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re: The wife and I made a difficult decision this weekend
Posted on 8/13/18 at 10:26 am to Ex-Popcorn
Posted on 8/13/18 at 10:26 am to Ex-Popcorn
quote:
No one is disagreeing with this. But, midway through this thread, people started arguing that the kids are better off doing it on their own with loans.
Every kid is different, so this will in fact be true for some kids. Some it will most certainly not. No way to know. Everyone's rationale is unique.
Its why we are pushing 19 pages on this thread
Edit - hit 19 pages
This post was edited on 8/13/18 at 10:28 am
0
Posted on 8/13/18 at 10:33 am to PrivatePublic
Dinpay nuffin
When some smart millennial makes you retire to raise profits you’re gonna hafta go to the welfare nursing home with the other boomers that wasted their money on frivolous things because your kids will be too poor because they couldn’t go to college
When some smart millennial makes you retire to raise profits you’re gonna hafta go to the welfare nursing home with the other boomers that wasted their money on frivolous things because your kids will be too poor because they couldn’t go to college
Posted on 8/13/18 at 10:42 am to slackster
quote:
Have you seen tuition projections?
Yes, I have and they are dumb, for a myriad of reasons, but the underlying reason is that it was artificially low and as states rescind funding tuition has gone up. To assume that they will continue to grow at those rates is poor economic analysis imo. Tuition and fees can only go up to a certain rate until it is deemed that college isn't worth it. IMHO that is about 1 year of salary.
quote:
Getting out of a state school for $40k is incredibly unlikely 15 years from now.
Why would my kid go out of state for undergrad. They can do like everyone else,
1. get scholarships for out of state.
2. get that instate degree for cheap and go to a prestigious college for grad school.
Posted on 8/13/18 at 10:48 am to Statestreet
quote:
Start a 529 early for each kid and direct deposit some cash each month
I don't get this, so at 35 i make far more than i did at 25 and I assume that will continue to grow. Why do I take my most scarce resource "cash flow" and siphon it off today to pay for what may or may not be an expense tomorrow? I rather spend what I want today, put in savings and investment what I want, and use my hopeful future income to pay for my child's education, and look at it as an expense. I mean college tuition can't be more than daycare. I rather have that money invested in my diversified portfolio than in some 529 plan. I will have to pay the taxes on the interest earned, but so what.
Posted on 8/13/18 at 10:49 am to PrivatePublic
quote:
Any chance this bubble bursts in the next few years and we can change our minds?
I think so. The internet has really made it easy to access an education.
Also, the White House is pushing for Colleges to disclose how much each degree gets in income and debt on average. This will go a long way to popping the bubble.
Posted on 8/13/18 at 10:57 am to Lsuhack1
quote:
Why would my kid go out of state for undergrad. They can do like everyone else, 1. get scholarships for out of state. 2. get that instate degree for cheap and go to a prestigious college for grad school.
I should have phrased that differently.
I wasn't talking about an out of state school. I was saying it would be difficult to get out of an in state school for only $40k. Hell, LSU would eat that up in 2 years at today's costs.
Posted on 8/13/18 at 10:59 am to slackster
quote:
I wasn't talking about an out of state school. I was saying it would be difficult to get out of an in state school for only $40k. Hell, LSU would eat that up in 2 years at today's costs.
LSU is in-state: $11,374
That is with 0 assistance no tops no assistance. My daycare bill right now is 10,368 a year.
This post was edited on 8/13/18 at 11:01 am
Posted on 8/13/18 at 11:00 am to Lsuhack1
quote:
LSU is in-state: $11,374
That is with 0 assistance no tops no nothing.
That's just tuition. Slack is talking total cost.
Posted on 8/13/18 at 11:02 am to LNCHBOX
quote:
That's just tuition. Slack is talking total cost.
Right so if he gets a job making $10 an hour for 20 hours a week that is 860 a month he makes, and then not throwing in any scholarships or breaks or whatever.
My point is that you can't throw in one side without throwing in the other.
Posted on 8/13/18 at 11:04 am to Lsuhack1
quote:
Right so if he gets a job making $10 an hour for 20 hours a week that is 860 a month he makes
Not paying taxes on that money?
quote:
My point is that you can't throw in one side without throwing in the other.
When saving for college, you can't assume any of that though.
ETA: Ha, one of those guys from earlier is downvoting all my posts now
This post was edited on 8/13/18 at 11:11 am
Posted on 8/13/18 at 11:06 am to TheIndulger
quote:
Is it just me or does it seem crazy that the new normal is to support your kids for another 4+ years after they graduate high school?
