Wise Wealth Builder Investing.Personal Finance.Entrepreneurship

Part 2: Saving for Both Retirement and Mid-term Plan

By Francisco J. Colayco

High school and college tuitions are important to save for. If you already know that you may have some difficulty, bring up your child to understand that he/she needs to help to be able to afford a good education. One way is to make sure that he/she can get scholarships by getting extraordinary grades. Scholarships can come not only from the school but also from foundations and well-to-do relatives and friends.

I repeat, saving for retirement is just as important if not more important than most of your other current expenses. In some cases, it could be even more important than your child’s educational expenses. This is radical but true. Some insist on spending for their child’s tuition when the child is not even taking effort to study or to excel. Until your child is ready to be responsible, maybe you are better off saving your money for your retirement.

There are ways of solving the current expenses while you are still young and have support from family and friends. Of course, I am talking to those who have some means of income. Some of you may say, you don’t even have enough money for your food and shelter. Perhaps you might think that you can just let your family worry about you when you reach your retirement age. Each opinion is different but I think that it is better to be in control of your destiny.