Every parent wants to save for their child’s future college costs, but can every parent legitimately afford to save for their child’s education? How do you begin? Should your children take out student loans or should you save for them versus your retirement? Your financial priorities need to be in place first.
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Money Lesson: Before you start to save for a child's college cost, you must have the following financial priorities taken care of: ' 'no credit card debt, an 8 month emergency fund, a term life insurance policy and be able to set aside 15% of your gross salary for retirement.