Communicating to Children About the College Fund
With college investing, a good principle to follow is that the earlier you start, the better off you will be when the time to pay for college arrives. However, if you have not started early, which a lot of people have not or could not do, you do have alternatives.
- You could borrow the money
- Your child could apply for scholarships
One thing I would encourage parents to do, though, regardless of how old your children are, is to communicate to them that a college education is not a right, it is a privilege.
Having been in the business world for over 40 years, I have come to understand that where a person goes to college is only really important for their first job. After your first job, things like work ethic, how you performed at your last job, and creativity matter a whole lot more than where you got your degree.
If you want to and can afford to send your child to an exclusive private college, there is nothing wrong with that. But you do not need to feel guilty if you cannot afford to pay for an expensive college education for every child. Just be sure to communicate well with your children, so that you both have the same expectations about how college will be funded.
“I was young and now I am old, yet I have never seen the righteous forsaken or their children begging bread.” (NIV)
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