If you’ve been on a flight - ever - basically, you’ve heard the safely briefing flight attendants have memorized by heart. Heck, maybe you fly so much you feel like you’ve memorized it too! It goes through all of the standard procedures such as how to properly buckle your seatbelt, to keep your seat in the fully upright position (though I’m not sure what difference the 1 inch recline will make), how your seat can be used as a flotation device, and to be sure to put on your mask should there be a decline in cabin pressure before assisting anyone else. When there are videos of this demonstration, it typically shows a mother putting on her mask and then assisting her child sitting next to her.
This example of getting yourself taken care of first actually has a really interesting parallel when it comes to deciding whether to put away money for your retirement or for your child’s education. When it comes to aviation safety, parental instincts may tell you that you need to help your child right first, but the fact is you can’t help anyone if you’re unconscious due to lack of oxygen. And realistically, it's unlikely a child could assist you in such a situation.
The same applies to your money for retirement! While we encourage you to save for yourself and for your child’s higher education, the repercussions of not saving enough for retirement are devastating and the repercussions of not saving enough for college are far less; they will have options and time! Put your mask on first.
Your child may be able to get generous scholarships, assistance from other family members or be able to utilize loans to help pitch in for their education; but in retirement, you’re basically subject to all of the planning you did previously to set yourself up for this phase of life.
In sum, make sure you’ve put your finances in order before assisting anyone else to ensure your safety and well-being. If you’re unsure whether your contributions towards your retirement and other endeavors are weighted properly for your goals, don’t be shy, set up a time on our calendar below to discuss!
