DD#1 got a bright flight scholarship, and also was awarded scholarship money. She is a triple major, yes I said triple-will graduate in May at 20 years of age. She got out of high school with an early out at age 16. She currently takes 18-21 credits a time, with permission from the dean. Her college money will either be a down payment on a nice house, or buy a smaller house or a fixer up er. DD#2 got her college money at the same time. She has yet to take a class, and has spent every dime of it in a little over 2 years with nothing to show for it. They both got their money after their mother was killed. The court set it up so that they were to get it at college age, despite their dad wanting it set up differently.
Needless to say, we learned from that. So, DD#3-5 are not even aware they have college money. Their money came also from a court case that I won years ago when the gas company burned down my house (long story short, they blew it up by removing live gas lines that they thought were old gas lines because they were on the wrong side of the street).
I want my daughters to learn the value of money, so they each put money into their college savings account and mutual fund accounts every month. They are not aware they have another account. It is set up to give them each a lump sum each August after they start college. It comes to me. If they need it, I will give it to them. If they don't need it, I will reinvest it and not even mention it to them. Then they can have it when they buy a house, are more mature, or whatever the case may be. Right now its in an annunity fund. All said, those 3 should each receive around $100,000 over 5 years. I hope they each also get a bright flight for the first 4 years. Right now one wants to be a vet, 1 go to medical school and the other a teacher.
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