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  #11  
Old 10-26-2012, 01:22 PM
Gravet@home Gravet@home is offline
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We've started a fund for the little one and our plan of action for the kid(s) (currently, it may change) is to let them pay for their first two years and then we will pay for the last two.

I had my four years of college paid for and graduated without a hiccup, for the most part, ten years ago. I decided to go back four years ago and get my engineering degree paying for it on my own. I quickly realized how much more important school was when I'm paying for it. My first two years of traditional college (when I was 19 and 20), I blew off a lot of studying and was happy with B's and C's. I wasn't seeing any bills, was getting free food and books, life was easy. My 2nd two, maturity and the drive to succeed in the real world helped me "buck-up".

I'd like my kids to see how much it's costing them as an additional push for working hard and striving to be the best. I'm hoping they take after their smart mom with having a powerful drive towards school, us pushing them and making them pay for the first two years will really get them to respect the experience while getting the most out of it.

If, after two years, they are doing well and want to continue, mom and I will foot the bill.

As I touched on above, if they're as smart as their mother or as athletic as her, they'll get a full ride and I'll get a boat.
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  #12  
Old 10-26-2012, 01:26 PM
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Originally Posted by Hockeyfan View Post
Isn't state school free in Georgia? Georgia Tech maybe? Mark?

I think it's good that in state kids save $. It's our State. Our money.

QV.....was that cheque baby bonus?
It's a monthly cheque from the gov't. It use to be called Family Allowance when I was a kid - so much money for each kid you have, based on your income (our's is only $43/month). I was amazed they were still doing that when our son was born. Then there is another cheque we get for $100 month. Which is a childcare benefit cheque. Instead of subsidizing childcare, the gov't gives every child $100/mo. Now that may change when a different gov't gets into power, so not a permanent thing (I don't think). It's this latter cheque that goes into his RESP.

If there is anyone from Canada reading this, and if I have this wrong, please don't hesitate to clarify.
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  #13  
Old 10-26-2012, 01:34 PM
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Originally Posted by Gravet@home View Post
We've started a fund for the little one and our plan of action for the kid(s) (currently, it may change) is to let them pay for their first two years and then we will pay for the last two.
This is my philosophy/thinking and has been for years (even before I was married or had kids). Our son can pay for his first year of university, and we'll pay the rest. I had to pay for all of my education, which meant that I had to work while going to school - which is hard to do both, at times. BUT, it made me appreciate my education and I didn't party my money away; like I saw many first year students do. I thought our son can party his own money away for the first year, and if he carries on, we'll pay for the rest of his education.
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  #14  
Old 10-26-2012, 04:00 PM
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I got baby bonus cheques from a baby to 16 or something. Gotta live Canada.
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  #15  
Old 11-01-2012, 04:56 AM
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Been meaning to get back to this. Sending in SAT application tomorrow.

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Frankly, if my kids wanted to learn an actual trade rather than go to college I'd be OK with that. Something that you can't outsource overseas.
Glad somebody said this. I agree. I think I was more cut out for a trade but because I was good at math and school, it was always just assumed I'd go to college. There's this underlying myth that you're a loser if you don't. A lot of skilled tradesmen out there who out do many white collar workers in their abilities. As long as my kids don't end up in a repetitive, unchallenging, boring job they're unhappy with.
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  #16  
Old 11-01-2012, 05:11 AM
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Originally Posted by Gravet@home View Post
We've started a fund for the little one and our plan of action for the kid(s) (currently, it may change) is to let them pay for their first two years and then we will pay for the last two.
........ I blew off a lot of studying and was happy with B's and C's.
This was my thought, and experience too. Problem is it's just too much now.

Here's some math. In Montana (not an expensive state) one of our 2 public state college's tuition, fees, books, room and board, and travel expenses & personal expenses (they figure around $3200 for those 2) is about $20,000 a year. That's for in state tuition. Your kid would have to work 40 hours a week ALL YEAR, at $10/hour, even if all was take home pay, to make that. Good luck with good grades while doing that.

College costs have averaged about an 8% annual increase since about 1958, though a little less lately. That means doubling about every 9 years. So if your kid is born this year, and that keeps up, then it's $80,000/year in state expenses (doubled twice). Then they'd have to make $40/hour all year with no paycheck deductions to pay for college.

Also, with these costs, it's more likely an 18 year old says screw it, don't need college if he has to pay for it. That's fine if that's really what he wants, but if it's just because of $$$.....
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  #17  
Old 11-01-2012, 11:51 AM
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We have TAP 529 funds for both boys but they took a big hit a few years ago when the bubble burst in the stock market. My wife and her dad were both paying into them but honestly I haven't been keeping up on how they're doing. At this point I'm giving up hope that Justin will ever go to college and am hoping we can roll those funds into a special needs trust. If not, then Joey's financial future is also dismal since when we're gone he will literally be his brother's keeper.

I haven't given up hope on Joey though. He's just started kindergarten but I'm trying to get him to focus on his homework every day. He can be lazy at times - which I admit he learned from me - but he breezes through it and has the social skills and outgoing personality that should get him far in life. We just have to work on that stubborn streak of his.
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  #18  
Old 11-01-2012, 01:37 PM
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Problem is if they say screw it and not go to College they could be flipping burgers for that $10/ hour instead of making a nice salary (40-100/hour+) plus potential bonuses and stock options. The difference over the course of a irking life is quite high.

I'm not worried about the few uneducated guys who become millionaires by making a business and a few trade workers who end up doing well. Id encourage my kids 100% to go to College. Unless they start a business. It's expected.
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  #19  
Old 11-01-2012, 01:53 PM
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Originally Posted by Hockeyfan View Post
Problem is if they say screw it and not go to College they could be flipping burgers for that $10/ hour instead of making a nice salary (40-100/hour+) plus potential bonuses and stock options. The difference over the course of a irking life is quite high.
Plenty of kids go to college and end up flipping burgers for 10/hour plus they have 50 grand in student loans. I think that story that a college degree is the only road to success is beginning to crumble, especially with the high debt loads these kids are graduating with.
Don't get me wrong, we're going to encourage our kids to go to college but if they want to try another path towards success we'll support that too.

Edit: I think there's some truth in what Chris Rock says in his standup; whatever you hate is going to wind up in your family. Push your kids too hard one way and they might just end up surprising you

NSFW or kids
http://youtu.be/5SLx2FNFOi8?t=58s

Last edited by Captain Tuttle; 11-01-2012 at 02:00 PM.
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  #20  
Old 11-01-2012, 02:08 PM
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You know I said it my post that college wasn't the only road to success right? Plenty of slacker kids and athletes go to College for the experience I guess. Thats about it. Kids who are driven, work hard and study a major that is worthwhile usually get good jobs. I know what side ofthe coin I'd rather be on.
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