Yes, you read it correctly. There are some very good reasons not to save for your children’s college. Some, very, very, very good reasons not to save. People sometimes mix consumerism with the internal desire to give their children a better life with their own sublimations and misjudgements and end up thinking that they are responsible for doing everything themselves. In turn, they end up bankrupting themselves and doing their children a disservice.
Parents DO have responsibilities in their relationship with their children. I think that parents must:
- Take care of themselves, physically, spiritually, and emotionally.
- Build and maintain relationships with friends and family that are both functional and loving.
- Strive to improve themselves and their fortune.
- Model the behavior that they expect their children to follow.
- Discipline their children to ensure that they do.
Everything else is details!
If you notice, there isn’t anything there that says you have to be able to send your children to the best private college and let them live the high life. You might need to look at the best college values and your children might need to work. Deal with it!