School Responsibilities (2 Viewers)

[efil4stnias]

Yep. My daughter is in her freshman year at U.N.O. studying Electrical Engineering. She had the grades to get into places like the University of Texas and certainly would have gotten into any of the SEC schools, but she ended up at U.N.O. because she is getting paid to go there by U.N.O. She got a free ride and then she gets a book stipend. She talked about going to LSU because some friends went there and going away to school was cooler than living with mom and dad, but in the end she decided (with help from the wife and I) that U.N.O. made the most sense because she would get her B.S. with zero debt. That would either let her start out adult life with no debt at that point or go to a better grad school assuming she got the grades to go.

I am so far behind financially because I didn't understand how big a deal student loan debt is to accumulate. It seemed like free money in college, grad school, and even law school, but I know better now. My parent's didn't know any better. They just thought you had to get a college degree to succeed and made sure all their kids got one. Neither of them had one so they had no idea what having all that student loan debt would do to my financial future.

And she will make the proper "network" connections if she plans to remain in Louisiana.

But yes the GREATEST gift i think a parent can bestow is allowing their children to begin adult life with zero financial debt.

Good friend - he and his wife both dentists ( Just out of LSU about 2 years now ) . Just told me about 2 weeks ago the amount of debt they carry. its over $400,000 between the two. OVER.

I liked to choke on the beer when he said that. Now, in time that will be repaid. But the stress of starting family, the costs associated with, life, etc and you are already in the hole $400,000? nah. eff that.

 

[Sailorsaint]

Doesn't FBLA help with that? I wasn't a member, was in FFA because it was cooler.

 

[FL_Saint]

in all honesty, financial literacy starts at home. Thats where kids learn it.

I have to continually remind my girls that it took dad 20 years to get to THIS point, just so happens that you two are living here " at this point" - it wont be like this for you starting out. Oldest is pretty frugal and cognizant. Work ethic is a lil low for me, but we continue to work on that - case in point- FOMO -- she had to work Sunday and we had planned to run across lake. She got all sorts of pouty because we were going and she had to work. Once again, explained to her that this is life. Start experiencing now so that when your friends are trekking off to Red Rocks, and you cant take off work, you simply say " well it is what it is" and dont fret over it.

ITs tough as you want your kids to have what you didnt. So tough. But you have to balance that with reality which makes it even tougher.

And this is how we approach things here. My oldest is taking classes at the local college and works at a grocery store. We discuss finances often, the many mistakes we made and the effort and time it took to fix them. The effect that our right now decisions have on our future. Etc, etc. She’s already contributing to a 401k. I NEVER would have considered that at 19.

I just looked through the details of this new requirement and it’s a great idea. Just asked my older and she said she saw it and wished they had it before she graduated. But she is learning.

 

[Devildog]

I like it and commend FL's governor and legislature for passing it (I will go take a shower now). We used to have Business Math when I was in HS, but it was an elective and it didn't amount to anything.

I can't remember where I saw it, but there's a HS around where I live that has an elective class for common everyday issues like tire changing, etc. that a student may encounter. It's not required, but I think it's good to have. I know a lot of parents who couldn't tell you where the battery is on a car.

 

[WhoDatPhan78]

Of course, i could see teachers talking to kids about investing and things, and then the kids telling the teacher about all the money they made from BTC, and then the teacher questioning their live choices.

 

[porculator]

in all honesty, financial literacy starts at home. Thats where kids learn it.

I have to continually remind my girls that it took dad 20 years to get to THIS point, just so happens that you two are living here " at this point" - it wont be like this for you starting out. Oldest is pretty frugal and cognizant. Work ethic is a lil low for me, but we continue to work on that - case in point- FOMO -- she had to work Sunday and we had planned to run across lake. She got all sorts of pouty because we were going and she had to work. Once again, explained to her that this is life. Start experiencing now so that when your friends are trekking off to Red Rocks, and you cant take off work, you simply say " well it is what it is" and dont fret over it.

ITs tough as you want your kids to have what you didnt. So tough. But you have to balance that with reality which makes it even tougher.

One of the few things I'll change about how I raise my kids versus how I was raised is that I'll expect my kids to get real jobs before college so they can have that "that's life" moment. I was expected to focus 100% on academics to get into a good school, which worked, but didn't have the "that's life" moment until the professors at said good school flunked me and I couldn't weasel my way out of it like I thought I could.

 

[porculator]

Of course, i could see teachers talking to kids about investing and things, and then the kids telling the teacher about all the money they made from BTC, and then the teacher questioning their live choices.

Well, someone's going to need to tell that kid that their BTC is worth zero until they sell it, and when they do, a bunch of it is getting taxed.

Most adults still don't seem to realize the difference between realized and unrealized gains.

 

[WhoDatPhan78]

Well, someone's going to need to tell that kid that their BTC is worth zero until they sell it, and when they do, a bunch of it is getting taxed.

Most adults still don't seem to realize the difference between realized and unrealized gains.

The kid would say that they buy stuff all the time with their BTC, and the teacher would just go back to crying.

 

[HoustonSaint68]

Interesting comments and experiences above. I suppose I have two main reactions to them all:

I think it's a bit simplified to suggest that "The kids paying attention are already learning these lessons, the kids not paying attention are not going to learn this lesson just because you mandate it to be taught." With all due respect to your teaching experience, I can think of a number of young people in my own extended family who are good students but whose parents don't know squat about budgeting and finance and could/probably would very much benefit from the instruction.

