paying for your kids' college and/or car?

[jred321]

Thats extremely selfish. I have no idea how old you are or weither or not you have kids. But you drive a car that is considered a car of excess. If you would rather have nice stuff for yourself over providing for your kids that's ****** up. First cars are cheap, mine was $400 and lasted 3 years. College on the other hand isn't cheap, but i dont think in any way should your kid be limited in his education because of money.

i'm 22, just graduated college about a year ago. i worked my ass off from 5th grade on, graduated 3rd in my HS class while being a 3 sport captain and working a part time job (full time summers), graduated with high distinction from a relatively difficult school (paid for by scholarship and student loans), and bought the car for myself.

my parents gave me $2500 towards my first car, i paid off the other $2300 it cost and i would do something similar for my kid, but i would rather not just give them something. my older and younger brothers both took their money and bought crappier cars and treat them as such. i also think this helped contribute to their lack of work ethic because they never really had to work, my little brothers are 18 and one has only had a job 1 summer, the other 2 summers ever. they don't play sports and don't get great grades. one of them is planning to go to purdue and was offered no scholarships of any kind, so each year is going to cost him ~$40k. he's known since he was young that he was going to have to pay for college (my parents don't make enough to pay to put 4 kids through school), but was given things his whole life and never had any real responsibilities and now it's biting him in the ass. all of my brothers had the same opportunities i did, but they chose not to take advantage of them because they didn't have to, and now they're paying for it. i took advantage of everything i had and can now buy a car that i like

like i said i would help out my kids but they're going to work for what they get or be happy with what they're given, which will be food and a place to live unless i have enough money that i really don't need it

 

[Greg S]

My wife and I will definitely both be paying for cars adn school for both our girls. It's the least we can do as both our parents did it for us. I never finished so I got the rest of my trust funds when I turned 21 and have invested it over the years, sometime wisely, sometimes not. My wife finished her degree and actually uses it. We both think that parents should teach responsibility to their children from a young age and teach them about money, something that is not done in this country, but you don't have to burden them with massive amounts of college debt which takes decades to pay of to do this. I was lucky and learned investing, the stock market and real estate investments at a young age from watching my father and mother while my wife grew up in a culture that stressed saving for the future so you can take care of your kids. I see many of my friends who are still paying for their college loans now and we graduated high school 20 years ago. The ones whose parents paid for college and cars when we were young now have kids and houses and pretty good lives while the one who didn't are still living in apartments and renting while trying to save up for a home purchase with enough room for themselves and their kids. I don't think I want my kids to have to deal with that, it does limit you later in life or you have to work so much harder to get where you want to be.

 

[jred321]

my student loans, or at least the ones with any real interest, will be paid off in 3-4 years. would i rather not have to? yes. do i mind paying them? no.

education is an investment that, if you use it correctly, will pay for itself. if i have the money to pay for my kids' future i will, but if you have 4 kids and make decent money you're looking at about a half of a million dollars to send your kids to school for 4 years each, if not more. i don't plan on providing that for my kids

 

[Rickman]

I can't vote just yet. My instincts tell me that when/if I ever have kids that reach that age I'll do both.

I had decided that I was going to art school (Art Institute of Atlanta), and about two weeks after I graduated from High School my mom bought herself a brand new car and didn't give me squat for college.

... But I almost have my college loans paid off now.... finally

 

[SciFiMan]

Well, not buy exactly. My son turns 16 soon after I'll have the Protege paid off and that goes to him. And we'll help the kids with some of college but they can always work part time and get loans since it's more important that we save for retirement. He has much more time. By the time I am done with my next car, it will go to my daughter. They'll all be in great shape and last them for years so that's good enough. I agree that if you give kids everything they won't learn the value of money, and can't mature properly if they are shielded from all of life's speedbumps.

 

[mikeyb]

I do not plan to pay for either. They can go out and get a job to save for both college and a car. Thats what I had to do. I feel alot of kids nowadays do not have a clue have the world works. I get so mad at one of my uncles who is always buying cars for this 2 boys. They have no clue and they are both in college also paid by my uncle who drives a 13 year BMW 3 series. All they do is party and wreck cars. They are so careless.

 

[kipper88]

the wife and I have started 3 college funds for the kids last year. The only problem is that we don't have any kids yet As far as a car i will buy them a reliable older honda, mazda, toyota, etc...when it dies they are on their own after that.

 

[mikeyb]

the wife and I have started 3 college funds for the kids last year. The only problem is that we don't have any kids yet As far as a car i will buy them a reliable older honda, mazda, toyota, etc...when it dies they are on their own after that.

Its good to start early planning for that time in the future.

