Just before any flight takes off, your friendlysteward/stewardess demonstrates how to use the oxygen mask “in theunlikely event of cabin depressurization.” What's the first thingyou're told? “Apply the mask to yourself before you give it to achild or anyone else.” Are they advocating a selfish act? No. Theyrealize your child is more likely to survive if you're consciousand the child is unconscious, rather than the other way around.
The same methodology can be applied to the retirement savingsversus paying for college scenario. At some point, most parentswill face this dilemma. (It's not an either/or proposition, butI'll be treating it that way for the purposes of this article.)Many financial professionals insist parents take care of themselvesfirst before they tend to the children. They want parents to savefor retirement before they spend a penny on their kids'education.
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