Reply to MS parents: How much have you saved for college (529, etc.)?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Nothing.  I don't have any extra money.[/quote]

Same here. Single parent teacher and I am glad I can pay his HS tuition out of pocket. [/quote]

You've saved nothing for college, but are sending your kid to a private HS?[/quote]

Yep. My mom did the same thing. My DS can take out loans for college just like I did. He will work in the summers starting at age 15 and save his money for car insurance and later books and other college expenses. I did it and so do plenty of other people. I don’t know why people are so anti-loans. I took them out for college and grad school and then paid them back by living frugally for about 5 years. Our local HS is meh and I don’t want to send him there. We all make choices and I won’t regret this one at all. [/quote]

Are you serious? That's super that you made that choice (or had it made for you). But, those loans are a significant obstacle to wealth. I paid my own way through college and grad school (in-state no nothing undergrad, and a good but not private or ivy grad school). I worked every summer since I was 14. I didn't have or do a lot of things my friends whose college was paid for had. And that's fine if it was fine for you. It wasn't for me. It merely demonstrated the difference between the haves and have nots. I want better for my child.

I want DC to come out of undergrad debt free. I intend to assist with grad school, as well, if that is DC's path. I see no need to make DC grind through school and a living eating ramen noodles and water, like I did. I want her to be able to have unpaid internships, if needed, and not worry about paying loans. I want her to be able to start working and saving for retirement, a home, right away. All things I could not do.

I know plenty about work ethic. And working your butt off to just get by, graduating with awards and honors, and having little to show for it. It can be demoralizing. So, again, it's fine to make the choice you made. There is nothing wrong with it. But, you cannot seriously say that you don't understand why someone else may choose differently (no loans for their kids).[/quote]

Sounds like you should’ve made some new friends who weren’t coasting along thanks to their wealthy parents. And as far as “having little to show for it” I don’t understand what you mean. You have two degrees for goodness sake! [/quote]

My friends weren't "coasting", they had an easier road. They didn't need the 2d/3d job to pay for expenses and keep costs down. But, are you really suggesting I should not have had rich friends? That's unbelievably stupid. I"m not blaming them. They are good people. They just had a much easier time of things.

What I mean by "little to show for it", and perhaps that was worded not in the best way, was that those kids graduated with NO debt, which freed them to make choices that I was constrained from making. I wanted to pursue public interest but there was NO way I could do that with the amount of loans I had. They were able to purchase homes, start families, save for retirement much sooner than I could. That inhibits accumulation of wealth (and I don't mean billionaire wealth, but UMC wealth at a minimum).

I get that you must be one of those "pull yourself up by the bootstraps" type. But don't be obtuse about the fact that kids w/o loans have an advantage over those with loans. I want better for my child than the experience I had. I'm not sure why that is so hard for you to understand. [/quote]

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