 

[lasermp5]

Kids will get at least a 75% scholarship from the state, and I would be happy to help them with the rest if they needed it. As for the car... if I only have one, male child... I'll at least help him get a nice car, and if I'm able, buy it for him. Would love to see him get into cars and motorsports like I have. However, if I have a couple kids... lol

 

[Protege2K]

I expect my kids to earn scholarships for school, TN is now doing the HOPE scholarships that Georgia uses. I wasn't the best student in highschool and didn't try too terribly hard, but I still more then qualify for it. My dad was very financially smart and when he passed away when I was younger he had saved up enough money to put both me and my sister through college. Luckily I have been able to use the college savings for a modest apartment so I can only work part time and focus on school.

As for the car, I plan to either give my kid whatever I am driving if they are old enough. If not I will probably do what they did for me, buy me a cheap, reliable car that is easy on insurance. Then if they want a nicer car in the future they are free to sell it for a payment towards a nicer one, which is what I did for my MP3.

 

[-pixy-]

I already have a college savings plan in place and I don't have kids yet. I will pay for my children to go to college, if they do well in school and manage to qualify for scholarships, saving me money, I will spend that money on a car for them. I will not give them a car unless they earn it.

 

[pluto316]

My parents paid my tuition but not books or lab fees or anything, and they put the money down on my Protege5 ($4k) so I could get the loan. I bought the MSP on my own credit and worked like an idiot my first 3 years of college and my grades suffered for it. I am just not one of those people that can manage school and work correctly.. Now I am living on STUDENT LOANS, HOORAY.

 

[Newf]

i have paid for everything since I was 11. That is right, I was making my own money since 11 years old. Mom and dad gave me a roof, food, and 90% of my cothes of course but everything outside of that came from my own money. Any game consoles, computers, toys, tv's, stereo's, bikes, etc all me. college all me. My first home...me. Cars = me. I love my parents, they gave me a wonderful childhood, but we certainly were not rich.

Now...I'm sick of paying for s***, sick of working my ass off....Now I want to be spoiled!

 

[MazdaBoi318]

I am 16 and i got my car before i was 16, and i dont plan on paying for college, well i am gonna help but not all of it, i am gonna get a scholarship!

 

[warrier04]

my parents got me the msp, and they're in the process of paying for my schooling.

normally, i would look at the situation and called the kid spoiled and the parents idiots. i think i'm very well off and i'm extremely thankful of everything my parents do, but i've come out with a good understanding of money. my dad, who worked his way up from being dirt poor (first in his family to go to school, which he paid for himself), took advantage of every single opportunity to teach me about money - both earning it and managing it.

i've been working since age 14-15, putting a third of my paycheck in savings (which has now turned into a roth IRA and mutul funds). i've played sports my entire life, and i've kept (at least) a part-time job since high-school (full-time in summers).

provided i have the money (and it won't hurt me to spend it), i'd be more than willing to pay for both, provided my kids are:

1) good students who work hard and earn their grades
2) kids that understand the value of a dollar, and don't 'expect' things to just show up because they want it or that their friends get it.

 

[YellowMP5]

good responses. surprised some of you wouldn't pay for your kids' college education. they are your kids after all and you are supposed to take care of them and try and provide the best. oh well, i guess if you don't pay for their education and they can't afford it themselves (and they won't seeing how the costs are), they will be serving me and my kids' lunch at mcdonalds, LOL, j/k.

on a more serious note, those of you that invest in the stock market, what stocks/mutual funds do you buy. curious to see what other people out there are doing. i am bullish on rcrc, cle, ge and dphiq. interested to see how embarq is going to do (spinoff of the sprint nextel). I am getting free shares as a sprint nextel holder, maybe i will pick up a few more today (starts trading today, EQ)

 

[pfive]

i worked my butt off to have my first, second and third car and to put myself through school. i am 1 or 4 kids and the ONLY one who had to do this, so my future kids will have the same mentality bestowed upon them

kids will appreciate things more if they work for it. This is why kids today are such spoiled little brats - mommy and daddy by it all from them, and they don't appreciate it.

 

[vindication]

kids will appreciate things more if they work for it. This is why kids today are such spoiled little brats - mommy and daddy by it all from them, and they don't appreciate it.

umm no! My parents pay for some of my car but they do pay the insurance. They've bought me my clothes and pay for college. Am I spoiled? Hell no. Never been. It all has to do with the way you are raised as a whole not just bits and pieces.

 

[jophus14]

I want people to buy my kid bonds for birthdays, christmas, etc. so by the time they hit 18 and college approaches, the bonds will be of value and help pay their way through school. Plus i would like to save a certain amount each check as a college fund. A parent should never deny their children the right to learn and be educated.

 

[jred321]

not paying for their education does not meam it will be denied to them. there's this neat thing called student loans that they can get to pay for school, but by getting loans it should make them take school more seriously cause the loans will be there whether they graduate and get jobs or not