There is no law that I know of that says parents have to pay for their kids’ college. As far as I know it is optional. We have told our kids for years that they need to pay for college if they want to go to college.
Some people ask the question if they would be better off investing in their own IRA rather than investing in their companies 401K plan? If your company doesn’t have a matching 401K plan then maybe that is for you. But what I see is that a lot of people lack discipline. What is nice about a company 401K is that it is coming out of their paychecks without any effort from them. They can just get used to seeing what their net check amount is to live on.
When I worked for a company year’s back, they required every employee in the corporate office that was on the bonus plan needed to do continuing education to qualify for up to 25% of their Bonus Potential.
This may not apply to your situation if you are currently debt free. Chances are though you may have someone you know that you could possibly help with this Mills Way to Financial Freedom rule. We taught this to our kids so if something happened and they found themselves in debt during their adult kids they would have the skills to get debt free fast. Of course, depending on how much debt they may fall into.
Mom video from 2013
Coronavirus in April hurt the Business world. Pretty much every state was shut down. Now in May 35 states have some plans on reopening slowly and 15 are staying shut down longer. In Arizona they have us being shutdown till May 15th.
April is over and one of the worst months of my life. On my Birthday my Mom went to Heaven to be with my Dad. She got coronavirus about 7 days before she lost her battle. She will be deeply missed from our family plus many other people that she touched their lives.
Back in 1990 I think I got our first will done and it was a pretty simple Will at the time. Now the older we get we have revised our Will and other documents for Estate Planning and final decisions more often. We have done new wills twice now in the last six years.
Mary Ann Mills. 7-10-1933 to April 29, 2020. Died at 1:25 AM. Married to Donald John Mills on May 20, 1951 and was married for 57 years until my Dad passed away on August 6, 2008. They had an awesome Daughter named Connie Clemons and the best ever son named Bruce Mills.
Whether someone wants to get their debt paid off or if they want to really focus on investing for their Financial Freedom goals then this might help. We told the boys that if we would have tried to live off our old wages and just saved all raises and bonuses, we ever received we could have reached our Financial Freedom goals even soon.