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Which account of yours is bigger...children's college education fund or your retirement account.
My retirement is about 6x the size of kids college.
I'm telling my kids like my mother told me...
"All I got for you is good advice/recommendation and a good plate of food for you, I will not be contributing a dime to your college education, but advice"
I am not saving for my kids college education. I obtain my engineering degree and paid all the debt back on my own. They will have to do the same if the follow my advice. I will offer the best wisdom a college education can offer.
If this is your argument, you need to cut back on your lifestyle. The reason is simple: If you can't contribute to their college and your retirement both, then how do you expect THEM to contribute to their college and their retirement both (that is, contribute to retirement account(s) and repay student loans)?
Unless they are going into a field with higher starting salaries than your current salary, the idea of using the need to save for retirement as a reason not to fund their college is nothing short of devilishly selfish, to be quite frank. Cut back on housing, food, car, vacation, whatever, not on saving for college or retirement!
My parents never saved a dime for me or my brother's college funds . They are somehow selfish people? At the prices of college nowadays your average Joe can't save 100k for college for one child let alone two or more. They can borrow if they desire. Someone who is 65 can't borrow 30k fron the government.
I agree with another poster.....entitlement issues. Your parents deserve a retirement after working for 40-50 years. They took care of you by providing a house to live in and hopefully taught you responsibilities among other things growing up. If that means they can only save for retirement just be glad they are still alive to see you graduate college or for them to see grandchildren someday.
I don't know anyone who is upset because their parents saved for retirement instead of savings for college funds.
Colllege debt is hard to pay when your young. Do you think saving for college funds AND retirement is easier?
My parents never saved a dime for me or my brother's college funds . They are somehow selfish people? At the prices of college nowadays your average Joe can't save 100k for college for one child let alone two or more. They can borrow if they desire. Someone who is 65 can't borrow 30k fron the government.
I agree with another poster.....entitlement issues. Your parents deserve a retirement after working for 40-50 years. They took care of you by providing a house to live in and hopefully taught you responsibilities among other things growing up. If that means they can only save for retirement just be glad they are still alive to see you graduate college or for them to see grandchildren someday.
I don't know anyone who is upset because their parents saved for retirement instead of savings for college funds.
Colllege debt is hard to pay when your young. Do you think saving for college funds AND retirement is easier?
Get a clue.
I agree. I owe my kids nothing after age of 18 but my love, wisdom, hot plate of food, and the best advice money can buy.
I am teaching them now to make good decisions in life and obtain a quality education. That include target scholarships and learn how to study for exam/test.
Unless, I win they lottery, I will not paying their college education. Why I am not saving for their college Education? Because I rather focus on my retirement and reduces my own debt. I paid my college in full myself. They will have to do the same.
If this is your argument, you need to cut back on your lifestyle. The reason is simple: If you can't contribute to their college and your retirement both, then how do you expect THEM to contribute to their college and their retirement both (that is, contribute to retirement account(s) and repay student loans)?
Unless they are going into a field with higher starting salaries than your current salary, the idea of using the need to save for retirement as a reason not to fund their college is nothing short of devilishly selfish, to be quite frank. Cut back on housing, food, car, vacation, whatever, not on saving for college or retirement!
My responsibility to my kids is to raise them with morals, discipline, responsibility, good attitude, good work ethic.
I provide a room for them, food, love, clothes, trips, etc. etc. and some. Saving for their college tuition is not my priority. Helping them become successful is college in my priority.
Each of us will have different perspectives about what our parental responsibilities are or aren't. As much as I wish there was a manual on the do's and don'ts of parenting there just isn't one... too many variables.. yours and your kids'. I grew up in a family that didn't second-guess paying for college educations and going to college was as expected as learning to tie shoe laces or make a bed. They definitely could afford it, but they ended up paying for many extra years and courses because they had failed to consider if I was really ready or desiring of a college education. I didn't even get a choice in where I could attend school and it was only in hindsight that they realized that the small, expensive private liberal arts college would have been a more appropriate academic vehicle than the one of the largest freshman classes in history of one of the largest public higher ed institutions in the country. I've learned from my parents' mistake in that I will pay for college educations, but the kids are going to have to demonstrate that they are both willing and able to go to college. I will need to see good grades, earnest effort and lots of dialogue. I need to have their opinions on their future.. know their fears and concerns and know what makes them excited and hopeful. It's my choice to continue to support them after they turn 18, but I don't really have opinions about those who don't.
I agree. I owe my kids nothing after age of 18 but my love, wisdom, hot plate of food, and the best advice money can buy.
I am teaching them now to make good decisions in life and obtain a quality education. That include target scholarships and learn how to study for exam/test.
Unless, I win they lottery, I will not paying their college education. Why I am not saving for their college Education? Because I rather focus on my retirement and reduces my own debt. I paid my college in full myself. They will have to do the same.
In the end I think that is what most kids (when they become adults) will remember and want in a parent. Sure helping in college funds would be great, but most kids when they get older will remember those life lessons and be happy their parents are still alive not pissed because they didn't get a free ride through college.
03-15-2014, 10:37 PM
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n/a posts
Quote:
Originally Posted by packer43064
My parents never saved a dime for me or my brother's college funds . They are somehow selfish people? At the prices of college nowadays your average Joe can't save 100k for college for one child let alone two or more. They can borrow if they desire. Someone who is 65 can't borrow 30k fron the government.
I agree with another poster.....entitlement issues. Your parents deserve a retirement after working for 40-50 years. They took care of you by providing a house to live in and hopefully taught you responsibilities among other things growing up. If that means they can only save for retirement just be glad they are still alive to see you graduate college or for them to see grandchildren someday.
I don't know anyone who is upset because their parents saved for retirement instead of savings for college funds.
Colllege debt is hard to pay when your young. Do you think saving for college funds AND retirement is easier?
Get a clue.
Gotta love it. You tell the poster to get a clue immediately after making a statement that agrees with the point of the post.
We plan on covering all of our children's educational expenses, and that includes graduate/professional school should they have the ambition and opportunity to continue on after undergrad. We haven't found any 529 plans that we like, so we continue to use the same investment accounts to save for both college and retirement.
Gotta love it. You tell the poster to get a clue immediately after making a statement that agrees with the point of the post.
Are you on drugs?
If you want to save for college funds go ahead. All I'm saying is that if you had to choose between the two I would recommend retirement over the college funds.
It is that simple. Woukd you rather have your parents living in the gutters or your college bills paid if the parents couldn't do both? I think after 18 years of keeping a roof over my head I won't get all entitlement on them and wish they had saved 100k for my college fund.
If you want to save for college funds go ahead. All I'm saying is that if you had to choose between the two I would recommend retirement over the college funds.
It is that simple. Woukd you rather have your parents living in the gutters or your college bills paid if the parents couldn't do both? I think after 18 years of keeping a roof over my head I won't get all entitlement on them and wish they had saved 100k for my college fund.
Correct. My mom was single parent. She would probably laugh her a$$ off had I ask her pay for college. No deal for my kids either. There will be no hand outs. Work your butt off and pay for it all yourself.
I am done with this topic.
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