We have four kids - ages 15, 12, 10 and 4.
We are going to have kids in college in about 4 years. We will probably have no more than 2 in college at any one time, but that is not certain - we might have 3 in college at one point. Things happen - one might take a year off. One might not do well for a year - who knows? The point is that, realistically, we might have 3 in college at the same time.
We are paying off our debt so that we will be debt-free long before we have kids in college.
However, we are NOT planning on paying for our kids to go to college.
I have set the kids up with ways to
- learn how to make money.
- make money over time
- build up their income
I have set up blogs for the kids - they update them and run them (with my supervision) and they learn how blogging works - and how money works! There are ads and affiliate programs on there. (They are not old enough to participate directly yet, but I have my account and give them their share.)
Right now, they are almost to the point where they can earn all of their spending money. (Hey, 50 bucks is a fortune for a 10 year old!)
In the future, as their needs grow, their income will grow, too. They can and will be responsible for all of their clothing and other needs (once they earn that much).
They will be putting money aside for college.
They can have regular money coming in while they are in school - no broke college students! No phoning home for money! LOL
And I will have the peace of mind that they are self-sufficient.
That is the best part of all.
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5 comments:
This is a brilliant idea.
We are working on something similar with our 11 year old daughter.
Last year, with help from her father, she set up an ebay shop and is seeing money coming in.
She is now more aware of how to manage her money and is more likely to save birthday money than to spend it.
You are building great foundations for future responsible and cash savvy adults.
Best wishes
Heather
I have given you an award for your wonderful blog.
Love
Heather x
Thank you so much for your kind words, Heather!
We are truly hoping that by raising debt-free kids with a sense of money matters, we will be empowering their future.
(((((((HUGS)))))))))
I think that is incredible!
I don't have children yet, but I am praying that I will be able to see their giftings at a super young age, and help them to develope AND monetize them. Heck, I would love for them to not HAVE to go to college (just so that they can learn a skill to make money), but CHOOSE to go college to better themselves, and of course further the gifts inside of them. I dream of a little army of entrepreneurs
AND ones that know how to manage their money, as well as give it away.
Rock On : )
I have debated on whether or not they will need college by the time they are older, but I think college would be a good experience (even if they need a "job").
:o)
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