.NBCNewsBETTER: Spending more on sports with the hope that your child will make it big could have consequences for your finances, particularly your own retirement.
TD Ameritrade also found that sports parents are less likely to save for retirement through a 401 plan or individual retirement account than they were three years ago.
“There is nothing wrong with helping your son or daughter realize their sports dreams, but it definitely shouldn’t come at the expense of your own retirement or understate your family’s needs,” Luber said. The survey showed that sports parents spend twice as much time on their children’s activities than they do on financial planning.To keep your money priorities straight, Luber recommends committing to a plan.and creating savings buckets for each of them — your retirement, your children’s education, vacations and sports, to name a few.Then, have
with your family, so that your children understand the trade-offs of participating in costly sports programs, such as forgoing a family vacation.
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