Even if we have to sacrifice everything, we'll put our child through university.
Tips
culture
The image is hyper-literal: in old peasant households, the iron wok was the most valuable household possession. Smashing and selling it as scrap meant truly nothing was left to give.
register
Colloquial and emotionally heavy — implies extreme determination or desperation. Often paired with 也要 ('even so, we must...') or 也在所不惜.