Monetizing a non-liquid asset

[lookout123]

funding college for the kids is a noble and worthwhile enterprise.


yes, there is a BUT.

1) if you don't have your retirement funds FULLY in line to achieve your goals you shouldn't even think about college. no one will approach you on retirement day and say, "you've worked hard here's a grant, scholarship, loan..."

2) money needs time to work. make sure you have enough time to allow $$ to do it's job.

3) although i do work with college funds i advise parents funding the entire education because i believe there is value in making the kids work for it. even for my wealthiest clients i advise that they make their kids figure out how to pay for college on their own, and then if they are so inclined step in after graduation to pay the bills off if they want. that is just me, though. i don't believe a college education is a right just because mom and dad know how to save.

if you don't have a trusted advisor already, and don't want to be tw, i suggest you find someone to sit with before you make any decisions. if you want i can give you some hints on where to start and how to pick a good one.

[Griff]

Originally Posted by lookout123

3) although i do work with college funds i advise parents funding the entire education because i believe there is value in making the kids work for it. even for my wealthiest clients i advise that they make their kids figure out how to pay for college on their own, and then if they are so inclined step in after graduation to pay the bills off if they want. that is just me, though. i don't believe a college education is a right just because mom and dad know how to save.

There is a lot of wisdom there. We all know folks who were in college for no other reason than postponing adulthood. There is a balance to make though if the kid is taking challeging enough coursework that work is right out outside of summer vacation.

[lookout123]

definitely a judgement call there. of course parents are going to help their kids with some cash here and there, i strongly advise paying for the education itself - without strings attached.

everybody is different but i find very real lasting value in making the kids work their way through college regardless of course load. i'm not exactly einstein here and i carried 21 hours/semester and worked 3 part time jobs (more hours/more flexibility than one full time job) all the way through school. that was my choice and extreme - but it certainly can be done. one of the reasons i like to see them work through school is that the transition to "real" adult working person is usually easier. instead of graduating and then finding out what responsibility, schedules, and all that fun stuff is about, they actually find their new career is in some ways easier than school. they have one thing to focus on and they find that adulthood is actually easier than college was.

i just reread that and i'm not sure if it makes sense. lots of cold medicine running around my body today.

[Griff]

Originally Posted by lookout123

... one of the reasons i like to see them work through school is that the transition to "real" adult working person is usually easier. instead of graduating and then finding out what responsibility, schedules, and all that fun stuff is about, they actually find their new career is in some ways easier than school. they have one thing to focus on and they find that adulthood is actually easier than college was.

good stuff