Single Ma had a great article on her plans for her daughter's college education.
This really got me thinking about how much support is too much when it comes to your kids.
While I think it has helped me a lot in life to have gone through what I had to go through to get myself out of college with my BA, I always say that I will do whatever I can to help the piglet not have to worry about money. Would I be doing her a disservice by taking that out of her mind?
I don't plan to keep her ignorant when it comes to money. I do plan on teaching her the virtues of compounding interest, saving early and often, and controlling your impulses so you not paying off debt for the better part of your life. The lessons on ROTH vs. pre-tax 401K will come when she's a little older :)
I hear/see all the time where kids become super dependant on their parents for everything, from housing, cars, "get me out of trouble money", and anything else that comes up. While I do want her to have all of the things that I did not have as a kid (house, trips, a decent hairstyle [my mom cut my hair more times than I care to mention]), I don't want her to miss out on the lessons I learned from all of my hard work, it does build plenty of drive and character to dig yourself out and try to make your own mark without much help from anyone else. But I don't want her stressing about every last dollar and having to work crazy hours and missing out on life.
Even though we were poor, and I mean ppooooorrr, my childhood is full of wonderful memories. Material things meant nothing to me growing up, I was happy just walking through the park with my mom or visiting Grandma's house and racking up on all the cookies she gave me :) I want her to have this same mindset, even when she gets older. To appreciate the moments with family more than the trips to the mall (this will get harder the closer she gets to teenage-hood...I know). This also pushed me to work harder when I got older, to bring my family up with me and not depend on anyone for anything I wanted.
I guess like all things in life, balance is the key and learning the power of "no".
I think I'll just stick to the original plan, save enough in her 529 to where she will still have to work, but not as much as if we had nothing saved up. And keep her separate savings account in ING to get her a little head start, we plan on keeping $1,000 in there and anything on top of that is up to her. Aside from that, we'll deal with things on a case by case basis. PRAY FOR ME PEOPLE.
Why is this so hard? They should have handouts at the hospital on what the formula is to raising a Bill Gates, Denzel Washington (does more charitable work than he gets credit for) or Oprah.
Thanks for reading
Love ya babe