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If they’re fully capable of working and applying for student loans and scholarships, let them
If you’re not on track with your future financial goals, it’s not the right time to be overly concerned about paying for someone else’s future goals – even your child.
The cool thing about parents prioritizing their financial well-being is that they relieve kids of additional financial responsibility when they become older.
They don’t have to be financially responsible for their parents because their parents de-prioritized their financial health.
Get on track with your retirement before you cover your kid’s college education.
# 2 Have I established a 6–12 month emergency fund?
Can you cover an emergency expense if it comes up?
If you or your partner lost their job, would you be financially stable enough to cover your expenses without anxiety?
Could you help your child in college with a financial emergency if they needed your assistance without it being a burden?
Establish an emergency fund before you cover your kids’ college education.
#3 Do I have a credit card, car, personal, and student loan debt?
Credit card debt, personal loans, and car notes are some of the most expensive forms of debt.
If you have all or some of these types of debt, focus on paying these off before contributing to your kid’s college fund.
#4 Does my financial situation allow me to do what I want?
Are you currently strapped for money?
Are your expenses match your income too close for comfort?
Are you able to live how you want to live?
If you answer “yes,” “yes,” and “no,” reconsider funding your kid’s college education at this point.
#5 Am I satisfied with my current income levels?
Do you earn enough money to cover your expenses and live how you want?
Are you comfortable with your current income level, or do you need to earn more?
Focus on your improving your financial comfort before you focus on paying for your kid’s college education.
#6 Will I need to take care of my parents shortly?
If you are planning on having to take care of your parents or they didn’t take care of themselves financially (leaving the responsibility on you), reconsider prioritizing your kid’s college education.
It’s always best to alleviate soon-to-be financial stressors versus concern yourself with voluntary ones.
The good thing about young people is that they have much more time to save and create financial independence. Older people usually have less time, so make the most of it by prioritizing your situation.
#7 Am I in a healthy financial situation right now?
Are you consistently spending more than you earn?
Are you in considerable debt?
Are you off track with your savings and retirement?
Your financial situation should always be healthy before you intervene in the financial situations of others.
You can’t pour from an empty cup.
#8 Can my child apply for scholarships, work, and obtain student loans?
Many parents forget that their children are fully capable of providing for themselves.
I started covering many of my basic expenses during late middle school and early high school.
I carried these habits with me to college.
Not only did I pay my way through school, but I’ve also been able to pay off my student loans quickly because of financial discipline. And my parents didn’t have to sacrifice their money to help me through school.
Your child can fund their own college and educational dreams.
#9 What are my dreams? Are there specific places I want to visit? Do I want to start a business?
A lot of parents put their dreams on hold for their children. It’s very sacrificial behavior and unhealthy.
As impossible as it may seem, do both! Don’t give up your dreams for anybody. My mother returned to school, got her master’s degree, and then re-entered the military.
Some people saw it as selfish because she was not with us as much during that time, but she taught me the importance of prioritizing your financial independence and future. A lesson many kids don’t get because they’re used to watching their parents make sacrifices for others.
My parents still found a way to show me the world and introduce me to millionaires and billionaires. I attended private, public, distance learning, alternative, and home school; I lived in different states. I learned how to manage a business, and they were able to enroll me in practically every major sport.
My parents often made financial sacrifices to do this, but they also weren’t well off. They were creative. I could’ve done without some of the things they provided me, and I would’ve been just fine.
Something none of us can get back is time. To flourish financially, we must maximize our time.
#10 What am I trying to accomplish by not allowing my child to pay for their education?
I knew I wanted better for my life. I had the drive. I had the ambition. I had the focus.
Some kids have this. Others don’t. And it’s hard to put it in a person.
Question why you want to fully cover your kid’s education when they can find ways to figure it out for themselves creatively.
Kids are more capable than adults think. And they have tremendous potential to be independent if their parents let them.
I watched so many college kids who relied entirely upon their parents and others to provide for them. I never wanted to be them. I held myself to a different standard.
What My Plan For My Children Is
If I decide to have children, and they desire to go to college, they will pay for it themselves.
When you pay for something, you tend not to take it for granted. I never took my education for granted, so I finished, got multiple degrees, and made something of it.
Allow kids to take responsibility for their futures, and be sure you take care of your own if you decide to help them financially.
Never compromise your financial well-being for someone fully capable of providing for themselves.
What I will do for my kids, though, is start an investment account for them before they’re born or enter my life.
They won’t have access to or even know about it (they better not read this article). But the money will be building. In the meantime, they will have to make something of themselves and contribute to the world somehow.
By the time they’re 25, if I invested $500 for 25 years straight at an aggressive rate of 12%, at least 1 million dollars would be in the account. By then, the money can sit and grow exponentially without additional investment.
Parents Shouldn’t Pay For Their Kid’s College
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.