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-   Finances (http://www.cougarguard.com/forum/forumdisplay.php?f=27)
-   -   Have any of you set up an educational fund for your kid(s)? (http://www.cougarguard.com/forum/showthread.php?t=23236)

TripletDaddy 10-03-2008 07:21 PM
Quote:
Originally Posted by MikeWaters (Post 274296)
is this because of your upbringing, not only going to BYU, but having to go BYU law school as well (ugh)?

This could possibly be the cheapest route to being a lawyer in the country. But maybe you were better off for it.
you actually would love my story. I footed my own bills.

I wasnt planning on going to BYU law. but I started dating this lovely gal at the end of my undergrad and had to make a choice...I chose love.

It worked out fine for me.

You didnt really go to an amazing med school, so what are you yapping about?

Mormon Red Death 10-03-2008 07:22 PM
Quote:
Originally Posted by MikeWaters (Post 274288)
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 10-03-2008 07:25 PM
Quote:
Originally Posted by Mormon Red Death (Post 274301)
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?

MikeWaters 10-03-2008 07:27 PM
Quote:
Originally Posted by TripletDaddy (Post 274299)
you actually would love my story. I footed my own bills.

I wasnt planning on going to BYU law. but I started dating this lovely gal at the end of my undergrad and had to make a choice...I chose love.

It worked out fine for me.

You didnt really go to an amazing med school, so what are you yapping about?
No not amazing. But top 15 in the country. I don't think BYU law can claim that.

MikeWaters 10-03-2008 07:29 PM
Quote:
Originally Posted by Mormon Red Death (Post 274301)
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 10-03-2008 07:29 PM
Quote:
Originally Posted by TripletDaddy (Post 274307)
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.

creekster 10-03-2008 07:29 PM
Quote:
Originally Posted by MikeWaters (Post 274297)
How about this approach?

Meet half their educational loan payment 10 years from the time of the last degree? Help on the backend?

Were you guys planning to pay for any professional degrees as well?
We saved as much as we could, divindg equally between offspring. They get that and they get nada more. Unless one of them chooses cheaply for undergrad work, it will almost certianly not include graduate school.

Mormon Red Death 10-03-2008 07:30 PM
Quote:
Originally Posted by MikeWaters (Post 274315)
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"

creekster 10-03-2008 07:32 PM
Quote:
Originally Posted by TripletDaddy (Post 274299)
you actually would love my story. I footed my own bills.
My wife and I paid our own way through as well. I am glad I can help my kids out. I wish I didn't have ot pay off as much debt as I had to when I graduated and I am glad my kids won't have as much.

Mormon Red Death 10-03-2008 07:34 PM
Quote:
Originally Posted by creekster (Post 274320)
My wife and I paid our own way through as well. I am glad I can help my kids out. I wish I didn't have ot pay off as much debt as I had to when I graduated and I am glad my kids won't have as much.
I'm the same way.... Plus if my kid got a chance to go Ivy league I would be able to help him out. The kind of opportunities that arise for grads of the top 10-15 schools is outstanding.


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