It used to be that some of our parents saved every dime to make sure they left money and property to their children.
I think times have changed. I think people are realizing that their children have their whole lives ahead of them to gain their riches for themselves.
I find many of my friends have the attitude that they are going to start living and spending the money they have saved on themselves. They worked hard and many have said their kids will just buy new stuff and not appriciate it.
I personally think that in your retirement age, go for it. Spend that money you have saved and go out having a great time. Your kids sure will if they get the money.
I think once you have given them that college education, etc., you have done your share.....
For The Older Folks Here
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For The Older Folks Here
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i personally dont know anyone who saved their money so their kids could have it later, certainly not my parents. though we did receive generous gifts while they were alive.
the folks i know save every penny for their retirement.
and i also dont think i have to pay for the kids' college education if they did just enough to graduate from high school.
the folks i know save every penny for their retirement.
and i also dont think i have to pay for the kids' college education if they did just enough to graduate from high school.
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I did not get an inheritance, either did John. Johns mother and father both lived close to 90 and all their money went to nursing homes. John lived in PR when they died, so he was not able to bring them here. He did bring his father the last 5 years of his life after his mother died. He spent a fortune on a caregiver in the house for him. His mother was on oxygen for years. My mother spent all of hers traveling and eventually in a retirement home. She left a little.
A good friend of ours bought income property and hopes to sell it when his kids start college. He figures if he gets it paid off first, the college money will be there. Good idea if you can do it.
Personally, IMO, I think it is a parents responsibility to help all they can with their childrens college. Their college education will be the most important thing in their life.
I also think children are the most important asset people can have and their education needs to be a priority for a good future for them.
A good friend of ours bought income property and hopes to sell it when his kids start college. He figures if he gets it paid off first, the college money will be there. Good idea if you can do it.
Personally, IMO, I think it is a parents responsibility to help all they can with their childrens college. Their college education will be the most important thing in their life.
I also think children are the most important asset people can have and their education needs to be a priority for a good future for them.
Last edited by Janice on Sun Jun 18, 2006 9:24 am, edited 1 time in total.
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alicia-w wrote:my kids got one way tickets and Samsonite for their 18th birthdays....
Sounds like my parents. I remember that between Christmas and my birthday when I was a senior in high school, I received luggage, dishes, silverware, and a toaster for gifts. My parents didn't pay for any of my college, I took out loans and received grants; but they were always good enough to help me out when things got really tough.
Another thing I just remembered - my dad is not the best gift buyer - BUT during my college years (the years I was in an apartment and not a dorm) he would get me a huge box of FOOD! I think they found out that I was existing on peanut butter, bread, and the really cheap pizzas that sometimes went on sale for 2/$1. I don't know if you could get grocery store gift cards back then, and it wouldn't have mattered because dad wouldn't have bought one of those anyway - I think he had fun picking out things he knew I wouldn't buy because they were over my budget.
Kim
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Good topic, as usual, Janice.
When our family was very young, there were 6 kids in the house and my mother needed to stay home. My father was early in his career, so obviously things were tight. After my older siblings were out on their own, my mother went back to college and was working by the time I was in high school. So things were better for my younger brother and I. My parents payed for 1/3 of my college, I earned 1/3 with summer jobs, and I took out a student loan for the other 1/3. I don't know if a summer job will cover that much any more, but one summer I worked two jobs.
Now as a parent, we have four kids within a span of 5 years. My wife is not working and things are tight. I don't know how we're supposed to help with college.
My oldest, royally screwed up 9th grade, and is presently in boot camp for the summer. If he doesn't get his act together, he won't be college material anyway. He has expressed interest in the military, which might be a good choice for him, if he can meet THEIR minimum standards.
The others, we'll see. They might have to work their way thru school, live at home and commute, or some way to get their education. We're sure not going to be able to finace their education. Hopefully when the kids reach a point of maturity, when someone doesn't have to watch them continuously, my wife will go back to work. Right now, If no one is home, the oldest will have a large group of friends over and the other three will end up in an arguement over soemthing, and then my wife or I, wherever we are will get a phone call...... We're just not ready yet for my wife to start working. Until then, things are tight.
My sister had 5 boys and they all ended up in miltary careers. That's a pretty good deal if you ask me.
When our family was very young, there were 6 kids in the house and my mother needed to stay home. My father was early in his career, so obviously things were tight. After my older siblings were out on their own, my mother went back to college and was working by the time I was in high school. So things were better for my younger brother and I. My parents payed for 1/3 of my college, I earned 1/3 with summer jobs, and I took out a student loan for the other 1/3. I don't know if a summer job will cover that much any more, but one summer I worked two jobs.
Now as a parent, we have four kids within a span of 5 years. My wife is not working and things are tight. I don't know how we're supposed to help with college.
My oldest, royally screwed up 9th grade, and is presently in boot camp for the summer. If he doesn't get his act together, he won't be college material anyway. He has expressed interest in the military, which might be a good choice for him, if he can meet THEIR minimum standards.
The others, we'll see. They might have to work their way thru school, live at home and commute, or some way to get their education. We're sure not going to be able to finace their education. Hopefully when the kids reach a point of maturity, when someone doesn't have to watch them continuously, my wife will go back to work. Right now, If no one is home, the oldest will have a large group of friends over and the other three will end up in an arguement over soemthing, and then my wife or I, wherever we are will get a phone call...... We're just not ready yet for my wife to start working. Until then, things are tight.
My sister had 5 boys and they all ended up in miltary careers. That's a pretty good deal if you ask me.
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This space for rent.
I'm not saving up to give it to my kids. It's hard enough to get by these days and save for our own retirement. If there is anything, it will be evenly dispersed to kids and whatever grandkids I may have at that time. Right now I'm concentrating on our retiring in 25 years. We bought a house that is valued at more than double what we just paid for it and we plan to sell it when our kids move out, it will be a large chunk of our retirement. I plan to help my kids with their college but I will not pay for all of it. I don't believe that it is the parent's responsibility. They are adults when they go to college. There are grants, student loans, scholarships, and not to mention jobs that can help them pay for it. My parents did not pay for mine, I went on student loans and paid them back in full already. My dad wouldh help me if I came up short for anything, and that's what I plan to do, but as far as being their money train, nope. I think a student in college will try harder if they are responsible for the cost through loans or etc. JMO
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No, what I really meant is that I think it is a parents responsibility to push college for them. Without a college education, it will be really hard in the future competing with other countries who are already taking our jobs. Yes, it is hard for any parent to pay for all their education, but I feel if they get off to a good start at the beginning by just getting into college, it will help.
I agree, the military is a great way to go. My son joined the military because I was a single parent and his father was not around. Both my kids got really good educations in private catholic schools. Sean was going to take criminal justice when he got out of the military and thought the military would give him good training there too. He would also have some college money waiting when he got out.
I agree, the military is a great way to go. My son joined the military because I was a single parent and his father was not around. Both my kids got really good educations in private catholic schools. Sean was going to take criminal justice when he got out of the military and thought the military would give him good training there too. He would also have some college money waiting when he got out.
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I'm definitely pushing college for my children. My oldest son wants to be a volcanologist. I would like to see him study this at the Univeristy of Fairbanks, AK. He's very bright and I think he's got a shot at a scholarship. My youngest son is barely 7 so who knows. Right now, he's still mastering his reading.
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