Plans for our children

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Permalink Reply by Eric Enochs on July 17, 2008 at 9:58am

I understand Michael. Like every parent does we all want a life better than ours. My realization is that I would of or maybe not had more success having my bachelors degree earlier than I do now. Most of my success has been built on a strong work ethic I watched my father have. I knew that I had to work and not be oen of these kids thinking they are owed something because of the degree. That is something I am pushing to them now. You must work for everything you want. Its not a hand out. But if they have a degree also it will only help them.

Plus what is the bachelors degree going to be worth by the time they are in college?

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Permalink Reply by William on July 17, 2008 at 11:25pm

Eric Enochs said:

Plus what is the bachelors degree going to be worth by the time they are in college?

Probably not nearly as much as the cost of tuition!

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Permalink Reply by Allan Fuelling on July 22, 2008 at 11:28pm

Our financial planner told us that State University (IU, Purdue, etc) will cost around $180,000. We opened a 529 accounts and will continue to invest in the hopes both our kids will want to go to college.

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Permalink Reply by William on July 23, 2008 at 2:04am

OMFG!

Allan Fuelling said:

Our financial planner told us that State University (IU, Purdue, etc) will cost around $180,000.

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Permalink Reply by DadThree on July 23, 2008 at 10:21pm

We have 529 College Choice plans for our 3 kids. If one decides to not go to college, the funds get transferred to siblings. I think that alone will be an incentive to try college, since they will give up a lot of $ otherwise. And we'll advise them to focus on a career that can't be easily outsourced overseas. I write software, so you get the point. But ultimately, they will make their own decisions. We will give advice. At least that's our "plan".

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Permalink Reply by William on July 23, 2008 at 10:27pm

So the 529 plans options are Use it, Transfer it to a sibling, or Lose it?

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Permalink Reply by DadThree on July 24, 2008 at 7:33am

No, you won't lose it. The funds grow tax free over the years, to be used tax free for eduation expenses. If you take the money out, but not for education, it's taxable at that point. And Indiana now gives you some sort of income tax break for contributing to its 529. Go to http://www.CollegeChoicePlan.com .

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Permalink Reply by DadThree on July 24, 2008 at 8:40pm

Hey, I just found this. Indiana has one of the best 529 plans in the country... how about that, huh? http://www.savingforcollege.com/articles/view.php?id=330

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Permalink Reply by William on July 24, 2008 at 11:24pm

Sounds good. Unfortunately for me, I'd need to sock away $300/month NOW in a 529 plan in order to put both of my girls through Ball State and IUPUI (for example) for 4 years. Holy hell, I don't have $300/mo! I guess it's time to get a 3rd job. Ugh!

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Permalink Reply by Allan Fuelling on July 25, 2008 at 11:21pm

Regarding the Indiana College Choice 529 plan:
From our Financial Planner, "Your 529 plans will be changing later this year. JP Morgan won’t be handling the state of Indiana plans anymore. Instead, everything will transfer over to U-Promise sometime in the 3rd quarter of this year. You don’t need to do anything for this. The state of Indiana simply decided to change vendors for their plan. "

I'm not exactly sure what this all means, but that's why we have a financial planner.

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Permalink Reply by dusk on August 1, 2008 at 12:05am

Your question is very megalomaniacal. You're angry at the uncertainties that life has dealt you and you don't want the same for your children. It is very natural for man to want to control his destiny, even more so to want to control his children. What you have to understand is that when your children become old enough to make the decision to go to college, that decision will be theirs and theirs alone to make. Take a moment to think about this. It is natural for man to want to rebel against authority. Children have been rebelling against their parents since Cain and Abel. If your megalomaniacal tendencies become exhausting to your children, they will eventually just tune you out. Although you have the best of intentions, they will only see that their father is not listening or asking them what they want to do in life. This controlling behavior of yours will only drive a wedge between you and your family. If you really are concerned about their future then nurture their talents while their young. If they are interested in a certain career or hobby encourage that about them and try not to become too judgmental about it. They are just kids now, they will have a lot of hobbies in the span of their life time. So to answer your question; I have dreams for my daughter, but her path through life is her own to choose. I can only be a temporary guide because one day she will need to do it on her own, without me.

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Permalink Reply by Eric Enochs on August 1, 2008 at 7:32am

American Heritage Dictionary - Cite This Source - Share This meg·a·lo·ma·ni·a Audio Help (měg'ə-lō-mā'nē-ə, -mān'yə) Pronunciation Key
n.
A psychopathological condition characterized by delusional fantasies of wealth, power, or omnipotence.
An obsession with grandiose or extravagant things or actions.

I do not think I am a megalomaniacal for wanting the best for my kids. When I say the best life for my kids that does not include gaining material things. That is a life full of possibilities.

Your comment that I am angry about what life has dealt for me is so far from the point that I am making. I choose my destiny and even though it was not what I had plan for myself when I was 16 sitting in my guidance counselors office I worked hard to get to where I need to be. Material things are the farthest from my mind. If anything I am doing, I am showing my children that you have to work hard in life to get what you want and not to expect it. No one will do anything for you unless you do it yourself.


dusk said:

Your question is very megalomaniacal. You're angry at the uncertainties that life has dealt you and you don't want the same for your children. It is very natural for man to want to control his destiny, even more so to want to control his children. What you have to understand is that when your children become old enough to make the decision to go to college, that decision will be theirs and theirs alone to make. Take a moment to think about this. It is natural for man to want to rebel against authority. Children have been rebelling against their parents since Cain and Abel. If your megalomaniacal tendencies become exhausting to your children, they will eventually just tune you out. Although you have the best of intentions, they will only see that their father is not listening or asking them what they want to do in life. This controlling behavior of yours will only drive a wedge between you and your family. If you really are concerned about their future then nurture their talents while their young. If they are interested in a certain career or hobby encourage that about them and try not to become too judgmental about it. They are just kids now, they will have a lot of hobbies in the span of their life time. So to answer your question; I have dreams for my daughter, but her path through life is her own to choose. I can only be a temporary guide because one day she will need to do it on her own, without me.

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