Don’t you think it’s quaint that Mitt Romney thinks that all Americans need to do to get a college education or start a business is just ask mommy and daddy for the money. Yeah, me too.
Maybe financial advisers for the super rich don’t have to recommend they save for their retirement instead of paying for their children’s college educations.
Unfortunately, this is yet another instance where Mitt Romney clearly doesn’t understand the decisions most Americans have to struggle over. He doesn’t understand that even before the recession Americans weren’t saving enough for their retirement or for their children’s educations. So now, Americans can only save the little money they can spare for their own retirement.
So instead of borrowing for tuition or businesses from their parents, financial planners are telling parents that their children will to have file a FASFA and hope they receive more grants and scholarships than loans. According to Jean Chatzky during a “Today Show” segment, “your retirement trumps their tuition.” In a separate segment, Chatzky advised:
I know, that doesn’t sound especially palatable if you’re a parent…This is one of those times you have to get selfish and, remembering that there is financial aid for college, and Medicare and Medicaid for seniors, fund your own retirement.
If Mitt Romney doesn’t grasp this reality that Americans face, how can he possibly improve our financial situations? These issues aren’t on his radar as his commercial indicates, so he definitely won’t be helping the average American if he was elected!
Here is an article with the same advice:
“The Parent Trap: Pay for Kids College or Save for Retirement?” by Sheryl Nance-Nash for Forbes Woman.