14. Aim to accumulate enough money to pay for a third of your kids' college costs. You can borrow the rest or use some of your income to help out when your child is in college.
Most parents have trouble saving enough for their retirement. But they still want to help their children pay for college.
In the struggle to feed your 401(k) and your child's 529, the 401(k) should win out. That's because there are no scholarships for retirement and your children have a lot of funding options, including financial aid, loans and a job. They also can go to an excellent, but less expensive school.
And when they're in college, if you have some extra cash after contributing to your retirement accounts, you can help them pay some of their expenses with it.
You don't have to spend a lot of time to put your financial house in order. Money Magazine shows you the easy way. (more)