Second, I totally get and agree that the "My kid goes to _________ " phenomenon is a real thing and is pretty ridiculous. But sending your child more than a day's drive away from home for college can be a really great experience for them. I agree that it's not worth going into heavy debt for, but if you're fortunate enough to avoid that through scholarships or being financially blessed, it's a great life experience. I'd say that's especially so in NOLA and Louisiana -- it's perhaps not as bad as it used to be, but the provincialism here can be pretty stifling.

 

[HoustonSaint68]

Well, someone's going to need to tell that kid that their BTC is worth zero until they sell it, and when they do, a bunch of it is getting taxed.

Most adults still don't seem to realize the difference between realized and unrealized gains.

True dat. I seem to keep having the same Groundhog Day conversations with my nephew and my son about that very point, as well as the power of compounding interest, saving and investing EARLY, and the long timeline to retirement.

I've finally succeeded in beating the "6 months emergency cash" concept into their heads but it was a lot of work to convince them not to put stupid money into bitcoin,

 

[efil4stnias]

Second, I totally get and agree that the "My kid goes to _________ phenomenon" is a real thing and is pretty ridiculous. But sending your child more than a day's drive away from home for college can be a really great experience for them. I agree that it's not worth going into heavy debt for, but if you're fortunate enough to avoid that through scholarships or being financially blessed, it's a great life experience. I'd say that's especially so in NOLA and Louisiana -- it's perhaps not as bad as it used to be, but the provincialism here can be pretty stifling.

Agreed. I didnt mean to "poopoo" those that can ( thru means or scholarships ) ...they know their child. Each child is different and its incumbent upon parents to know. But sending your child to Old Miss to obtain a BS in Marketing doesnt make sense to me, especially if they plan to return to Louisiana to ply their trade.

One thing i know about SELA is that A LOT of business is done thru "who you know vs what you know"

And yes, when we first meet a new acquaintance, its still " where did you go to high school"

Good friend was transferred here years ago ( Fed Agent ) - We had a crawfish boil ( neighborhood ) and he couldnt understand when he would meet folks, especially the men, the first question was " where you went to school?" he would reply - University of Maryland. And then get " no man, HIGH SCHOOOL" LOLOL

 

[sfidc3]

in all honesty, financial literacy starts at home. Thats where kids learn it.

Yup....my wife and I had a pretty clear vision (it probably helps that I was a Finance major)....get our boys through school with no debt (we set up annuity type investments shortly after we married).....We offered the same "deal" to them....in state we pay for everything....out of state we pay what we would have paid in state and they borrow the rest.....the both went to state schools....zero debt...

I started talking to them about investing when they were still in HS, luckily for us....they actually listened (which is the real key)....they now have good jobs and contributing to 401k's plus investing in annuity type investments as well....I think we were very lucky but if you can impress upon your kids some good financial advice? Much more valuable than any class IMO (which I do think is a good idea as some percentage of the kids will take away some value)....

 

[St. Widge]

Second, I totally get and agree that the "My kid goes to _________ " phenomenon is a real thing and is pretty ridiculous. But sending your child more than a day's drive away from home for college can be a really great experience for them. I agree that it's not worth going into heavy debt for, but if you're fortunate enough to avoid that through scholarships or being financially blessed, it's a great life experience. I'd say that's especially so in NOLA and Louisiana -- it's perhaps not as bad as it used to be, but the provincialism here can be pretty stifling.

That really depends on the individual kid and if they are surrounded by close minded people. New Orleans certainly gives you the opportunity to experience a wide range of people and cultures. It's not like it's the backwater of civilization. So, there are many cultural opportunities here that can't be had in other places. It just depends on of the kid is willing to take advantage of those.

Beyond that, given the cost of college these days, (I think U.T. for out of state was like $60K for the year) unless you are truly rich, as in top .5% rich, someone is going into debt to go to those schools unless you have a kid with a perfect ACT/SAT Score and perfect grades in H.S. with amazing extra curriculars that get you a full ride or close to it. The competition for these schools and for scholarships is a lot more fierce than it was 30, 20, or even 10 years ago. I know a kid that went to Ben Franklin, that has a perfect SAT/ACT score with a 3.9 unweighted GPA that couldn't get into multiple schools that weren't even Ivy, Stanford, or M.I.T.

So, while it might be a great experience for some kids, it's really not practical for most kids or their famalies. And while it might make sense to go to U.T. or somewhere similar, it would not make sense for Alabama, Ole Miss, Georgia, Florida, etc.

 

[St. Widge]

And yes, when we first meet a new acquaintance, its still " where did you go to high school"

Good friend was transferred here years ago ( Fed Agent ) - We had a crawfish boil ( neighborhood ) and he couldnt understand when he would meet folks, especially the men, the first question was " where you went to school?" he would reply - University of Maryland. And then get " no man, HIGH SCHOOOL" LOLOL

I usually just say "not Jesuit."

I actually got a job like that one time. The guy went to Jesuit and told me he decided to hire me as soon as I said that.

 

[Semper]

Yup....my wife and I had a pretty clear vision (it probably helps that I was a Finance major)....get our boys through school with no debt (we set up annuity type investments shortly after we married).....We offered the same "deal" to them....in state we pay for everything....out of state we pay what we would have paid in state and they borrow the rest.....the both went to state schools....zero debt...

I started talking to them about investing when they were still in HS, luckily for us....they actually listened (which is the real key)....they now have good jobs and contributing to 401k's plus investing in annuity type investments as well....I think we were very lucky but if you can impress upon your kids some good financial advice? Much more valuable than any class IMO (which I do think is a good idea as some percentage of the kids will take away some value)....

That is awesome.