Many parents of young children consider putting aside money for their children's college education a top priority. As a parent of young children myself, I feel like the current and future education of my children is of critical importance. That being said, everything has a cost and paying for your children's college is something that you need to be able to afford. A popular online columnist, Emily Lambert, recently wrote about reasons that you might not want to save for college. As a financial planner, I consistently discuss the cost of a college education with my clients and how to view this expense like an investment instead of an obligation. I'm continually surprised when I meet parents who are willing to put up to six figures into private school tuition without any sort of idea about what this "investment" might lead to.
I recently attended a presentation by nationally-known parenting experts, Richard and Linda Eyre about entitlement. They shared the maxim that "ownership is the antidote of entitlement and also the prerequisite of responsibility." I feel like we should help our children own their education and future career. As a result, they are much less likely to feel entitled and more likely to suceed. Part of this ownership might require them to invest in their college education through savings, scholarships or part-time work during college. Parents have many responsibilities in rearing their children. These responsiblities often require financial outlays, but I encourage parents to evaluate their spending regarding their children in order to make sure it is leading to ownership instead of entitlement.
