Have any of you set up an educational fund for your kid(s)?

[Mormon Red Death]

Originally Posted by MikeWaters

I think one of the big minuses of this approach is that it can lead to entitlement and ultimately disappointment.

My personal opinion, you don't want to have to share responsibilities with a medical resident for whom residency is his/her first job in life.

No struggle.

There are also big pluses. Like having your kids not be saddled with a huge debt when they graduate. Giving them opportunities that I never had. Honestly, for how many mormons is the time they go their mission the only time they live outside of Utah? By having a college fund for your kids they are more apt to do a study abroad, work in DC for a congressman or woman. Go to an out of state college. Be more apt to study something that is not just a way to make money but gives them pleasure.

[TripletDaddy]

Originally Posted by Mormon Red Death

There are also big pluses. Like having your kids not be saddled with a huge debt when they graduate. Giving them opportunities that I never had. Honestly, for how many mormons is the time they go their mission the only time they live outside of Utah? By having a college fund for your kids they are more apt to do a study abroad, work in DC for a congressman or woman. Go to an out of state college. Be more apt to study something that is not just a way to make money but gives them pleasure.

Are you sure you want your son working for a DC Congressman as a means of getting pleasure?

[Mormon Red Death]

Originally Posted by TripletDaddy

Are you sure you want your son working for a DC Congressman as a means of getting pleasure?

Good point... maybe he can be a boy toy for some sara palin lookalike in 20 years.

[MikeWaters]

Originally Posted by Mormon Red Death

There are also big pluses. Like having your kids not be saddled with a huge debt when they graduate. Giving them opportunities that I never had. Honestly, for how many mormons is the time they go their mission the only time they live outside of Utah? By having a college fund for your kids they are more apt to do a study abroad, work in DC for a congressman or woman. Go to an out of state college. Be more apt to study something that is not just a way to make money but gives them pleasure.

Kids that grow up "rich", how well do they do if they end up "poor"?

anyone here have fabulously wealthy extravagant parents, but are now 35+ and poor with little prospects for a "wealthy lifestyle"?

[Mormon Red Death]

Originally Posted by MikeWaters

Kids that grow up "rich", how well do they do if they end up "poor"?

anyone here have fabulously wealthy extravagant parents, but are now 35+ and poor with little prospects for a "wealthy lifestyle"?

Define Rich...and "wealthy lifestyle"

[TripletDaddy]

Originally Posted by MikeWaters

In 2005, Harvard was 41k for one year.

In 2020, using Tom's inflation calculator, that will be about 60k.

Of course, college tuition tends to increase faster than inflation.

60k x 4 years = 240k
3 kids 240 x 3 = 720k

That's a bundle to save. I ain't doing it.

We have already latched on to one of the girls as our college candidate. The other two will be funneled toward a career in the food service industry.

[NorCalCoug]

Originally Posted by MikeWaters

In 2005, Harvard was 41k for one year.

In 2020, using Tom's inflation calculator, that will be about 60k.

Of course, college tuition tends to increase faster than inflation.

60k x 4 years = 240k
3 kids 240 x 3 = 720k

That's a bundle to save. I ain't doing it.

I recently attended a conference where we had the top VISA economist give a presentation on the short and long term expectations for the US economy and one thing he touched on that I thought was VERY interesting was in the area of education. He said that there's a very large generation in the college age group right now (17-25 IIRC and due to baby boomer generation?) that is working it's way through the educational system and that college enrollment levels in this country on going to take a large hit in coming years and that many smaller colleges, etc will have difficult times staying afloat and that education prices will more than likely come down or stagnate.

Not sure if that will actually happen or not but interesting......

[MikeWaters]

Originally Posted by NorCalCoug

I recently attended a conference where we had the top VISA economist give a presentation on the short and long term expectations for the US economy and one thing he touched on that I thought was VERY interesting was in the area of education. He said that there's a very large generation in the college age group right now (17-25 IIRC and due to baby boomer generation?) that is working it's way through the educational system and that college enrollment levels in this country on going to take a large hit in coming years and that many smaller colleges, etc will have difficult times staying afloat and that education prices will more than likely come down or stagnate.

Not sure if that will actually happen or not but interesting......

they could come down if prices are responding to market forces and trying to attract students. Or they could go up to make for the lost numbers. Experience tells me they will go up.

[il Padrino Ute]

Yes I have. I believe an education is important enough that I am willing to pay for them to get it.

But it's contingent on them choosing not to go to Iona or one of those snotty Ivy League schools.

Ivy League schools because they are snotty bastards and Iona because it's for degenerates.

[MikeWaters]

Originally Posted by il Padrino Ute

Yes I have. I believe an education is important enough that I am willing to pay for them to get it.

But it's contingent on them choosing not to go to Iona or one of those snotty Ivy League schools.

Ivy League schools because they are snotty bastards and Iona because it's for degenerates.

There are three of us in my family. The two boys for whom nothing was paid for are college graduates. The one who has had many, many semesters paid for is not.

Maybe if your kids don't think a college education is important enough to work and pay for, you've lost already.