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re: 22 year old blows 90k for college, blames Parents

Posted on 7/17/15 at 10:48 am to
Posted by lsu480
Downtown Scottsdale
Member since Oct 2007
92877 posts
Posted on 7/17/15 at 10:48 am to
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 by GreatLakesTiger24
One State Solution
Member since May 2012
56052 posts
Posted on 7/17/15 at 10:48 am to
ok
Posted by SabiDojo
Open to any suggestions.
Member since Nov 2010
84091 posts
Posted on 7/17/15 at 10:49 am to
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.
This post was edited on 7/17/15 at 10:50 am
Posted by TH03
Mogadishu
Member since Dec 2008
171114 posts
Posted on 7/17/15 at 10:49 am to
I'm 26 and I've been working full time since I was 19
Posted by SabiDojo
Open to any suggestions.
Member since Nov 2010
84091 posts
Posted on 7/17/15 at 10:51 am to
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 by cas4t
Member since Jan 2010
70992 posts
Posted on 7/17/15 at 10:53 am to
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.

Posted by SoFla Tideroller
South Florida
Member since Apr 2010
30557 posts
Posted on 7/17/15 at 10:54 am to
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.
Posted by GreatLakesTiger24
One State Solution
Member since May 2012
56052 posts
Posted on 7/17/15 at 10:57 am to
I'm posting from my internship office.

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 by Poodlebrain
Way Right of Rex
Member since Jan 2004
19860 posts
Posted on 7/17/15 at 10:57 am to
quote:

“[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.”
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?
Posted by OMLandshark
Member since Apr 2009
110132 posts
Posted on 7/17/15 at 10:58 am to
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 by tiggerthetooth
Big Momma's House
Member since Oct 2010
61514 posts
Posted on 7/17/15 at 11:08 am to
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 by NYCAuburn
TD Platinum Membership/SECr Sheriff
Member since Feb 2011
57002 posts
Posted on 7/17/15 at 11:10 am to
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 by SabiDojo
Open to any suggestions.
Member since Nov 2010
84091 posts
Posted on 7/17/15 at 11:14 am to
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 by Dan Bilzerian
..on my yacht or jet.
Member since Dec 2014
1864 posts
Posted on 7/17/15 at 11:15 am to
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 by Dire Wolf
bawcomville
Member since Sep 2008
36848 posts
Posted on 7/17/15 at 11:20 am to
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 by cas4t
Member since Jan 2010
70992 posts
Posted on 7/17/15 at 11:21 am to
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.
This post was edited on 7/17/15 at 11:22 am
Posted by AUCE05
Member since Dec 2009
42585 posts
Posted on 7/17/15 at 11:23 am to
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 by 9th Green At 9
From where they make gumbo at
Member since Jul 2015
2954 posts
Posted on 7/17/15 at 11:25 am to
I still hate you
Posted by OMLandshark
Member since Apr 2009
110132 posts
Posted on 7/17/15 at 11:27 am to
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 by brodeo
Member since Feb 2013
1850 posts
Posted on 7/17/15 at 11:27 am to
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!
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