Reply to Coming to Terms with Full Pay

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[quote=Anonymous][quote=Anonymous]There is a segment of the population that forgets all their otherwise solid financial habits when it comes to their kids attending college.

Don’t spend beyond your means.

If you get financial aid, awesome. If your kid gets merit, awesome. If you’re stuck, like us, at full pay, make the rational financial choice according to your ability. Your kid will be fine.[/quote]

I feel like when parents say they will go into debt so their kids can go to a name brand school they are missing the forest for the trees.

Our job as parents is to help launch our kids successfully into the world. One of the most important parts of that is teaching financial responsibility. If you can’t afford a luxury car, you should not buy it. Everyone is getting to the same spot, luxury car or not (again, if you normalize for incoming test scores, etc, with very few exceptions).

We are teaching our kids to make huge purchases based on keeping up with the Jones’. This is not a financially responsible way to live. To go into debt to chase name brands at such an impressionable time of life is the opposite of teaching kids financial responsibility.

Look, it doesn’t harm me if other parents want to go deep into debt to pay for a name brand luxury. At the end of the day that is their choice. But I sense the value of that name brand education ultimately might be more than offset by the unsustainable message it sends those kids.

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