Let them know that your job is to provide a roof over the family’s head, make sure there is enough to eat, heat and electricity so everyone can be safe and warm and their job is to get good grades to be eligible for as much aid for school as possible. As long as they know you love them and that you are doing the best that you can for the entire family, they will understand. Explain to them that as long as they do their job, together you will do everything you can to help them fulfill their goals and dreams for the future within your means.
Again if paying for college is unrealistic for you, explain to your children that it is not possible for you to do so because if you do you might end up being a financial burden to them when you retire. Let them know you will do what you can.While the main purpose of financial planning is to have a better future, you also need to make sure you live well today and are comfortable. You won’t stick with any plan that has you feeling deprived and miserable for very long.The next thing a financial plan should include is preparing for a secure retirement.
You need to have plans for maintaining your standard of living, paying for medical care (with the proper insurance in place) and remaining financially independent of your children (by having investments for income) so you will not be a burden to them.Your plan also needs to keep taxes in mind. Have your financial planner look over your taxes now to see if you are paying too little or too many taxes. They can also advise you on which type of investments will be best for you tax wise. Some investments have more tax advantages than others.
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