Do you save for childrens' college?
#1
Does anyone here put aside money to contribute to their childrens' college education, should they choose to pursue one? Do you do this for all of your children, boys and girls alike?

Since all of my children are all still young, I'm considering opening a 529 for each of my children and trickling in some money into each of them on a regular basis. I'm not going to be able to save enough to pay for a full college education, but it would be something to get them started, hopefully covering tuition for a year to two. If they choose not to pursue college (which I'm totally in favor of in most cases), I would just roll the money over to another child's fund or take the penalty and cash it out.

I'm just curious what other people's philosophies are regarding this.
[-] The following 1 user Likes CarolusP's post:
  • ServusDei
Reply
#2
My wife and I couldn't afford to save for our children's college tuition, since we spent a lot on their Catholic grade school and high school tuition. These days, I have set up a fund for my four grandsons. I have an account with Edward Jones and have found their investment strategies to be quite effective.
One should have an open mind; open enough that things get in, but not so open that everything falls out
Art Bell
  
I don't need a good memory, because I always tell the truth.
Jessie Ventura

Its no wonder truth is stranger than fiction.
Fiction has to make sense
Mark Twain

If history doesn't repeat itself, it sure does rhyme.
Mark Twain

You don't have a soul. You are a soul. You have a body.
C.S. Lewis

Political Correctness is Fascism pretending to be manners.
George Carlin

“In a time of deceit…truth is a revolutionary act”
George Orwell
[-] The following 1 user Likes Zedta's post:
  • JacafamalaRedux
Reply
#3
I am grateful to my parents and grandparents who set aside money for me to study at university.  I think it's a good thing for a parent to do for his children, as a general extension of putting aside money for them to help them in their future lives.

However, I do not think a parent should set aside money for university to be freely taken and used to study 'whatever' the child wishes, as most degrees are rather worthless these days.  The child should be raised to have a proper understanding of fiscal responsibility, return on investment, and the purpose of a university degree (being one of many tools to use towards the goal of providing for himself and his own family), and thus should (within reason) be expected to pursue education or a trade which is best suited towards that end, rather than some harmful and narcissistic concept of 'self-fulfilment' in 'pursuing your dreams' or 'having the college experience'.  By extension thereof, they should be expected, again within reason, to choose a good school at a realistic price point for the degree desired, rather than picking an overly-expensive one out of some personal interest in the branding, location, etc.  University is for the education, not for the experience.

By no means should they be encouraged to take out student loans, however!  Those are a trap which will harm them in life more than the return of the degree will ever offset.  (Even if the job pays well and they pay off the loans, they end up years or decades behind on saving for retirement and providing for their own family.)
"There are not over a hundred people in the United States who hate the Catholic Church. There are millions, however, who hate what they wrongly believe to be the Catholic Church -- which is, of course, quite a different thing." -Ven. Archbishop Fulton J. Sheen

"Let me repeat this sentence. It is impossible in human language to exaggerate the importance of being in a chapel or church before the Blessed Sacrament as often and for as long as our duties and state of life allow. That sentence is the talisman of the highest sanctity." -Fr. John Hardon, S.J.
Reply
#4
(03-03-2020, 05:59 PM)Steven Wrote: I am grateful to my parents and grandparents who set aside money for me to study at university.  I think it's a good thing for a parent to do for his children, as a general extension of putting aside money for them to help them in their future lives.

However, I do not think a parent should set aside money for university to be freely taken and used to study 'whatever' the child wishes, as most degrees are rather worthless these days.  The child should be raised to have a proper understanding of fiscal responsibility, return on investment, and the purpose of a university degree (being one of many tools to use towards the goal of providing for himself and his own family), and thus should (within reason) be expected to pursue education or a trade which is best suited towards that end, rather than some harmful and narcissistic concept of 'self-fulfilment' in 'pursuing your dreams' or 'having the college experience'.  By extension thereof, they should be expected, again within reason, to choose a good school at a realistic price point for the degree desired, rather than picking an overly-expensive one out of some personal interest in the branding, location, etc.  University is for the education, not for the experience.

By no means should they be encouraged to take out student loans, however!  Those are a trap which will harm them in life more than the return of the degree will ever offset.  (Even if the job pays well and they pay off the loans, they end up years or decades behind on saving for retirement and providing for their own family.)
My college education helped me learn to think in a way that helps me see clearly the beauty of creation and of Divine Truth in spite of the world merely seeing a human resource. During the soul-sucking experience that is job hunting, remembering academic accomplishments is a great motivator when my resume doesn’t yield an immediate return.
[-] The following 3 users Like Credidi Propter's post:
  • Elle19, jovan66102, Steven
Reply
#5
All of ours need to start at county college and move on from there. That's the bottom line, after all we're not the Rockefellers, you know.
Oh my Jesus, I surrender myself to you. Take care of everything.--Fr Dolindo Ruotolo

Persevere..Eucharist, Holy Rosary, Brown Scapular, Confession. You will win.
[-] The following 1 user Likes JacafamalaRedux's post:
  • Zedta
Reply
#6
People should save if they have the ability to do so, as a college education is becoming increasingly important. Also as important is the choice of a good, Catholic college where you won't rack up too much debt, like Thomas Aquinas College here in New England. They cap your debt at $18,000 as long as you can get in, which is an awesome option.
:monstrance:Deo Gratias et Ave Maria! :monstrance:
Pray the Rosary

A Dieu mon ame,
Mon arme au roi,
Mon Coeur a la dame,
Mon honneur a moi!
Reply
#7
JacafamalaRedux Wrote:All of ours need to start at county college and move on from there. That's the bottom line, after all we're not the Rockefellers, you know.





VoTech and Jr Colleges are getting quite popular these days. Often a technical skill or practical ability can earn you a job and without a big debit to pay off up front. You may be paid somewhat better with a four year degree, but if you have 30 or 40,000 in tuition debit (and that could be conservative) coupled with a degree in Rhetorical Studies, you may have a big problem getting hired and paying that debit.
One should have an open mind; open enough that things get in, but not so open that everything falls out
Art Bell
  
I don't need a good memory, because I always tell the truth.
Jessie Ventura

Its no wonder truth is stranger than fiction.
Fiction has to make sense
Mark Twain

If history doesn't repeat itself, it sure does rhyme.
Mark Twain

You don't have a soul. You are a soul. You have a body.
C.S. Lewis

Political Correctness is Fascism pretending to be manners.
George Carlin

“In a time of deceit…truth is a revolutionary act”
George Orwell
Reply
#8
Quote:The key is to search for a plan managed by a company you trust. For example, look to see what plans are offered by Vanguard, Fidelity, or other provider of low cost index funds. Then look at the specific funds offered by custom writing service in the plans that look interesting. If your state has uses a high-fee manager, it's likely that the small benefit you forego by using an out-of-state plan will be more than offset by lower fees.


I simply couldn't afford it, because I was a single mom of 3 kids. But everything changes with time and now I have some savings and I'm looking for the best options for my granddaughter's college tuition. I thought about a 529 plan too - it could have been a surprise gift on her birthday, but my son is so stubborn: he doesn't want me to help his family financially...
Reply




Users browsing this thread: 1 Guest(s)