Should I Ruin My Retirement By Helping My Child Through College?

Should I Ruin My Retirement By Helping My Child Through CollegeToday’s topic will probably be a touchy one and it’s all about whether or not parents should start (or end) saving for children’s college expenses. Ever since I paid off my $38,000 worth of student loans last year, I have received many e-mails from parents who are interested in seeking help for their children.

These e-mails are all related to whether or not parents should risk or sometimes even ruin their retirement by helping their child pay for college.

There is usually one common theme in these e-mails – the parents are usually not on track for retirement, they have debt, or they cannot afford to help their child in college.

Here are some of the stories I have heard in these emails:

  • The parents have over $100,000 in student loans that they took out in THEIR name so their child could go to school. These parents are not on track for retirement and they have a lot of other debt besides student loans.
  • Their child is in medical school and the parents are paying for all of their college expenses plus food, car, rent, etc. These parents are not on track for retirement and they have debt.
  • Their child is in law school and the child said that if his/her parents don’t continue paying for their expenses, that they would hate their parents. This child was even more mad when the parents printed out every single blog post of mine and gave it to them (I did not tell their parents to do that, it was entirely their idea). The child said I was ruining his/her life (yup, that actually happened). These parents are not on track for retirement and they are afraid of losing their child now as well.

I know I’m not a parent.

I’m not a parenting or child expert either. [Read more…]

How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500

How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500One thing that has been on my mind this month is how I graduated with my Finance MBA two years ago.

It feels like a lifetime ago, but then again it also feels like it was just yesterday.

This has also reminded me about how I graduated with my undergraduate degrees over 4 years ago. For some reason, people don’t believe that’s true, and I was even recently asked to provide proof from a reader…

I know, I have a baby face! The fact that I look a decade younger than I actually am is a whole ‘nother story though.

The main reason why I got so heavily into school was because I wanted to keep busy. I was a freshman in college when my father passed away. [Read more…]

Is A College Degree a Waste If You’re Self-Employed?

Is A College Degree a Waste If You're Self-Employed?A question that I am often asked now that I am self-employed is if I think my college degrees were a waste. I sort of wrote about this last year in Is a Business Degree a Waste?

As a reminder, I have three degrees – my undergraduate degrees are a B.S. in Business and a B.A. in Management. And then I also have a Finance MBA.

I understand why people are asking this. I mean, technically I do not need any college degree to do what I do since I am my own boss. I also spent a lot of time and money (I had $40,000 in student loan debt at one point!) towards my college degrees.

Here is why I don’t think my college degrees were a waste of time or money:

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We have $200,000 in Student Loan Debt

We have $200,000 in Student Loan DebtHey everyone! The other day I received an e-mail from a reader who wants your help. I left out some identifying information because she wants to remain anonymous.

Just as a refresher to any new readers, I recently paid off around $40,000 worth of student loan debt.

It wasn’t all fun and games though, and I am glad that we put everything we had at the time towards them so that I didn’t have my student loans floating over my head.

I have 3 degrees (I was a double major in undergraduate school, and I also have my Finance MBA). Below are my posts on the subject.

How to Pay Off Student Loans Fast

My Student Loans are GONE

[Read more…]

Attending College as a Non-Traditional Student

Femme Frugality writes about money as it pertains to young adults, brides, parents, Pittsburghers, and, of course, college students. You can read her blog here.

Recently Michelle shared that W was returning to school, and asked for some tips for non-traditional students. I recently graduated, and now my fiance is going to college for the first time.

We’re about as non-traditional as it gets, both being far beyond “traditional” college age, and having children. So I’ve got a plethora of tips that have been helping us get through this stage in our lives. And Michelle was kind enough to let me share them in a post.

 

Work as Little As Possible

I know that sounds crazy. As a non-traditional student, you’ve got very grown-up bills to pay. But trust me. If you’re serious about your degree, trimming down your work schedule will help not just your grades, but your overall mental health. I am not suggesting you go into debt in order to go back to school. (Both my fiance and I are doing this without any loans.)

What I am suggesting is that you sit down and look at your monthly budget. Look at your bills, how much you’ll need to be contributing to your emergency fund, how much you’ll need for other essentials such as gas and groceries, and a realistic entertainment category (though it might not be a bad idea to trim it down a little bit if you can).

Figure out the lowest number you’re willing to commit to (be realistic about this) for your overall monthly budget.

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