Back to my original point, you said it's "mind boggling" that parents don't pay for their adult child's Uni fees. If a friend told me they weren't going to pay for the child's Uni fees, my mind wouldn't boggle. Each to their own but whether they do or don't I don't think it's "mind boggling'.
Children's University Fee
- Thread starter virgo
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Back to my original point, you said it's "mind boggling" that parents don't pay for their adult child's Uni fees. If a friend told me they weren't going to pay for the child's Uni fees, my mind wouldn't boggle. Each to their own but whether they do or don't I don't think it's "mind boggling'.
You don't start saving for your retirement once the kids finish school, by that time it is 20 years too late
Of course, but it's a tremendous time to put the icing on the cake so to speak.
What do you achieve? Independence and hunger for success.
Conversely, if you let them stay at home rent free, fund their gap year, buy them a car and pay for their uni fees you'll often achieve laziness and lack of motivation.
In reality, the answer for most people is somewhere in the middle.
I'd say as a result you get a child that can fend for themselves in a first class economy, who is in control of their tertiary education and finances without having to pocket off their parents. Parents aren't always going to be around, and this is not the only type of debt a child is going to come across, are parents going to pay for their house deposit? their wedding? their mortgage too? a little help is great but being realistic what values are you really teaching the child? that positive debt is bad and that they can't do it on their own?
Are you a journalist AJ?
nicely said.
I have friends who have paid their kids uni fees, let them stay board free. Those kids are thriving in their chosen career paths. Not lazy at all.
I have another friend who gives 20K to his son to buy a car. I think his son is into 20s, no formal qualification/no steady job. Stay at home free. Works on his car, modifying and putting new gadgets. His mum cooks her meals. What a joke.
Personally, I'll help my kids out. But they have to show me that they are not taking things for granted. They are still in primary school though
Looking at it from a different perspective, for those who would pay for their kids' tuition.
What about, instead of paying for a Uni degree, tell them to start their own business, pitch the idea to them (the parents) and if it is viable and they've sold you on the idea, that you will put up the seed money, equal to the amount you would have paid for Uni tuition.
Just a thought.
What about, instead of paying for a Uni degree, tell them to start their own business, pitch the idea to them (the parents) and if it is viable and they've sold you on the idea, that you will put up the seed money, equal to the amount you would have paid for Uni tuition.
Just a thought.
That's fine IF they're entrepreneurial and don't need a qualification to practise. They're stuck if they need registration or membership to a professional organisation.
The options for starting a business that don't require a qualification are so wide and varied, they dwarf the professions.
Parents are naturally risk averse. My mother was very worried when I started doing my own thing even though my parents are both self employed and have done so for the past 30+ years. She never said it to me directly but I knew she was concerned.
If I had to chose between offering my kids money to start a business or pay for their Uni Fees - I'd pick the Uni Fees. Businesses come & go, education is forever.
Nearly 50% of small businesses fail. Not a good stat to consider if tossing up between uni or a business venture..
You achieve me
I was a bourgeois kid who took nothing for granted and knew I had to make my own way in the world. I got a HECS debt, no austudy so I got a job to pay my rent, bought my own car and in general had a great life.
What did all those things teach me? Certainly value of the dollar and that I can pretty much do anything I put my mind too.
Fast forward 20 years and today was my last day at work.
Will I do things differently for my kids? Yes but only because I have more money than my parents did. Things like matching dollar for dollar their savings for their first car.
My parents put 5 kids through private school on a single (quite low) wage, then we all went on to uni. They could just afford to send us to private school but did not pay any uni fees for us once we got to uni. $6-10k pa might be fine for one kid but multiply that by 5 and you are in a different ball game.
It's no big deal. We all went the HECS/FEE-HELP/PELS route. I have an undergrad and a Masters and my debts are all paid off. It made zero impact to my life or property investing to pay off the debts. It's a small percentage of salary and basically an interest free loan.
If my parents were cashed up, I would have preferred they give me the equivalent cash to put towards a deposit on my first IP. I would have been able to buy my first IP sooner if they could have afforded to do that. Either way, I got into property investing off my own back and have done just fine.
You achieve me
I was a bourgeois kid who took nothing for granted and knew I had to make my own way in the world. I got a HECS debt, no austudy so I got a job to pay my rent, bought my own car and in general had a great life.
In a good outcome scenario. Now in a bad outcome scenario or more than often not, the likely outcome scenario, what do you get?
A kid that moved out of home, no further education, in a debt trap, and set back 10 years in life or possibly forever...
nicely said.
I have friends who have paid their kids uni fees, let them stay board free. Those kids are thriving in their chosen career paths. Not lazy at all.
I have another friend who gives 20K to his son to buy a car. I think his son is into 20s, no formal qualification/no steady job. Stay at home free. Works on his car, modifying and putting new gadgets. His mum cooks her meals. What a joke.
Personally, I'll help my kids out. But they have to show me that they are not taking things for granted. They are still in primary school though
We are talking about paying for a child's uni fees, not a car!
If only...
Outside of the child geniuses out there, I can't see that being anything other than throwing out cold card cash.
An education is something that once had, cannot be ever taken from someone. It survives bankruptcy, war & turmoil.