"Behind every young child who believes in himself is a parent who believed first.” -Matthew Jacobson
Parents from day one when our little ones are born we prepare for their growth and eventual independence. As they continue to grow we ask them what they want to be when they grow up. With bright eyes and a big smile they respond with some type of public figure, perhaps a firefighter, nurse or teacher.
Whatever it is, we as parents will play a role in helping them achieve a level of education or know-how so that they are prepared to move out on their own. Perhaps your child or children desire to become a business owner which will still require our helping hand if we are in a position to do so.
Educational Options
When our two children were toddlers we purchased the Florida Prepaid 4 year plans for our son and daughter. We paid $62 per month for our daughter and $72 per month for our son. The total paid was about $7000 for one and $8000 for the other. We were so happy that we planned ahead financially. The time flew and before we knew it they were graduating high school. One of the kids received the state Bright Futures Scholarship which helped pay for books.
College can be an option with many different variables.
· A Full Self paid Tuition including room and board can range from $50,000 - $75,000
· Scholarship – GPA requirements
· State Prepaid Plans – Monthly payments up to graduation (start young for best rates)
· 529 Plans – various savings plans
Other Options
· Trade School – Less expensive, trade/career specific, apprenticeship - shorter term than college
· Entrepreneurship – The cost of tools, skills, mentorship, training, business investment
Straight Into Employment
Children will still need some help with:
· Transportation
· Uniforms (if required)
· Cell phone (for communication)
· Clothing
The cost of Freedom
Our children are our most precious gift. As parents, devising a financial plan will start the building blocks for the launching pad for their independence. Prepare for possibilities - for the events that can impact you now and years to come.