Reply to controversial opinion: money & finances edition

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]To add to the above, I think it's crazy when UMC get on the college forum and say "My kid got into X private college but we can't afford it. Wah wah wah. Life is so unfair for us UMC."

And it turns out they make like 300k.

Why weren't they saving all along? That's what I want to know. When you have a baby, the baby's needs come first. That means college savings before a big house or fancy vacations and cars, etc.[/quote]

They probably have been saving all along.  They also weren't making $300K or anything close to it 20 years ago; spent 5-10 years paying thousands of dollars a month for childcare; had student loans to pay off; other (disability, elderly parents, medical disaster, other).

The real question is, why is it ok for the increase in college costs to far outpace inflation?
[/quote]

College costs have increased along with the availability of student loans. The money is available so colleges keep adding expensive amenities and support staff. As long as 18 year olds are able to get massive amounts of non-dischargeable debt, the costs will not be reigned in. [/quote]

Agree.

So stop blaming the people who "fail to save."  It is not that simple.  [/quote]

You have control over exactly one component of this - how much you save.  If you choose to abdicate responsibility in that area, that's your business, but it isn't a surprise.

Note - this does not apply to people who can't save for college.  This applies to people like the one described, who make $300k, prioritize things other than college savings, and then whine about the cost of college.  [/quote]

Yes, that is always the component.  The question is, is it reasonable to expect that people save towards something the cost of which ever-increases in excess of inflation?

If college costs e.g. $100K/kid/year in five years, is it my fault that I cannot pay for it from our $200K annual income because I "abdicated" my responsibility?

Insanity.[/quote]

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