FedGov says they can stay on your health insurance until age 27, so, that seems like the new cut-off age, right?
Posted on 8/13/18 at 11:13 am to Lsuhack1
quote:
Right so if he gets a job making $10 an hour for 20 hours a week that is 860 a month he makes, and then not throwing in any scholarships or breaks or whatever. My point is that you can't throw in one side without throwing in the other.
Well yeah, I'm talking about the difficulty paying for the entire amount for your child.
Posted on 8/13/18 at 11:16 am to LNCHBOX
quote:
Not paying taxes on that money?
standard deduction is 12k he makes that money....... thats less than 12k so he would have to pay ~700 in ss. really getting in the weeds here.
Posted on 8/13/18 at 11:18 am to slackster
quote:
Well yeah, I'm talking about the difficulty paying for the entire amount for your child.
Which my point is that it looks far worse on paper than in reality.
between scholarships, them having a job, and etc... I don't see why it can't just be an expense most people pay monthly. and why people feel this huge urge to save for things that might not happen in a less efficent method.
Posted on 8/13/18 at 11:22 am to Lsuhack1
quote:
standard deduction is 12k he makes that money....... thats less than 12k so he would have to pay ~700 in ss. really getting in the weeds here.
It still comes out your check. You're not gonna take home anywhere near $800 a month on $200 a week.
Posted on 8/13/18 at 11:28 am to Lsuhack1
quote:
Which my point is that it looks far worse on paper than in reality. between scholarships, them having a job, and etc... I don't see why it can't just be an expense most people pay monthly. and why people feel this huge urge to save for things that might not happen in a less efficent method.
Yeah there are multiple people in here arguing different points.
I don't disagree with your point.
Posted on 8/13/18 at 11:30 am to PrivatePublic
Good for you.
The worst thing you can do for your children is be a financial burden ON THEM when you are old.
Kids who have to work through college take it more seriously anyway (i didn't work in college but I did pay for college all on my own). There are other options to earn a living w/out debt if need be.
The worst thing you can do for your children is be a financial burden ON THEM when you are old.
Kids who have to work through college take it more seriously anyway (i didn't work in college but I did pay for college all on my own). There are other options to earn a living w/out debt if need be.
Posted on 8/13/18 at 11:31 am to PrivatePublic
Just tell them to pay their way through college, I did. It's better to take 7-8 years with no student loans than 4-5 with. I have friends that will be paying for them until they are 40.
Posted on 8/13/18 at 11:31 am to PrivatePublic
So in other words, you refuse to sacrifice for your kids education? Try not being so fricking selfish and give your kids a chance for a better life. You probably has the money but you and your wife blew it on stupid shite for yourselves.
Posted on 8/13/18 at 11:35 am to notsince98
This thread has been fascinating.
I think for me, there's no reason for parents to sacrifice their own well-being for their kids' tertiary education. As many have pointed out already though, it's most likely the case that the parents did not plan well enough to provide their kids with money or resources past high school graduation. I've chronicled my own financial difficulties on this site for a few years now, and I'll still hit my retirement goals and provide $120k for each of my kids to use for college. And that's on two teacher salaries plus the side income of a musician. So for those saying they just simply had no way, I have to think that some decisions were made along the way that set them back.
What's concerning to me is that there seems to be a large group here that believes parenting stops once a kid turns 18. I still value the guidance and help my parents are willing to give me, and I'm 33. I hope that I will still be able to and willing to do the same for my kids. To think that forcing adversity and hardships on young adults is the best way to prepare them for the real world is a terrible mindset to have.
I think for me, there's no reason for parents to sacrifice their own well-being for their kids' tertiary education. As many have pointed out already though, it's most likely the case that the parents did not plan well enough to provide their kids with money or resources past high school graduation. I've chronicled my own financial difficulties on this site for a few years now, and I'll still hit my retirement goals and provide $120k for each of my kids to use for college. And that's on two teacher salaries plus the side income of a musician. So for those saying they just simply had no way, I have to think that some decisions were made along the way that set them back.
What's concerning to me is that there seems to be a large group here that believes parenting stops once a kid turns 18. I still value the guidance and help my parents are willing to give me, and I'm 33. I hope that I will still be able to and willing to do the same for my kids. To think that forcing adversity and hardships on young adults is the best way to prepare them for the real world is a terrible mindset to have.
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