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We paid for our children's undergraduate education (they mostly chose state schools) and expected them to work for spending money. They graduated debt-free. One wanted a car, so we gave him one of our old ones.
I guess it's not surprising but somewhat disheartening that only about a third of the responses mention the kids actually having part time and summer jobs and learning how to be responsible to an employer as they save for school. I've hired hundreds of people and would always look for someone with prior work experience over the one who idled the summers away.
I agree. Although if someone would've handed me a car and an education, I surely would have taken it.
But I enjoyed most of my high school and college jobs.
I agree. Although if someone would've handed me a car and an education, I surely would have taken it.
But I enjoyed most of my high school and college jobs.
Some of the happiest kids I know/knew seemed to scraping by at part time jobs and driving bummy looking cars. I think sometimes a little struggle in life can make us better more appreciative people.
i'm asian and our tradition is to pay for our children's entire college education and buy them their first car. that's a lot of money a parent has to save. do you plan to do the same?
Frankly, I think this is a wonderful tradition. The money doesn't all have to be saved. Scholarships and other grants can help with cost.
It does slay me that some parents think nothing of paying for a car, but come up with all sorts of rules about what they will and won't pay for college.
i'm asian and our tradition is to pay for our children's entire college education and buy them their first car. that's a lot of money a parent has to save. do you plan to do the same?
Kids learn a lot of life lessons paying own college and paying own bills. I paid own college, took out zero loans, paid own car and paid my Mom rent and helped with bills during college.
Parents did not pay a nickle for any kids schools and all four kids have Masters degree. Heck my sister was Valedictorian of Queens college while working full time during school and completed her Masters Degree when she was 21 years old. Double major undergrad, double major grad and was published at 20.
My old Girlfirend lived in a three million dollar house and scrubbed toliets during college to pay her own tuition. Parents believed in a work ethic.
It was very hard to do and I am going to break down and pay my kids tuition but I have mixed feelings about it.
Then again I worked full time at Barclays bank at 18 while doing 18 credits in college at same time and belonged to a Frat. I only slept like 3-4 hours a night for four years.
I think it's reasonable to pay for their education while having them pay for their own car.
I'm not Asian....my parents paid for about 75% of my education and also bought me my first car. however the car was about 8 years old and not very costly. I consider myself fortunate.
My wife and I have set aside resources (and they are growing) to fund for 100% of my son's education. This 529 investment is after maxing out our 401Ks, IRAs and HSAs, and contributing sufficiently to our savings and taxable investment accounts. I am hoping he does well in his school so he gets into college on a scholarship, but we would not have any problems funding 100% of his education, if the choice came to (1) a good college without scholarship or (2) average college with scholarship.
Have not really given his first car a thought... ...
My wife and I have set aside resources (and they are growing) to fund for 100% of my son's education. This 529 investment is after maxing out our 401Ks, IRAs and HSAs, and contributing sufficiently to our savings and taxable investment accounts. I am hoping he does well in his school so he gets into college on a scholarship, but we would not have any problems funding 100% of his education, if the choice came to (1) a good college without scholarship or (2) average college with scholarship.
Have not really given his first car a thought... ...
College you go to is not very important. The grad school is more important. In this case take free school and let college funds grow four more years and go get a Harvard MBA or Law Degree or go to Medical School.
College you go to is not very important. The grad school is more important. In this case take free school and let college funds grow four more years and go get a Harvard MBA or Law Degree or go to Medical School.
IMO, one's peers matter. A good college to me is very important as it gives you an opportunity to learn from a high-quality academic staff, as well as mix and learn from class mates with (hopefully) similar interests. I never said the choice was between using the money for Bachelors or Masters. If my son graduates from a good college with a Bachelors, and he needs additional money for his Masters, we will not have any problem funding him.
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