Quote:
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Originally Posted by BCHGRL
Consider what life "start-up" costs there are for most people before the age of 30:
-Undergraduate education ($20K & up)
-Graduate education ($10k & up)
-Work Wardrobe ($3k)
-1-2 Automobiles ($15K & up)
-Home ($130,000 & up)
-Furnishings ($3K & up)
-Wedding ($10K & up)
-Children ($10K & up)
Don't get me wrong, I'm for pulling yourself up by your bootstraps. I was the first person in my family to obtain my bachelor's degree at 21 years old. However, I believe that it was my dedication to my studies resulted in my success, not who funded it.
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Wow, those costs are pretty high. But I don't really consider those start-up costs. Yes, college costs were in excess of $20k/year, but DH and I got decent jobs without a graduate education, we bought our clothes secondhand for a few hundred dollars, when we graduated I drove a $3k car and he had none (he later bought one for $5k), our first home was $46k, we furnished it with garage sales and thrift store finds...we were fortunate to have our wedding paid for, and kids were relatively inexpensive - I figured this out a while back and we have only spent about two thousand dollars on our kids (ages 1 and almost 3) - including all clothes, diapers, furniture, health care, food, etc.
I just wanted to address the issue that twenty-somethings NEED all of the above - I think that's why so many twenty-somethings are in major debt. They want to have all that their parents worked 20+ years for, but they want it NOW. There's nothing wrong with putting off home ownership, or renting a small apartment, when you are just out of school, but I see a lot of young couples striving for that 4 bedroom, 3 bath, 3000 square foot place right away, while they are paying for the leases on $30k cars. Sorry, got a little side-tracked there.
DH and I plan to help our kids with "life costs" (not necessarily college costs, as college may not be for everyone - a perfect example is my brother who took over the family farm). I am setting aside a little money on each birthday in savings bonds to give them when they are 18 for college, training, apartment, whatever. I hope they will chose college, if it is the right path for them. The amount will be very modest - probably only a few thousand, but it will be something. The rest is up to them, as it was for DH and I when we were in school. My parents gave a little, and I worked my tail off for the maximum scholarship, but I still had $15k in loans, as did he. I think I would prefer to help my kids out with paying off their loans, after the fact, if we are in a good financial position. I want my kids to work for their education, but I also do not want them to be saddled with the debt DH and I have.