At what age were your dcs 100% financially independent?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Was it right after college? How much did you help in college beyond housing and tuition?

For college, we paid room and board, books and school expenses, travel home and back, and tuition. We also gave them a used car sophomore or junior year.

For college - we are donut hole families. Kids went to in-state public schools for STEM education. They earned free tuition and one and a half years worth college credits. Both graduated with double majors. However, both stayed in dorms and apartments after the first year. So, we bought them new cars, room and board, all school expenses, all clothes, travel, socialization, supplies. They were on our medical plan until they were 25.

For grad - paid for everything once again. They also have access to a credit card in their name that we fund, access to our amazon, wf, costco, dept stores, uber, starbucks etc.

We did this for several reasons - a) kids are very frugal and since we are already established, it does not cost us much to include them. b) kids put most of their money in savings, IRA, investments. c) there is communication and transparency on both sides and kids are strategic and good moral kids with no bad habits d) kids know that roof over their head and basic living (food, car, clothes) will always be available to them e) we want to give them the leg up that we did not get. and so we not only did not want them to have any debts, but we also wanted most of their retirement savings to start now.

We will pay to the best of our abilities for college and wedding. We don't consider our children launched until they are married, and even then the soft transfer of wealth starts happening much earlier.

How? It seems unusual that a public university would give full ride (merit, I assume, given that you are a donut hole family)

DP: There are public universities that give full merit awards or close to it to top students. Just not T50 Universities.

In-State public. MD resident kid went to UMD for CS. Annual tuition was 10K for MD residents. UMD gave 40K for 4 years. + NMS scholarship of 8K for 4 years. UMD did not pay for room and board.

Full ride would mean - tuition+room+board

Merit scholarship was given because our students were top students.

Sorry, made a mistake. We are technically not "donut holes" as HHI is 400K. However, not having to pay for college in such a manner also means that my kids have money in their Roth (rollover from prepaid MD college trust), and we have mow money to spend on weddings, down-payment to homes, vacations, maybe even a trust fund for them.

[Anonymous]

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Anonymous wrote:21. Had to be.

Can't if they are in grad or professional school.

They can if they work part time

Not in every program/university. The program my DD was most interested in did not allow attendees to have outside jobs. They could petition after their first year for an exception to have an outside job if they'd done an exceptional job during their first year of grad school.

What kid of program is this?

Law school or med school

How would a law school even know if you have a part time job? If you don't tell them, how would they ever find out?

If they find out, they can dismiss you from the program. Many professional programs have those rules. Because the spots are coveted and they want those who are attending to maximize their chances for high level success

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Was it right after college? How much did you help in college beyond housing and tuition?

For college, we paid room and board, books and school expenses, travel home and back, and tuition. We also gave them a used car sophomore or junior year.

For college - we are donut hole families. Kids went to in-state public schools for STEM education. They earned free tuition and one and a half years worth college credits. Both graduated with double majors. However, both stayed in dorms and apartments after the first year. So, we bought them new cars, room and board, all school expenses, all clothes, travel, socialization, supplies. They were on our medical plan until they were 25.

For grad - paid for everything once again. They also have access to a credit card in their name that we fund, access to our amazon, wf, costco, dept stores, uber, starbucks etc.

We did this for several reasons - a) kids are very frugal and since we are already established, it does not cost us much to include them. b) kids put most of their money in savings, IRA, investments. c) there is communication and transparency on both sides and kids are strategic and good moral kids with no bad habits d) kids know that roof over their head and basic living (food, car, clothes) will always be available to them e) we want to give them the leg up that we did not get. and so we not only did not want them to have any debts, but we also wanted most of their retirement savings to start now.

We will pay to the best of our abilities for college and wedding. We don't consider our children launched until they are married, and even then the soft transfer of wealth starts happening much earlier.

How? It seems unusual that a public university would give full ride (merit, I assume, given that you are a donut hole family)

DP: There are public universities that give full merit awards or close to it to top students. Just not T50 Universeities

Umd does

[Anonymous]

It’s the kids money anyone. Parents are half dead by time kids are older

[Anonymous]

Upon undergrad graduation for one (21)

Closer to 25 for the other (graduated during a recession and moved back home for a couple years until grad school. We didn't give money, but we fed and housed)

[hotlii]

For us, it was around the age of 22-23, right after college. We helped with tuition and housing, but beyond that, they started managing their own finances. It was important for them to learn independence, so we didn’t provide too much extra support. Everyone’s journey is different, though!

Tutuapp

[Anonymous]

Anonymous wrote:Was it right after college? How much did you help in college beyond housing and tuition?

Financially independent after second year of college. Tuition and rent covered by 529. DC pays for everything else by working part time jobs year round and summer jobs. Full time job post college.

[Anonymous]

Right after college was over. We paid for tuition, apartment, flights home and gave him a credit card. DC earned a lot during summer internships so that was used for discretionary fun stuff. I don't recall DC actually using the back up card. There was a full time job with benefits waiting for graduation.

[Anonymous]

When graduated from college. Grad school on their own after working for a while.

[Anonymous]

22 year old graduated from college (no loans, we paid 100%) and got a $185,000 job in a VHCOL city.

23 year old graduated from masters program (no loans, we paid for it all), got a job and got married.

[Anonymous]

26 after law school grad and first job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ones who are passionate and successful in their high purpose and low paying profession, may need subsidizing beyond 30 if you or they to maintain same lifestyle they grew up with and you can afford to help.

Why should they maintain the same lifestyle if they chose a low paying profession? Life comes with tradeoffs.

Their tradeoffs support your lifestyle. Bugger off.