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Does anyone NOT save for your kids college?
Posted on 8/14/13 at 2:09 pm
Posted on 8/14/13 at 2:09 pm
Is there anyone here who doesn't believe in saving for your kids college, and not including that as part of your financial plan? If so, why? I've always thought this was the normal thing to do, to the extent that it's a major part of our budget and results in us sacrificing other things.
12
Posted on 8/14/13 at 2:13 pm to meeple
I have 2 kids and the oldest is 3. I haven't started saving with that in mind yet.
Posted on 8/14/13 at 2:19 pm to meeple
Hopefully but I have to say, with a kid on the way, I haven't started thinking about that. My parents didn't go to college. They helped while I was in school but when I graduated, I immediately took over roughly $20,000 in loans. Unfortunately for my kids, between that and my wife's PT loans, we will be playing catch up for a long time and they may be in the same boat. I think by that time we'll be much better off, though.
This post was edited on 8/14/13 at 2:20 pm
Posted on 8/14/13 at 2:21 pm to meeple
My wife forced me to.
Posted on 8/14/13 at 2:31 pm to meeple
1. What if your kid has an IQ of 80? You gonna save for that? See my IT'S FRIDAY thread for the miscreants.
2. My parents were dirt poor. They didn't save for my college. But they told me and older Bro the truth up front. Get a scholarship or don't think about college.
3. Bro was slow. He went ROTC. I worked hard and got 75 full rides. Parents didn't pay a cent for my degree.
4. My son was a slacker from day one. He thought 'D's were great. He went Marines after HS and got some reality. He's doing fine now.
Bottom line...I do not believe in saving for your kids. Let them earn it themselves.
2. My parents were dirt poor. They didn't save for my college. But they told me and older Bro the truth up front. Get a scholarship or don't think about college.
3. Bro was slow. He went ROTC. I worked hard and got 75 full rides. Parents didn't pay a cent for my degree.
4. My son was a slacker from day one. He thought 'D's were great. He went Marines after HS and got some reality. He's doing fine now.
Bottom line...I do not believe in saving for your kids. Let them earn it themselves.
Posted on 8/14/13 at 2:34 pm to Zach
quote:
Let them earn it themselves.
I'm fine with them "earning" it through scholastic and leadership achievements through high school. As long as my future kids appreciate and know the value that I've afforded them, I'm fine with that.
Posted on 8/14/13 at 2:34 pm to Zach
I don't see anything wrong with saving some $$ to help your kids out a little with college, but if they really put their mind to it, they could get all sorts of scholarships, grants, etc...
If you live in LA and aren't going to Tulane or Loyola, TOPS will give you a good chunk of $$. Just get some scholarships to cover the rest and be on your way.
If you live in LA and aren't going to Tulane or Loyola, TOPS will give you a good chunk of $$. Just get some scholarships to cover the rest and be on your way.
Posted on 8/14/13 at 2:36 pm to dcrews
My kid is going to harvard and its free so thats easy.
Posted on 8/14/13 at 2:40 pm to meeple
I try not to treat my savings as a bunch on different things I do in parallel. All savings go into a big pot and all expenditures come out of the same pot. For example I have plenty of money to buy my next vehicle in cash, but I don't have a dime specifically set aside for it. When the time comes to buy another one, I will do it.
Posted on 8/14/13 at 2:43 pm to eelsuee
I think the issue bigger than saving for college is educating them on a few things. First, the importance of high school. My parents didn't push me and I got a 3.0. Good enough for TOPS and nothing more. Then, I thought I'd go to LSU, get a BA in something and people would be flocking to me. Having parents that worked their way up without going to college, they didn't know any better. Little did I know, I could have saved a bunch of money and gotten a PTech degree and been just fine.
Posted on 8/14/13 at 2:50 pm to meeple
No kids, but I have already decided that I will put some money aside in a savings account when I do have kids. I am going to make it understood from a very young age that if my kids do not want to study something practical like science or engineering then I will not help with college. I do not plan on footing anything extravagant either. I will help with instate expenses.
Posted on 8/14/13 at 2:54 pm to pink_lemonade
quote:
if my kids do not want to study something practical like science or engineering then I will not help with college. I do not plan on footing anything extravagant either. I will help with instate expenses.
Agreed
Posted on 8/14/13 at 2:59 pm to pink_lemonade
529 for college tuition and $600 plus xmas and birthday $ currently per year in a student account earning 1.5% at the moment, when started was 2. 3 year old has $2500, 4 month old has $1500.
Remember 529 are pretty strict, make sure you diversify or you could pay heavy taxes.
Remember 529 are pretty strict, make sure you diversify or you could pay heavy taxes.
Posted on 8/14/13 at 3:25 pm to meeple
I plan on starting to save for my daughter's college as soon as I finish paying for mine.
Posted on 8/14/13 at 3:36 pm to meeple
quote:
Does anyone NOT save for your kids college?
We did not save a dime specifically for college. Paid for it out of income. Of course, we took no vacations for 4 years and pretty much no discretionary spending. Son had about 25 grand in scholarships.
It is amazing what one can do when you have no mortgage and don't have a yard full of SUV's.
Posted on 8/14/13 at 5:16 pm to meeple
Not a penny.
Posted on 8/14/13 at 5:58 pm to barry
quote:Just so you'll know:
I have 2 kids and the oldest is 3. I haven't started saving with that in mind yet.
Average cost to raise a kid: $241,080
and . . . . the estimated cost of college
Sorry . . . .
Posted on 8/14/13 at 6:12 pm to meeple
No, I figure with what I am paying for her high school, she better get TOPS.
Posted on 8/14/13 at 7:38 pm to TigerintheNO
i wont save a dime. instead i will teach my son how to be a business owner. simple as that. college is ove rated. to the extent you become a worker drone and work your entire life to eventually retire at 50-55 and cant do shite with all that retirement since your too old to enjoy it.
Posted on 8/14/13 at 7:53 pm to brbowhunter
quote:
retire at 50-55 and cant do shite with all that retirement since your too old to enjoy it.
How old are you?
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