It always seems like a good idea at the time, doesn't it?
School. A car. A phone. A TV.
Paying for it is an entirely other matter.
Robinson and I spent much of our young married lives deferring and paying back student loans. College seemed like a good idea at the time. But was it really? I learned how to research. How to write academically. How to form my thoughts into coherent arguments.
But, considering I don't have full-time, well-paying employment to pay off that debt...maybe not. (Currently my only income is teaching ESL twice a week. Satisfying but not exactly a million-dollar job!)
We've reached a point where we can pay off debt in large chunks, not just a little bit here and a little extra there. In fact, if everything goes as planned, we'll be debt-free by next year. It's a bittersweet feeling, a mixture of woo hoo! and it took us this long?
Which leads me to this conclusion: when you take years from your life to work toward something, it should be a good feeling: finishing school, completing that novel, a promotion. In the meantime, though, trying to pay off that debt suffocates, frustrates, and frightens you. The only positive learning experience you get from paying off your loans is the incentive to not repeat that awful experience; the not-so-lucky continue to be swamped by bills.
So I wonder again: was it worth it?
I don't have a clear answer but I do know this: I am not going to pay for my sons' college. I am not willing to go into debt for them. If they want to go to school so badly, they will find a way to get there.
What I am going to do instead is provide them with a full bank account and options other than college. I wish my parents had discussed my options because, chances are, I probably would have still attended college, but I would have gone after joining the Peace Corps. I might have even gone to a technical college instead. At 18, I was still growing into myself. Accumulating debt and instantly having to pay it back upon graduation is a horrible induction into adulthood.
But it isn't just school. Americans are consumers. We love buying new gadgets, phones, televisions. You name it, we want it and we are willing to go into debt for it. Whether or not we need these things is an entirely different matter. Robinson and I have both managed to stave off consumer debt because we live fairly simply.
One final observation about debt: my boys recently saved their money to buy a Lego Sandcrawler. This was a $300 purchase and it took them about a year to save up for it. Some parents might have just swiped their card and bought the behemoth for a birthday or Christmas. I'd like to think that by encouraging the boys to complete chores and odd jobs and save their birthday and Christmas money, I've done them more good than just throwing this toy at them. What do you think?
Blessed be.
School. A car. A phone. A TV.
Paying for it is an entirely other matter.
Robinson and I spent much of our young married lives deferring and paying back student loans. College seemed like a good idea at the time. But was it really? I learned how to research. How to write academically. How to form my thoughts into coherent arguments.
But, considering I don't have full-time, well-paying employment to pay off that debt...maybe not. (Currently my only income is teaching ESL twice a week. Satisfying but not exactly a million-dollar job!)
We've reached a point where we can pay off debt in large chunks, not just a little bit here and a little extra there. In fact, if everything goes as planned, we'll be debt-free by next year. It's a bittersweet feeling, a mixture of woo hoo! and it took us this long?
Which leads me to this conclusion: when you take years from your life to work toward something, it should be a good feeling: finishing school, completing that novel, a promotion. In the meantime, though, trying to pay off that debt suffocates, frustrates, and frightens you. The only positive learning experience you get from paying off your loans is the incentive to not repeat that awful experience; the not-so-lucky continue to be swamped by bills.
So I wonder again: was it worth it?
I don't have a clear answer but I do know this: I am not going to pay for my sons' college. I am not willing to go into debt for them. If they want to go to school so badly, they will find a way to get there.
What I am going to do instead is provide them with a full bank account and options other than college. I wish my parents had discussed my options because, chances are, I probably would have still attended college, but I would have gone after joining the Peace Corps. I might have even gone to a technical college instead. At 18, I was still growing into myself. Accumulating debt and instantly having to pay it back upon graduation is a horrible induction into adulthood.
But it isn't just school. Americans are consumers. We love buying new gadgets, phones, televisions. You name it, we want it and we are willing to go into debt for it. Whether or not we need these things is an entirely different matter. Robinson and I have both managed to stave off consumer debt because we live fairly simply.
One final observation about debt: my boys recently saved their money to buy a Lego Sandcrawler. This was a $300 purchase and it took them about a year to save up for it. Some parents might have just swiped their card and bought the behemoth for a birthday or Christmas. I'd like to think that by encouraging the boys to complete chores and odd jobs and save their birthday and Christmas money, I've done them more good than just throwing this toy at them. What do you think?
Blessed be.
1 comments:
4 Pillars Consulting Group said...
Raising awareness at an early stage of the dangers of having debt will be the best way to prevent it in the future. You must've been proud of how your boys saved up by doing chores and odd jobs. I think you're doing a great job in educating them about financial responsibilities. Thanks for sharing that! All the best to your family! :)
Naomi Cruz @ 4 Pillars