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How are parents today supposed to save money for their children's colleges when they are still paying off their own student loans?
Around and around it goes...
This is exactly the problem. The parents needed to get through college and that was the only way they could do it. It is not, as NJBest put it, "poor planning." That is like saying a car payment or a house payment are poor planning. If financing a car is poor planning than I would never own a reliable car. I can also kiss ever owning a house goodbye. College is an expensive venture (like cars and houses) that most people can't fork over all of the money for right away.
I'm not going to split hairs with you about expensive colleges, you've missed my point entirely. I'm not going to debate unplanned pregnancies as well. The point is, even living within your means does not mean that you can afford to fund someone's college education. I think you need to come down from your ivory tower for a little while.
First. there is no 'splitting hairs'. College is expensive. Period.
Quote:"I'm not going to debate unplanned pregnancies as well."
No one is asking you to do so. Though in a moment of weakness, someone decides to buy an Aston Martin, and they can't afford it... well, that's their problem.
Quote:" The point is, even living within your means does not mean that you can afford to fund someone's college education."
Then don't create the obstacle in the first place.
Quote:" I think you need to come down from your ivory tower for a little while."
Never was in one. Life plan here was to design, build and ship products that benefited mankind. Been that way for 4 generations. College/universities were critical to reach that goal, thus the generations sacrificed so that all children could go to advanced schooling. You know... think smart.
This is exactly the problem. The parents needed to get through college and that was the only way they could do it. It is not, as NJBest put it, "poor planning." That is like saying a car payment or a house payment are poor planning. If financing a car is poor planning than I would never own a reliable car. I can also kiss ever owning a house goodbye. College is an expensive venture (like cars and houses) that most people can't fork over all of the money for right away.
Ok, then it is the grandparents poor planning.
Quote:" If financing a car is poor planning than I would never own a reliable car. I can also kiss ever owning a house goodbye."
That is either a sign of poor occupation decisions, or a lack of qualified skills.
Quote:"College is an expensive venture (like cars and houses) that most people can't fork over all of the money for right away."
You still have not answered my question, so I will repeat it. "When did you start saving for your children's education?" (If you have any). On this end, started when I was straight out of college, so I had over 2 decades to save for it. Avoided the PPPPP.
serfdom yes but more that wonderful moment when dreams hits soul crushing reality. When that English major with dreams of interning/working at Scholostic, Pearson, Norton etc... instead after countless resume and cover and resume and cover letter is competiting with many high school grads for the job at Blockbuster, when the Anthropolgy grad did not get the internship at the local musuem because they are only bringing on 2 interns etc... and instead ends up working at Pier 1 imports, those wonderful moments.
I bet many college grads are expereicnig that right now
Quote:" If financing a car is poor planning than I would never own a reliable car. I can also kiss ever owning a house goodbye."
That is either a sign of poor occupation decisions, or a lack of qualified skills.
Quote:"College is an expensive venture (like cars and houses) that most people can't fork over all of the money for right away."
You still have not answered my question, so I will repeat it. "When did you start saving for your children's education?" (If you have any). On this end, started when I was straight out of college, so I had over 2 decades to save for it. Avoided the PPPPP.
This stuff is NOT rocket science.
I don't have kids so no. I haven't been saving for anyone's college education. If I have them I will do what I can to save. I don't know why I'm biting on this but my curiosity has gotten the best of me. How is financing a car or a house a sign of poor occupation decisions or a lack of qualified skills?
I don't have kids so no. I haven't been saving for anyone's college education. If I have them I will do what I can to save. I don't know why I'm biting on this but my curiosity has gotten the best of me. How is financing a car or a house a sign of poor occupation decisions or a lack of qualified skills?
My point was really simple. Buy what you can afford. Financing a car tends to mean you can't afford it outright. Financing a house is usually a necessity, though, but after a decade or so they all come via cash. Simple enough. A child's college education (well the entire upbringing of them) is really expensive (from a decent school). If the parents do not have the proper occupation decisions or qualified skill, they will be unable to (most likely) pay for it.
Quote:"I don't have kids so no. I haven't been saving for anyone's college education. If I have them I will do what I can to save."
My point was really simple. Buy what you can afford. Financing a car tends to mean you can't afford it outright. Financing a house is usually a necessity, though, but after a decade or so they all come via cash. Simple enough. A child's college education (well the entire upbringing of them) is really expensive (from a decent school). If the parents do not have the proper occupation decisions or qualified skill, they will be unable to (most likely) pay for it.
Quote:"I don't have kids so no. I haven't been saving for anyone's college education. If I have them I will do what I can to save."
Classic example of PPPPP.
Or financing a car means that you have great credit because of sound financial decisions and that your money is earning more in your investments then you are paying in interest on the car loan....
My point was really simple. Buy what you can afford. Financing a car tends to mean you can't afford it outright. Financing a house is usually a necessity, though, but after a decade or so they all come via cash. Simple enough. A child's college education (well the entire upbringing of them) is really expensive (from a decent school). If the parents do not have the proper occupation decisions or qualified skill, they will be unable to (most likely) pay for it.
Quote:"I don't have kids so no. I haven't been saving for anyone's college education. If I have them I will do what I can to save."
Classic example of PPPPP.
I think your last statement is a little ridiculous. The individual said "if" he/she has children. Meaning they are not certain. So why should they save money for a child's education that may or may not exist? If the individual is not a parent...how can they be a PPPPP as you like to say? You have 18 years to save for a child's college education. Putting away 200-300 a month into a 529 for 18 years would be more than enough to support the majority of a child's college education.
Generalizations are never good. An uneducated 18 year old might not have an understanding of the consequences of a student loan while an educated 18 year old would. Chances are that an uneducated 18 year old has uneducated parents as well... thus no real guidance.
If you don't understand the consequences of loans, you aren't ready for college.
Anyways, what many are probably alluding to here is that we need tighter control on student loans to prevent everyone and their mother from taking out incredibly large loans... and I agree.
You forget that most kids and even parents are brainwashed all through school by the system that even if you will only expect to earn $20,000 a year with your degree, you should borrow $150,000 to get it just so that you have it.
It simply doesn't register as a thought with most people even if the math is simple for you and I. They only realize it after, once they are already slaves for life.
I attended a decent college and have a good job.
Advice to kids these days?
Do something that isn't easily outsourced
Do something you can tolerate that earns a good living wage
Evaluate if you really do want children due to the extreme expense of having them (not on the gov't dime)
There is nothing wrong with a trade type job
You forget that most kids and even parents are brainwashed all through school by the system that even if you will only expect to earn $20,000 a year with your degree, you should borrow $150,000 to get it just so that you have it.
It simply doesn't register as a thought with most people even if the math is simple for you and I. They only realize it after, once they are already slaves for life.
I agree with you here. Parents now knowing any better is a problem.
Quote:
Originally Posted by Suncc49
I attended a decent college and have a good job.
Me too! High five!
Quote:
Originally Posted by Suncc49
Advice to kids these days?
Do something that isn't easily outsourced
Do something you can tolerate that earns a good living wage
Evaluate if you really do want children due to the extreme expense of having them (not on the gov't dime)
There is nothing wrong with a trade type job
I agree with everything here except for your first point. I think focusing on something that can easily be outsourced is can be greatly beneficial to ones career. When a job is outsourced it goes to an employer where the individual becomes a product. Since the individual is a product, they will generally yield in competitive pay and receive ongoing training. It's a great way to keep your skills sharp until you go into management.
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