Kids Need Coaching if They Foot the Bill

Paul in Minneapolis has a daughter in college, and he didn’t save for it. She had to take out loans to attend, and Paul thinks she needs to pay for it.

QUESTION: Paul in Minneapolis has a daughter in college, and he didn’t save for it. She had to take out loans to attend, and Paul thinks she needs to pay for it. Dave tells him if he wants her to pay for it, he has to teach her how to make the money to pay for it.

ANSWER: If you want her to pay for it, then as her dad, you need to coach her in where that money is going to come from. Unless you want her to go deeply in debt, you’re going to have to show her how to create that kind of money with an income. She’s late on all of that because you didn’t coach her going into this. You probably owe her a leg up since you didn’t coach her.

You can’t just turn this kid loose on a bicycle if she’s never ridden one. Twelve thousand dollars doesn’t magically appear in an 18-year-old’s hands. I’m okay with them working, and I’m okay with you cracking the whip on them, but if you expect them to pay for it, show them how they can. Otherwise, they’re going to hit the default button and be $50,000 in debt when they graduate. That’s not a good plan.

Give her some help financially if you have the money. That’s what I would do while you coach her to pay for her last two years with good hard work.

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