Should I Pay For My Children’s Education?

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Like saving for retirement or purchasing a home, paying for a child’s education is becoming increasingly complicated. In the past, paying for an education was comparable to purchasing a vehicle or traveling to Europe. It was expensive, but not really that much so; if you worked full-time for a few years, you could pay for it. There is a lot of literature on this topic, including information on how to save for education, available options, government assistance, and other topics. The intangible aspects of this decision-making process, such as the following: What do you anticipate? What interests your child? What kind of career is best for your child? After you have determined the outcome that is crucial to your child, you should think about how the plan will be implemented and paid for.

What is your child interested in doing?

This is a significant question, and the likely response is “I have no idea.” This response can also be adapted to include careers that adapt to current trends or those that change every six months. “What are they good at doing?” might be a better question to ask in response to this inquiry. What always seems to attract them?” and “Where do they enjoy themselves most?” They can become deep sea welders to make money, but will they enjoy it? Will your child be able to complete the task for some time if they don’t enjoy it? Don’t let the good pay fool you into thinking they can stay in their job. Because what they are lacking in their lives must be addressed in some way, this can result in health issues, family issues, and possibly addictions to drugs, alcohol, or destructive behaviors. In a similar vein, they might enjoy doing something, but do they have talent for it? They may adore riding horses, but working with animals if they are clumsy is probably not a good idea. Related inquiries include: What inspires my kid?” While they may claim to enjoy a particular activity, what do they do with their spare time? When they have unlimited options and are not influenced by you or anyone else, what do they do? They will typically enjoy doing this activity the most. Check to see if these activities have any connection to a career, can lead to one, or are related to the educational options.

If there is a choice between going the conventional route and giving your child a decent chance of making a living or doing something different and difficult that your child enjoys, always try to let them try the difficult route. To achieve something, a person will go to great lengths against all odds if they really want to succeed. Athletes are selected for scouting not because of their fitness, athleticism, or basic talent; rather, they are chosen for their winning spirit and mental toughness. Doing a job follows the same principle; The recruiter will refer to these qualities as “soft skills” or “intangible skills,” but what they really mean is that this candidate has qualities that cannot be taught, such as integrity, passion, drive, and commitment. Anyone can exercise for six hours a day or learn about career technicalities, but how do you motivate them? The answer is no; the individual must motivate themselves. Although misery and suffering eventually overcome fear’s ability to motivate, it does work to some extent.

Should I assist my child or require them to pay for themselves?

This will depend on the character of your child and your expectations. Is your child someone who exploits others? Do you think your child should reimburse you for their education? Is there resentment that you have to pay for an education instead of a large sum of money you could have used for retirement, a bigger house, travel, etc.? Will your child make the most of the advantage if you give them that head start? Do you secretly hope that your child will become a doctor, lawyer, prime minister, or whatever if you spend this much money? Will my child benefit from the experience, even if a lot of money is spent on education and things do not go as planned? The experience in question could involve learning things like how to recover from failure, making decisions in the middle of the process, realizing they made a mistake and having to take responsibility for it, being embarrassed for promising an outcome but not being able to deliver it, or positive experiences like persevering through adversity, figuring out who to trust, developing stronger bonds with people when others did not have faith in them, making friends in unanticipated circumstances, or perhaps achieving their goals and realizing they did not really want them because

Should you give your child the money and let them borrow it from you, or should they borrow it from someone else and be responsible for repaying it? This will depend on what you can offer, what you expect from the situation, and how you feel about it. Additionally, the child will need to be evaluated to determine whether you are satisfied with the outcomes and what they will do with the opportunities provided to them. In order to avoid crushing debt or a plan change, which is very common in today’s world, options should also be kept open.

There are numerous schools of thought that portray children as sluggish, hopeless, or having it easy too much. Take a close look at the career path your child wants to take and the opportunities that come with it. This would be useful information if you could locate a trustworthy information source that can tell you what will happen with that career in the future. Since nobody knows what will happen in the future, you’ll have to trust your gut and your child’s character because they tend to hold true in the face of all the noise from the media, institutions, and business interests. The best way to learn about a career is to spend some time doing it or talking to people who are doing it. Keep in mind that people filter what they say based on their beliefs and biases; therefore, if you want the information to be useful to you, try to make it as objective as possible.

Are you making decisions based on preconceived notions?

Everyone assumes that their child should earn a degree, a designation, and a license by attending college. Why? It is frequently cited as a social statement as one of the reasons. Professionals are regarded as the most reputable, well-paid, and stable members of society. If you are a professional and better able to provide a more comfortable life with more money, you will have an easier time finding work. In a similar vein, having a designation and a professional title earns you society’s respect. In addition, you have more career options, including running a large business or becoming a manager. These stereotypes are reinforced in a lot of places, like advertising, a grade school, and neighborhoods that are thought to be more affluent.

The most important question is: Does my child intend to conform to stereotypes? If you know the answer is “yes,” you should take the usual routes. If you know the answer is no, they will probably at some point defy convention. If you haven’t given this question much thought or if it’s a big unknown, you can always look into different careers, which are usually easier to do with a degree.

When considering your child’s education, you will need to know yourself and your child well. You’d like to know why you like this or that kind of education and what you can expect to get out of it. No matter how much money you spend now or what career your child chooses when they start working, decisions can always be changed later. However, the earlier you learn, the easier it will be to make decisions and the closer the outcomes will likely be to their true desires and reality. The money will soon follow once the goal is clear from a mind and spirit perspective, both to pay for the education and to reap the rewards of the endeavor.