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re: A Fundamental Question: To Support Your Child's Post-Secondary Education or Not?
Posted on 6/27/13 at 8:02 am to ClownQuestionBro
Posted on 6/27/13 at 8:02 am to ClownQuestionBro
One of my MBA classmates is a pretty succesful financial advisor and I asked him the same question a year ago. In short, heres what he says...
He sees hundreds of people each year that sacrifice their own retirement/golden years by financing their childrens education. He explicitly says "NO" to paying for college unless the monies you spend would be considered disposable income and that you can live comfortably for 20-22 years off the money you've saved for your own retirement. He also believes there is a moral hazard associated with paying for college. In his mind it sends the message that there are "free rides in life" and that his observation has been that children that pay their own way tend to take their education more seriously.
As it worked out, I felt largely the same way and I havent financed my childrens education. If between now and then I have a winfall I'll consider it, but I did it on my own and expect they will too...
He sees hundreds of people each year that sacrifice their own retirement/golden years by financing their childrens education. He explicitly says "NO" to paying for college unless the monies you spend would be considered disposable income and that you can live comfortably for 20-22 years off the money you've saved for your own retirement. He also believes there is a moral hazard associated with paying for college. In his mind it sends the message that there are "free rides in life" and that his observation has been that children that pay their own way tend to take their education more seriously.
As it worked out, I felt largely the same way and I havent financed my childrens education. If between now and then I have a winfall I'll consider it, but I did it on my own and expect they will too...
This post was edited on 6/27/13 at 8:04 am
2
Posted on 6/27/13 at 8:12 am to wiltznucs
I'm thinking the same thing. I pay some if they do well at the time they attend.
I was all good with the idea until I read it hurts their ability to get loans for school. That part scares me.
I was all good with the idea until I read it hurts their ability to get loans for school. That part scares me.
Posted on 6/27/13 at 8:15 am to wiltznucs
We've talked about paying up to whatever the then-current tuition for public universities is. Anything beyond that is, imo, a luxury. They can go to Swarthmore if they want but they will have to have skin in the game.
I'm bookmarking this thread so in two decades I can come back & laugh at my naivite.
I'm bookmarking this thread so in two decades I can come back & laugh at my naivite.
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