[Music] all right Brian let's talk about a second tug of war that exists right now in this country and it is should I save for retirement should I build for my future Financial Independence or do I save for my kids college how do I decide I think that this is one that emotionally it seems hard but we're going to make this very easy for you and maybe it seems like some tough love but I think this is is an easier question than the housing is because I want you focusing on your retirement yeah BR would use this analogy all the time when you get on an airplane they always tell you before you put the oxygen mask on your child you have to put it on yourself you have to make sure that you are stable before you can help others where your finances are no different we think that it makes sense when you're trying to decide between these two you have to say for your future Financial Independence before you say for your kids education people will think that this is mean I mean look we love our

kids and I think if you if you know us, or you see us out, you'll know that we are definitely we love our families, we love our children, but realize that if you think that putting all of your money and your resources into your children instead of focusing on yourself is going to make them the best version of themselves, the research is not tied to that. There is actually a lot of research that people, even adult children, are very nervous about this, yeah, absolutely, and what ends up happening is that when you get to retirement, there aren't going to be any scholarships, there aren't going to be any loans, there's nobody who's going to be waiting to hand you money to get you through retirement, and when your kid gets to college, there are grants, there are scholarship, there's loans, there are going to be mechanisms, mechanisms, and means by which they can pay, and so you have to prioritize it that way because one of the greatest gifts, one of the greatest gifts that we can give to our kids is saying hey I'm

not going to have to come live in your basement one day. I'm not going to have to depend on you to make sure that I'm going to be able to survive. I've done okay so that you can focus on your life and only having to take care of yourselves, but unfortunately in today's world, that's not the norm. Yeah, I mean look at these stats that we were able to find. 43% of adult children say they're worried their parents' financial status for the future. I mean, so that means that they're knowing, hey, not only do I have to save for my retirement, I got to save for Mom and Dad's retirement too. And we saw this at the book tour. We had people asking us these questions, big stress, big stress. 55% say they are not financially prepared to care for their parents in a time of need. So here they are feeling the anxiety knowing that they're going to have to help, but then more than the majority feel like, holy cow, I'm going to have a hard enough time.

In my own financial life, I don't even know how I'm going to do this for Mom and Dad. So here's what you can do. You can still support your kids. There are ways that, no matter where you are in the financial order of operations, you can guide them in how they think about college and career decisions. You can give them counsel on, Hey, are you sure you want to pursue that degree? Are you sure you want to go to that school that costs that much money, that's going to require that much debt? You can also teach them just basic life lessons around saving, budgeting, investing, discipline, deferred gratification. You can do all of these things without having to even crack open your checkbook. And if you can teach them these foundational financial things, you're going to set them up for future success. And look, this is the part where I still remember we were talking to that group of engineers, and one raised their hand and she says, Hey, I love my kids. It feels kind of cruel that I'm.

saving all this money. When do I get to focus on saving and investing for my children so they can do things better? And that's why we think Beyond. Once you get to step eight, you get to those abundance goals or prepaid future expenses. Yeah, let's load up the 529s for the kids. Let's, let's look at those custodial accounts. Let's even think about doing a dollar for dollar matching program so as your kids start their first jobs, you're priming that pump of that good behavior. Not only of appreciating what a strong work ethic does, but actually putting that army of dollar bills to work. And you're matching a dollar for dollar so they get excited about saving and investing, having some skin in the game, and knowing how to be good with their own money when they get out there into adult life.

Saving for Retirement vs. Kids' College: Which Should You Prioritize?

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