It's what everyone is talking about at our age. Do I have enough money to do this? Specifically, COLLEGE. As well are all aware, college is expensive. I hear young parents talk of 'putting this money in little johnny's college funds account'. But is that the best financial option at this point? I found an article that gives reasons and benefits from NOT saving money for your children's tuition costs.
This article doesn't diss on helping your children through college, but it implies that over time, things may change and that money may be put to better use toward something else. The article mentions 'there isn't a loan for retirement'. -- which is true. Their are unexpected expenses throughout ones life that that money may need to help with. I think saving some money can be done, but if a family is suffering financially (especially with the economy in the situation it is) is it worth putting the money in the bank? Also, what about retirement? That is money you will be living off of when you've decided to take the plung into retirement. When you think about the big picture, it seems putting these important dollars in the bank to stay for 18 years seems kind of silly.
It also makes a valid point-- how much appreciation will be shown once someone goes to college-- their parents paying for their tuition VS. the student paying. Does it seem as if a student making their own way through college would take it more seriously than those who do not?
From Chapter 5 in the textbook, the authors describe intrinsic and extrinsic motivations. Intrinsic refers to engaging in one's interests and to one's capacities -- to seek out and master their own personal challenges. Extrinsic motivation comes from environmental incentives-- such as money, awards, etc. In this situation, parents are using extrinsic motivation early in life where it may not be necessary. They want the best education for their children, ultimately wanting a diploma, aka a better than average job for them. These extrinsic goals may need to be put aside, even if they are in their child's best interest. If the person going to college has the desire to fulfill their intrinsic motivation by completing their desired level of education, dont you think they'd find a way to complete school regardless?
I thought this article was interesting, because I believe their is a lot of stress put on parents of children who want to continue their education in a college or unversity. I'm not siding with either, because when parents help with tuition it takes a lot of stress off the student. But should the parents put their own financial situation in jeopardy to do so?
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