So I was reading this article,"What's so bad about American parents, anyway?". (http://fb.trove.com/fbwapolabs/mobile/me/channels/trending/content/qk3nE?ref=web_canvas&fb_action_ids=3240090996891%2C10150837165788356&fb_action_types=news.reads&fb_source=other_multiline)
It basically compares American Parents to French and Japanese parents.... Interesting read if you refer to the URL above. Anyway, it reminded me of a discussion my husband and I had recently regarding saving for college.
The article speculates that American parents think if they get their child into a good college, they will graduate, get a good job and be happy.
Now I believe in a solid quality education. However, I don't necessarily
believe that a college degree (on its own) is the key to anyone's future happiness.
Let me explain a theory I've been pondering lately. These days, so many young adults graduate without knowing if they will even be able to get a job to pay off their 150-200k in student loans. They stress about credit card bills, car payments, and weather or not they will end up living with their parents forever due to employment uncertainty.
My husband and I plan on helping our girls attend college when the time comes. However, we are not willing to spend our life savings to do so.
In discussing the process in which we plan to save money for two college tuitions, we came up with some very important questions.
Number 1: Do we take on a second mortgage to send our children to college, and relieve them of as much future debt as possible?
Number 2: Do we send our child to an ivy league school (taking on 100s of thousands in debt) if they want to become a school teacher or business major (and not a lawyer or doctor, because plenty of state schools that are more affordable have outstanding programs)
Number 3: Or do we save as much as we can for them (while still saving for our own retirement) and have them take on loans and grants themselves?
You'd think the answer is easy, in my opinion it's complicated and contains shades of grey.
I've learned something over the past year. The bottom line seems to be this: an adult needs a steady income to support their family and put a roof over their heads. People are struggling more now than ever just to own a home and maintain steady employment. Given the economy, people settle for jobs outside of their original career path simply to pay the bills.
My husband and I got to thinking. Perhaps our financial plans should be this: save what we can for our girls to go to school (while they pay the bulk through student loans, grants, and scholarships), and plan to also purchase a starter home for each of them.
Think we are crazy? I ask you to ponder this: If you put your own financial well being in jeopardy to send your children to college (to shelter them from their own financial debt) what good are you really doing them?
Because if as parents, in your senior years you can not support yourselves
(due to over paying your share of college tuition), you end up being more of a burden to your children. And not just financially, but emotionally and mentally.
My husband and I want to give our girls the best of opportunities to begin their adult lives. But not at the cost of hurting ourselves, which in return will end up hurting them... Causing more harm than good...even to know that is not the intention.
