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College and University Discussion
Reply to "How much does your child spend at college? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP- your kid needs to get a job to earn their own spending money. They are adults. They don’t need an allowance. [/quote] That's a valid approach! It's not for us, but I wouldn't disparage you for going that direction. I want my kid to study hard and enjoy themself. They worked for their pocket money through HS, coaching and babysitting. They will work this summer in retail. Giving a moderate allowance in college is how I demonstrate that I support their education and [i]transition[/i] into adulthood. [/quote] I show my support by paying for tuition, room/board, etc. No self respecting college student should want an allowance from their parents. [/quote] Ok, even you have to realize how absurd that sounds. NO self respecting college student? Not one?? I expect high academic achievement from my kid. I do not expect them to be the best shirt-folder at The Gap. Why on earth would I want them honing their shirt-folding skills when they should be crushing their Econ exam? They will have plenty of time to be an adult. College is a liminal space. I tried to be nice, but damn, you make it hard. [/quote] You don’t have to be nice. Just be yourself. Your kid is watching you. You’d better hope they earn the big bucks or they’ll expect the gravy train to continue after they graduate. When does it end? [/quote] DP: When they graduate and start this first "real job". We fully funded everything for our kids. One had a summer job (but we didn't let them work during covid) and also took on a 10 hour/week job at the university (brain dead, monitor the resident hall desk for $7/hr--we told them they didnt' need to). They graduated in 4 years (despite having a rough start academically and changing majors0 with a 3.5 GPA, started job with great company 2 weeks later and are entering their 3rd year of being financially independent. All we did was help buy furniture and pay the deposit and first month's rent, gave them a 7 yo car and paid their first year of auto insurance. They then proceeded to handle everything else, including investing as well as a Roth and starting their 401K. Next kid is still in college, never had a job until research positions after sophomore year, continued that during junior year along with TA position, and doing research again this summer. They are at a challenging academic school, majoring in engineering, so we don't want them to waste time working in a minimally paying job that has nothing to do with their education. Given their track record, I'm certain they will find a job within a few months of graduation (it is tough out there now and likely will be next year) and be financially independent within a few months, since engineering tends to pay well. So the gravy train ends when they graduate college and start their first real job. Most likely within a month after graduation. Helping your kids while they are kids and in college does not financially stunt their development. Their job was to do well in college, get internships/reserach positions and be ready to start their careers. As long as they are doing that well, it's all we ask while in college [/quote]
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