The Shocking Truth About Dave Ramsey's Baby Steps - Kids' College Funds
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- čas přidán 12. 02. 2024
- Is Dave Ramsey's advice about saving for your kids' college education really all it's cracked up to be? In this video, I react to Dave Ramsey's Baby Steps and my thoughts on his advise about paying for kids college.
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I agree. I've had six kids and those that wanted college paid for it themselves and those that didin't want college chose their own path which was pretty much what I did. Even though my father paid for my first semester at colloege but then I dropped out got a job and then went to the UK and Europe and South Africa...I love travelling! But I paid for it all myself.
Times aren’t like they used to be. Affording college is a pipe dream for most students. A college fund is unlikely to take away 100% of the cost of attending college but it can certainly help and it should be done by the parents who can afford it.
Or don’t go. Put money and time into something more useful in today’s times. College is not the only source of education.
@@MikeHobbs of course that’s true, but college should be accessible and a college fund is a great way of achieving that.
@@BrettR39 ya if they really have a goal that requires college. And they show effort in getting the money for it that is my requirement for helping them. They have to have a legit goal that college would help them hit. Otherwise it’s a wasted investment for them and the parents.
I’d imagine the savings doesn’t just have to be for college, it could be a down payment on their first house, a reliable used car, the first year rent for their apartment, etc. the idea is to get them started in life without being in debt. I did not want to be in debt so I had to drop out of college without graduating since my parents were broke, luckily I landed a good job but I definitely plan on saving at least 10k for my kid so he can have a small cushion for life. Making him pay for everything himself could set him up for failure, I struggled with car payments and credit cards for a few years after college
I think it’s the opposite. It sets them up for success. And helps them realize what they should be paying for. College is not usually the answer to actually making money these days. When they realize how much of a waste of money it is they will put their money into better places. Paying for them just throws the money in the toilet and sets them up for failure and wasted time.
I thought I was the only one who thought that is not such a good idea, thanks for the video!
Awesome, glad we are on the same page!
Great video Mike! If I were doing this all over again from the start, instead of building a college fund for them, I’d put that money into a good growth mutual fund for them until 18.
Nice. Ya I know some parents who put savings aside or investments for each kid and doesn’t let them have it until they get married or buy their first house type of thing. That seems cooler than wasting it on college. Haha
We shouldn't be forcing kids into college, but I still think it's important to save for it if they do decide that's the path they want to take. Have you seen tuition prices these days and the student loan epidemic. If it keeps up like this our future children are in a heap of trouble doing this themselves. I think a compromise would be to pay for their tuition, but they would be responsible for housing, food, and spending money.
Ya good idea on paying for the tuition if they pay for other stuff. Usually, when I pay for something, I have them come up with Half, or some kind of effort to show me they really want what they are paying for. Also there are scholarships they can earn. My oldest daughter is actually making money to go to school. So just depends on their goals.
If you're going to "waste it on college", then yes I agree. But if you save some money for your child and they know what they want to do, then setting them up for success is a great idea. Of course I would not pay for my kid's college if they were lazy, had no plan for their future, and so forth.
And that money could also be used for something like a trade school if they do not want to go to college, which I am all for.
Ya. Anything I pay for they have to work for it or put in half the money or something. To me that shows they really want it or showing effort. But ya now days college is not the only option for education.
With the new policy of a 529 being able to roll over into a Roth Ira, I disagree. Use this account to your advantage, plus the parent owns the account, and can be distributed to any beneficiary or used for the owner. Personally, I will be encouraging my son to go I to trades because you can make a lot of money with basic skills, and if you want to go to school for a valuable major, this money is there for you to help and I will involve him in showing how much there is, what everything costs.
Ya nothing wrong with saving money just in case you want to help them.
But just blindly paying for college for children who can't tell me what they are going to college for is a no-go for me.
Most parents these days pay for their college & just tell them to do their generals and hope they come up with a major during that process. That is the worst advice ever and most wasted money ever.
If my kids don't have a goal, they shouldn't be going to college. Their goal should be first. Then if college is part of the process of hitting that goal then yes! I'm willing to help them in that case. No goal, no money from me. Goal setting is sooooo important and so many parents don't teach their kids this.
@MikeHobbs I do agree, and as I said, I would encourage my kids to go IF they have picked a major with a good ROI like MD, RN, Engineering, Business, but I will not preach it as the end all be all degree is needed to even have a good life, you don't, trades make excellent money and give you skills to save a lot of money doing things yourself as well.