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re: 22 year old blows 90k for college, blames Parents
Posted on 7/17/15 at 10:48 am to jmarto1
Posted on 7/17/15 at 10:48 am to jmarto1
quote:
I blame a little bit on parenting here. I blame a lot on our education system by not teaching these kids anything about personal finance in high school.
I blame them both equally but I agree it's messed up that a lot of kids have to face the world not knowing how things like credit work. For example in college I had a ton of money and also had a credit card. Well I would use it for stuff and just pay it off every 3 months or so because I didn't care about late fees and I thought they would like getting extra money, I had no clue about lates on a credit report. I fricked my credit for years over lates on a tiny credit card while I had over 6 figures in the bank for most of that time
Posted on 7/17/15 at 10:49 am to OMLandshark
I worked full time through college and I wouldn't want my kids to do the same. I would prefer they work part-time and get involved in other extra-curricular activities. Meet new people and find new interests.
Not every child who doesn't work in college is a spoiled brat.
Not every child who doesn't work in college is a spoiled brat.
This post was edited on 7/17/15 at 10:50 am
Posted on 7/17/15 at 10:49 am to SabiDojo
I'm 26 and I've been working full time since I was 19
Posted on 7/17/15 at 10:51 am to TH03
It's tough, for sure. You took a different route which is commendable and has worked out for you. You also have great parents who raised you right.
Posted on 7/17/15 at 10:53 am to SabiDojo
said the exact same thing on the last page
I know plenty of people from college who didn't work during the semester who are doing very well in their post-college careers. They're good people. They focused on getting internships and summer jobs that were relative to their field of study, which boosted their resume' immediately.
I know plenty of people from college who didn't work during the semester who are doing very well in their post-college careers. They're good people. They focused on getting internships and summer jobs that were relative to their field of study, which boosted their resume' immediately.
Posted on 7/17/15 at 10:54 am to TH03
Hell, my sons are 25 & 22 and when they were young I made them do chores. When the other kids would come down the street and ask, "Can Son#1 or Son#2 come out and play?"
"No, they're doing chores"
They would act like the c-word was in Greek or something. That word didn't even register with them.
"No, they're doing chores"
They would act like the c-word was in Greek or something. That word didn't even register with them.
Posted on 7/17/15 at 10:57 am to cas4t
I'm posting from my internship office.
I'll let someone else wait tables or work a student job for $7.50.
I'll let someone else wait tables or work a student job for $7.50.
This post was edited on 7/17/15 at 10:58 am
Posted on 7/17/15 at 10:57 am to lsuhunt555
quote:So she wants to use her parents' retirement money for her education. Is she going to replace her parents' retirement income after she finishes her education? Or will she make the excuse that she didn't budget for it because her parents didn't teach her to do so?
“[My parents] said there was nothing they could do for me. They’re not being honest with me saying they don't have [money] because my dad has worked for like a million years and they have a retirement account.”
Posted on 7/17/15 at 10:58 am to SabiDojo
quote:
I worked full time through college and I wouldn't want my kids to do the same. I would prefer they work part-time and get involved in other extra-curricular activities. Meet new people and find new interests.
I'm not saying full-time, I'm saying part-time. Plus it's good for a resume to say you worked during college.
Posted on 7/17/15 at 11:08 am to lsuhunt555
Wow, does anyone know it she was at a private or public school? If she was at a private school then it doesn't seem as bad, but if she was paying public school tuition then good riddance, that would take some effort.
Posted on 7/17/15 at 11:10 am to lsuhunt555
quote:
she had managed to blow through a $90,000 college fund
quote:
no way to cover her remaining $20,000 tuition balance.
Well in reality she blew through 30k since the other 60k went to the three previous years of tuition. Thats 10k a year to live off of after tuition.
So really she didnt have a spending problem or blow through anything, sounds like they didnt realize that college was going to cost more than 90k where she attended
Posted on 7/17/15 at 11:14 am to tiggerthetooth
quote:
Wow, does anyone know it she was at a private or public school? If she was at a private school then it doesn't seem as bad, but if she was paying public school tuition then good riddance, that would take some effort.
Private school is more than 90k, I would think
Posted on 7/17/15 at 11:15 am to lsuhunt555
quote:
They’re not being honest with me saying they don't have [money] because my dad has worked for like a million years and they have a retirement account.”
A retirement account for their retirement, not for free-loading kids who can't take responsibility for their own actions.
Posted on 7/17/15 at 11:20 am to cas4t
quote:
I know plenty of people from college who didn't work during the semester who are doing very well in their post-college careers. They're good people. They focused on getting internships and summer jobs that were relative to their field of study, which boosted their resume' immediately.
more people than not, but I would not recommend it. Even some bs desk job at whatever college looks better than nothing.
Posted on 7/17/15 at 11:21 am to Dire Wolf
Working at the library or front desk at the dorms or something, yea. That's fine I guess. On campus jobs are flexible and know, obviously, that school comes first.
The people I know that did those jobs just studied the whole time while at work.
The people I know that did those jobs just studied the whole time while at work.
This post was edited on 7/17/15 at 11:22 am
Posted on 7/17/15 at 11:23 am to lsuhunt555
For every dumb arse gen X or Mil like this, there is probably 5 baby boomers with no retirement funds, and will depend on the gov to support them.
Posted on 7/17/15 at 11:27 am to cas4t
To be honest, that's the kind of job I had while in college. Had a great job on campus until some coke headed POS came in and fricked over his subordinates.
Posted on 7/17/15 at 11:27 am to lsuhunt555
Well, lets think about this. She had $90,000. Her tuition is $20,000/year. Now, right off the bat, she already dropped $60,000 on tuition. That means that she spent roughly $10,000/year on living expenses assuming that her college fund was her only source of money. That's really not unthinkable. That means her rent, food, school supplies, books, gas for her car, insurance, cell phone bill, utilities, ect averaged out to $834/month. That's really not outrageous for a college student. Sure, she probably could have done better with more budgeting, but think of it this way:
Assuming the college fund was her only source of income, her tuition was a total of $80,000. Already, almost 90% of her college fund is gone, right off the bat. That only leaves $10,000 to live off of for 4 years. That's only $208/month for books, food, housing, utilities, ect. That's impossible. Van's down by the river have higher rent than that.
This means that she would have either had to work a substantial number of hours while in school or have her parents pay for even more!
Assuming the college fund was her only source of income, her tuition was a total of $80,000. Already, almost 90% of her college fund is gone, right off the bat. That only leaves $10,000 to live off of for 4 years. That's only $208/month for books, food, housing, utilities, ect. That's impossible. Van's down by the river have higher rent than that.
This means that she would have either had to work a substantial number of hours while in school or have her parents pay for even more!
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