I Have 4 Kids and Make $85k But My Husband Doesn’t Work. How Do I Start Investing So I Can Pay for College?

Financial advisor and columnist Brandon Renfro shares his insights on how to navigate investing and paying for college when you have financial strain.

Dear Ann,

I understand the financial stress you are experiencing due to supporting your household and the impending costs of your child’s college education. It’s crucial to prioritize your own financial stability and retirement amidst these challenges. Seeking help from a counselor or religious leader may also be beneficial.

When it comes to investing, consider starting with passively managed index funds. However, it’s important not to compromise your financial goals, including retirement, while funding your child’s education. Speaking with a financial advisor can provide you with additional guidance in managing your finances and making investment decisions.

In terms of paying for college, there are various affordable educational opportunities such as community colleges and regional universities. It’s essential to evaluate whether it’s necessary for you to divert funds away from your own financial goals to pay for your child’s education. Taking out student loans for professional degrees in high-demand fields may be a suitable option for your child’s education.

Additionally, when it comes to managing your investments, it’s advisable to consider passive investing using index funds. These funds track the overall performance of the stock market without seeking to outperform it. Developing a simple and manageable investment plan and considering potential financial advisor matches can guide you in this process.

Ultimately, it’s crucial to prioritize your own financial health and retirement, especially given the uncertainty surrounding your husband’s employment situation. Seeking professional financial advice through platforms like SmartAsset can provide you with additional support in navigating these complex financial decisions.

Sincerely,
Brandon Renfro, CFP®

SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area. Consider multiple advisors and ask relevant questions before making a decision. If you need advice or have questions on personal finance or tax topics, feel free to email [email protected].

Photo credit: ©iStock.com/LaylaBird, ©iStock.com/damircudic

The post How to Navigate Investing and Paying for College Amid Financial Strain appeared first on SmartReads by SmartAsset.

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Olivia Carter

Olivia Carter revs up excitement in the world of NASCAR. As a dedicated motorsports enthusiast, she covers race results, driver profiles, and the latest developments in the NASCAR world, keeping fans on the edge of their seats.