MMS005: How Much Should You Pay For Kids’ College?

Summary

Want to stir up a crowd in a hurry?  Walk into a room and say, “I think that good parents owe it to their kids to help them pay for college.”  Rob Carrick – author of How Not to Move Back in with Your Parents and personal finance columnist for the Globe and Mail – joins us to help us sort out the facts and emotions behind financially supporting young adults as they head off to college or university.

Key Takeaways From This Episode

• With rising school costs, is it essential that parents help their children pay for their post-secondary schooling?
• If parents want to financially help their kids, what is an appropriate or ideal amount of help?
• Should putting money away for your child’s education take priority over saving for your retirement?
• Is it realistic to assume young adults can still work their way through college or university?
• Is it right attach “strings” or expectations to financial help?
• Why communication about financial realities between parent and child is so important.

Links

• The Brookings Institute tells us that things aren’t so bad.
• Rob Carrick’s experience vs today’s students (2012 vs. 1984).
• Listen to Kyle and Rob chat a little more about college and paying for it.
• Collegeboard states that relatively few students are in real debt trouble.

Items Mentioned In This Show

• How Not To Move Back In With Your Parents: The Young Person’s Guide To Financial Empowerment by Rob Carrick

Panelists In This Episode:

• Special Guest: Rob Carrick | RobCarrick.com
• Glen Craig | Free From Broke
• Kyle Prevost | Young and Thrifty
• Miranda Marquit | Planting Money Seeds
• Peter Anderson | Bible Money Matters
• Tom Drake | MapleMoney

For a quick bio of each of our show participants, head on over to our panelists page.

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