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)
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