Do You Have Money for College, a Wedding or Divorce?
The Oprah Winfrey Show | March 04, 2009
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Because this decision is a family affair, Suze asks the family to take a vote. In a 3-to-1 decision, the family decides against taking out large loans. Still determined to send his girls to school, Jamie asks, "Should I forgo my retirement savings for the next 30 years and put it into college payments?" Suze says because Jamie is 50 years-old he should not postpone his retirement savings. "I know that you have $300,000 in a retirement account," Suze says. "But $300,000 today in a retirement account [isn't a lot] if you're not going to add any more to it and the markets continue like the markets are continuing to do." Suze says she understands that Jamie wants to be a good father and provide an education for his daughters, but there are alternatives to colleges that cost $40,000 a year. "Do I want you to postpone your retirement? I do not. Do I want you to take loans out that you cannot afford? I do not," Suze says. "With the utmost love and respect for all of you, knowing that there are other choices, you are, from my heart, denied." The conversation continues after the show ends. Watch Suze's advice for the entire family!  |
