Son a sophomore in high school. Do we spend all of our money now on upcoming expenses, or wait?
Question: Our son is 16 and wants to go away to college. We also have 14 year old. We only have $25K total saved for college. No mortgage. Both cars are old, but paid for. Very high expenses over past 5 years of a chronic illness in the family, we've been spending more than we earn, so a once large nest egg is gone. We do have some savings in our 401Ks. Our house has some rot and mold, painting etc. that we have delayed repairing for several years. Both cars have well over 100K miles and the kids will need a used car soon as they get licenses and part time jobs. One of us needs two surgeries with large deductibles. We're trying to decide: 1. Put off all repairs and surgery and used car and try to continue saving money for college. 2. Spend everything we saved for the kids on all of these big expenses. They'll have no savings at all but with no mortgage they will probably not qualify for any aid. 3. Take out an equity loan for $25K and get everything done. Maybe a better chance for some aid?
Best Answers: Son a sophomore in high school. Do we spend all of our money now on upcoming expenses, or wait?
1) all kids old enough to work need job NOW 2) kids do not absolutely need cars to work... they can get jobs at McDs & other places... ride the bus, catch rides with friends or family members --- remember that insurance rates on teen drivers is SKY HIGH 3) money kids make needs to be budgeted... they can save for cheap car, the cost to title/register/tag & at least 6 months of insurance -- then they can put that same amount away towards higher education 4) kids might not get luxury of going away to school... if they get scholarship that makes it financially feasible for them to go away, sure, but otherwise they will have to go to school in the most affordable way 5) plan on kids getting pre-reqs from community colleges & then transfer to uni... that will cut the cost down dramatically person who needs surgery... if they need it, then it needs to be done getting rid of mold (which can make people sick & make those with health problem MUCH sicker) needs to be a highest priority I am going to tell you... I spent my whole adult life saving for my son's college education --- then I hit catastrophic health problems & had no choice but to use the money I had saved for us to survive on for the 3 years it took for me to have any level of recovery ... then I had to downsize my career from @ $75,000 to @ $21,000 in order for me to be able to work --- we had to make do with severe, drastic cuts (for example no computer, no game system, no internet, no going out, no vacations, no whatever.....) my son was in 9th grade when his plans for dream school came crumbling down around him... so he worked harder in high school than anyone of the other kids.... he made smart choices (IB robotics program, entering robotics competitions & winning with his designs)... and he had very little social life because he was working as many hours as legally allowed (mostly to pay for his car) he applied to his dream school (Duke) and got in... they offered him scholarships.. but not enough to make it free --- he was smart, he also applied for several in-state safety schools & got offered a few full-rides He settled on a school he really didn't want to go to & has worked 30 hours per week while getting through 18-20 credits hours per semester in a rigorous engineering program that considers any grade below a B to be a not-passing grade he chose the one that was farthest from home (trying to get that move-away-from-home feeling)... he gave up "the college experience" for hard-work He will graduate this spring with his bachelors in engineering He is in the top 1% of his graduating class He has plenty of employers courting him and he has worked out deals where he get paid to get his master's degree at the company's as part of his employment offer(s) so far the lowest paying offer gives him 50K per year earnings, full benefits with a very high quality health insurance plan, & will pay the full-cost of his master's degree -- will also allow him to work 30 hours per week while enrolled in master's degree program --- the only "catch" is that he is contractually bound to work for them for 5 years... consider that this is one of his top choice employers in optical engineering... even though this is how lowest paying offer it is his most favored employer... it is a win-win all the way around Because he has made @ $15,000 per year as a waiter, he has a paid-for car --- no student loan debt (and no other debt)--- the begins of establishing great credit (you will be shocked at the credit card offers college students get), and his entire future ahead of him He plans to save up to pay cash for a new car (to cut down on repair expenses) within the first year of his employment as an engineer
This is a favorite of mine, called ""Paul Revere's Ride" by Longfellow. Most of the class should find it pretty engaging and exciting, and it's easy to understand: http://www.nationalcenter.org/PaulRevere... EDIT: Oh good grief, Y!A edited out the word c o c k: it's a bird... Listen my children and you shall hear Of the midnight ride of Paul Revere, On the eighteenth of April, in Seventy-five; Hardly a man is now alive Who remembers that famous day and year. He said to his friend, "If the British march By land or sea from the town to-night, Hang a lantern aloft in the belfry arch Of the North Church tower as a signal light,-- One if by land, and two if by sea; And I on the opposite shore will be, Ready to ride and spread the alarm Through every Middlesex village and farm, For the country folk to be up and to arm." Then he said "Good-night!" and with muffled oar Silently rowed to the Charlestown shore, Just