Is saving for retirement more important now than saving for kids' college?
553768
It's more important, but less urgent. The reason it's more important, is because when your kids reach college age, there will be options open to them. They will be able to go to college if they want to. But when you reach retirement age, and if you haven't prepared for it, you might not be able to retire, or you might decide that you don't want to retire with what little you have. Social Security is helping seniors less and less, and in the future it will only become increasingly inadequate. Schools are implementing more and more work/study programs. You want to do both.
266254
Your means are sufficient for providing for your basic human needs.  However, the cost of higher education, and all the ancillary expenses associated with the fulfillment of your education, exceed your current financial means. \n\nHence, the reason you seek to better yourself and the world around you, by improving your future earnings capabilities.
1178904
From a legal aspect, there's two theories of thought when it comes to valuing a life.  The financial loss of an adult can easily be calculated by the amount of income they earn, and aggregate that until retirement age.  Children, however, are different.  The amount invested in the child, i.e. schooling, feeding, birthing, etc., are added up over the course of the child's age.  However, society will do whatever it takes to save a life if it's on a TV screen.
721559
Of course.  I do my laundry so i'll have clean clothes for tomorrow.  I save for my retirement.  I change the oil so my car will last longer.  Everyone plans to some extent, some plan so much they are living in the future.  This is a problem.  Some plan so little they don't have a chance in the future (like ruining your credit).  There is a just right balance in planning just enough.
778310
At 15, you are just starting out, and the money that you spend wisely is more valuable than the money that you have in the bank.  For example - $1000 in the bank is nice, but better for a 15-year old interested in computers to buy a copy of Macromedia Suite, and learn web design.  Then they can work part-time, doing web design making $40 an hour.\n\nSo what's important is spending your money wisely.  Too many kids spend their money on "disposables", things like clothes, hair, and entertainment.  Some disposable spending is OK, but investing in yourself is better.\n\nInvesting in yourself is something that will make you money in the future, or make it easier to make money.  A car opens up the possibility of a job.  A lawnmower means that you can do people's yards for money.  A video game doesn't give back anything.  \n\nIf your car (and the gas/insurance/maintenance) isn't for a job, you are draining away money.  Using assets to the fullest builds wealth.
734515
Im just about to turn 22 and I have saved about 40k. I try for about 800$ a month, but often find that goal hard to reach. No debts as it stands right now, but things maybe changing shortly. I wasted alot of my income until about a year and a half ago.I think its important for teenagers to learn about finacial responsibility before they waste the first few years going pay check to pay check, I wish I had
77542
For a young person the most important after paying your rent and food are (in order of importance)\n\n1. Major medical coverage\n2. Money in your IRA or 401(k)\n3. Keeping your car up to snuff\n4. Keeping your skills up to snuff\n\nOnce you are married and/or a homeowner, these become:\n\n1. Major medical coverage\n2. 2 years disability income coverage, usually equal to 1/2 to 2/3 your earnings\n3. Your homeowners and mortgage insurance\n4. Your 401 (k)\n5. Your car insurance\n6. LAST - Life Insurance, but not as an investment scheme, just the basic insurance, so your wife can pay off all bills if you suddenly croak and not be in poverty while raising the kids the rest of the way.\n\nNote:  These days BOTH husband AND wife must work, but women will naturally have less employment while in last stage of pregnancy and while properly caring for toddler-to-third grader kids.\n\nThe itemss mentioned BEFORE Life Insurance are there precisely because they are FAR more important than life insurance.\n\nAccident Insurance has many exclusions and limitations.  Only 1 in 10 people die from an accident.  \n\nGet accident insurance ONLY for a particular flight or long trip.\n\nInsuerers get the money for their deep pile rugs and luxurious furnishings by selling lots of accident insurance for people who do not know what I know, which is the far more important ones listed in the correct order above.
190360
no...course i didn't go to college, couldn't afford it.  but "basic education" no longer allows you to provide for yourself and your family.  and now, a degree no longer offers you the financial security it used to, unless you have an Masters.....i just wish i could pay my rented house, utilities, used 17 yr old car and still eat.
626435
It really depends on the situation and the kid.  After school work is a good thing and builds important skills and attitudes for later in life - responsibility, independence, work ethic, entrepreneurship, tc., as long as it is within reason and appropriate work and the student's school work is not adversely affected.  The older the child the more valuable after school work would be.  There is certainly nothing wrong with expecting high school and college students to contribute financially.  Some of the most successful people started thier first jobs as young kids with lemonade stands.
652810
Put enough away to pay for both our kids to go to Ivy League schools through graduate school.\n\nPay off debt of family and our church (which is like family).
189101
In many ways you are right. Education is an investment of time and money that may or may not pay off. If you know you won't be totally committed to college, don't go.
373263
Well, if you save for retirement, you should put your money in an IRA. This helps the economy, which is why you receive tax breaks for doing so. The money you put in the IRA gains interest for yourself, which is good, and can be used in the interim by banks to loan out to consumers, in which the banks make money by charging the interest back to the consumer who initiated the loan. If you are saving money by putting it into any type of bank account, whether it be a CD, saving account, whatever... you are helping the economy. Likewise, if you don't save and just spend, you are helping the economy. If you save your money in a mayo jar and bury it in the backyard, you are not helping the economy, or yourself.
480473
ironically, none...i opened an account for my 2 kids at age 3 & 4...they are now 17 & 18...i wish my parents would have done the same for me...they both have more in their savings than i do at the present time...lol
109715
That is a great question. I have a college education and am living just about paycheck to paycheck because the job I landed out of college happens to be in an extremely expensive area. \n\nMy brother-in-law went into the Marines right out of high school, served for four years, went to Iraq twice, and is now laying hardwood floors for his dad - and is raking it in. He and my sister are doing just fine - BUT they live in a far-less expensive area. \n\nShort answer - beats me how important it is. I guess it depends on what your goals are and what you want to do with your life.
348664
I would say that's fairly adequate, though it all depends on your spending habits. If you save more importantly than you spend, you will do well. Also if you drive further to work it will have a greater impact today than it did several years ago. It also depends on the area to which you plan to live. Cost of living is higher in more busy areas, but Porstmouth is planning a large project on public transportation. If you are careful, you can live comfortably and save for retirement. But you may have to use your savings for unexpected emergencies.\n\nI'd say you're on the bottom of the comfortable class, but it is what you make it.
1154873
Do you live in a community property state? That makes a huge difference. I believe 401Ks are safe, but you ought to check in your state.
182836
They should teach them about the responsible handling of money and credit cards because when I was 18 I went hog wild despite my parent's warning!  I just finished paying those off and I am 25.  I could have done a lot of saving in that time!