Regular guest and Compass Canada Executive Director Ray Borg joins Dave and Reb in a conversation about planning for our children’s post-secondary education, and what it means financially when aging parents are helping fund their children’s education and mortgages.
According to Ray, Compass Founder Howard Dayton is a strong advocate of saving for post-secondary education and not going into debt. Saving during childhood, and pursuing work between high school and university are good financial choices.
In preparing for post-secondary education, Dave and Reb emphasize the importance of facing your financial situation, and communicating with your children about how, and if, you can help them.
“Our culture puts pressure on parents to pay for education, but it is so important to understand that sometimes you can’t help in ways your heart desires,” Dave says. “Going in debt does not help anyone in the long term, if there is no plan in place.”
There is also a great concern that retirees are taking on more and more debt because they are helping their children and grandchildren, and that is a difficult place to be when your working years are winding down.
All three agree that honesty and conversation are vital in walking through these years with your children.
“Open conversation about money is not always easy, but it is so necessary,” Reb says.
To learn more about this topic, listen to the show or go to www.compasscanada.org to find helpful Biblically-based foundational teaching that you can work through on our own, or in a small group.