as the moon rose over the bay, Where swinging wide at her moorings lay The Somerset, British man-of-war; A phantom ship, with each mast and spar Across the moon like a prison bar, And a huge black hulk, that was magnified By its own reflection in the tide. Meanwhile, his friend through alley and street Wanders and watches, with eager ears, Till in the silence around him he hears The muster of men at the barrack door, The sound of arms, and the tramp of feet, And the measured tread of the grenadiers, Marching down to their boats on the shore. Then he climbed the tower of the Old North Church, By the wooden stairs, with stealthy tread, To the belfry chamber overhead, And startled the pigeons from their perch On the sombre rafters, that round him made Masses and moving shapes of shade,-- By the trembling ladder, steep and tall, To the highest window in the wall, Where he paused to listen and look down A moment on the roofs of the town And the moonlight flowing over all. Beneath, in the churchyard, lay the dead, In their night encampment on the hill, Wrapped in silence so deep and still That he could hear, like a sentinel's tread, The watchful night-wind, as it went Creeping along from tent to tent, And seeming to whisper, "All is well!" A moment only he feels the spell Of the place and the hour, and the secret dread Of the lonely belfry and the dead; For suddenly all his thoughts are bent On a shadowy something far away, Where the river widens to meet the bay,-- A line of black that bends and floats On the rising tide like a bridge of boats. Meanwhile, impatient to mount and ride, Booted and spurred, with a heavy stride On the opposite shore walked Paul Revere. Now he patted his horse's side, Now he gazed at the landscape far and near, Then, impetuous, stamped the earth, And turned and tightened his saddle girth; But mostly he watched with eager search The belfry tower of the Old North Church, As it rose above the graves on the hill, Lonely and spectral and sombre and still. And lo! as he looks, on the belfry's height A glimmer, and then a gleam of light! He springs to the saddle, the bridle he turns, But lingers and gazes, till full on his sight A second lamp in the belfry burns. A hurry of hoofs in a village street, A shape in the moonlight, a bulk in the dark, And beneath, from the pebbles, in passing, a spark Struck out by a steed flying fearless and fleet; That was all! And yet, through the gloom and the light, The fate of a nation was riding that night; And the spark struck out by that steed, in his flight, Kindled the land into flame with its heat. He has left the village and mounted the steep, And beneath him, tranquil and broad and deep, Is the Mystic, meeting the ocean tides; And under the alders that skirt its edge, Now soft on the sand, now loud on the ledge, Is heard the tramp of his steed as he rides. It was twelve by the village clock When he crossed the bridge into Medford town. He heard the crowing of the cock, And the barking of the farmer's dog, And felt the damp of the river fog, That rises after the sun goes down. It was one by the village clock, When he galloped into Lexington. He saw the gilded weathercock Swim in the moonlight as he passed, And the meeting-house windows, black and bare, Gaze at him with a spectral glare, As if they already stood aghast At the bloody work they would look upon. It was two by the village clock, When he came to the bridge in Concord town. He heard the bleating of the flock, And the twitter of birds among the trees, And felt the breath of the morning breeze Blowing over the meadow brown. And one was safe and asleep in his bed Who at the bridge would be first to fall, Who that day would be lying dead, Pierced by a British musket ball. You know the rest. In the books you have read How the British Regulars fired and fled,--- How the farmers gave them ball for ball, From behind each fence and farmyard wall, Chasing the redcoats down the lane, Then crossing the
First, don't think they will not qualify. Have your child or chlldren do the FAFSA. WWW.FAFSA.GOV Input the required information and see what aid they may qualify for. It sounds like they will probably qualify for pell grant and sub loans based on your income situation. (Low income). Second, have THEM start applying for scholarships as soon as possible. You will be surprised a little effort will turn up. Third, discuss with your son that although you will certainly support his education, you will not fund it solely. He needs to think about what school and program he is going to do. Untimately, the STUDENT has the costs, not the parent. He can easily choose a state school, community college, or tech school to get a great education for the fraction of the costs. He may be even go with just the grants alone, no loans. Fourth, obv, your health is important. You dying certainly going to be much worse than him not having 20k to go to school. Use that money to live (literally). Fifth, DO NOT BORROW MONEY like this for his educatioin. There is something called stafford loans that he wil qualify for that is very low interest and has other benefits sucha s holding off payments while he is in school (deferment).
1. 1 or 2 hours more or less depending on the amount of homework 2. ALOT. i am always listening to music probably like 3 hours a day 3. 1 hour 4. before school-45 minutes, before bed-20 minutes, fixing makeup etc-5 minutes
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They are horrible because they are still immature. They have not been adequately socialized to learn the rules of respect. They'll learn sooner or later and be ashamed of themselves when they look back. Unfortunately, it will take years for them to grow up and society seems to be content or unperturbed by this.
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