Wednesday, November 9, 2011
My Children's Future
I have thrown this question out to my colleagues at school and wondered how many of you feel about it. My wife and I are beginning to save for our children's education and are putting money into investments in our name instead of our children. (My financial adviser talked me into this strategy in case my kids don't turn out the way we envision.) We are thinking about offering my children three options when they graduate high school. Buying a house for them to live in with the money we saved is one option. They would get no tuition assistance from us, but they would not have a house payment in all likelihood. Another option is to have them formulate a business plan and use the money we saved to start the business. This should be driven by their passion. The final option is to pay for college with the money. I am interested in your thoughts. Feel free to comment on the blog.
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We have and are putting money away for both our girls to go to college. I'm not sure at this point what their dreams are being that they are 10 and 14 but I know they understand that some type of post high school education is important. They live with parents who don't push education but rather show how education can assist you in providing them with the things they want. Great question. Also great to be putting $$ aside for what ever reason.
ReplyDeleteYou are brilliant! I only wish that more parents would/could put that idea into action. I like the way it's in your name ("just in case") and that you are giving your kids some very important options with which to use their monies. I am doing that for my grand kids with the same expectations that they would understand that "education pays" and that with a good education they can have a "better" life. I am not going to push them in that direction; however, I am sure they will see what doors that will open for them and hopefully they will choose to walk down that road and make some good choices in the process. I think that having options out there often times opens doors full of possibilities that would otherwise not be available. I think you are doing a wonderful thing and in the process you will be building a foundation of memories that will last more than your lifetime! Hopefully, the economy won't "tank" on us and we will see our "kids" reach the top of the "mountain" make that jump and "soar" through life with some awesome experiences on their journey.
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