millionaire.

Thanks for tuning in today and join us for next week's episode

on how to not be a millionaire, Living For Lifestyle. As always,

please remember to review and share for others. And if you

need any help, don't hesitate in reaching out. I probably have

helped someone just like you. Until next week. Thanks for

joining me today and I look forward to connecting with you

again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal, tax, or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS Securities, Inc., and TFS Advisory Services an SEC

Registered Investment Advisor, Member FINRA/SIPC.