Financial life out of control

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial life out of control

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

LoveMeDead posted:

He will also be making a lot more money then, and I think it's a good investment. His income will not be cut while he is in school. He was making about $35k a year as a restaurant manager. He is going to school for Computer Engineering, and there are jobs in that field. He should be making about double what he was making before.

This is not guaranteed one bit, and you should never count your chickens before they hatch. It's a poor person's habit to push problems onto your future self, especially assuming your future self is making more money than you are currently. I know you're trying to justify the decision, but please be wary about assuming the best possible outcome - it often leads to ruin. Hope for the best and plan for the worst.

I moved 10+ times when I was a kid and did fine. If moving to a different school is necessary for you to become financially stable, you should move. Your kids will be fine. It will suck a bit, sure, but it's not the end of the loving world. Don't make this a big deal in your considerations.

You should not be saving for your kids' college. Blah blah future is important: if they have the grades and the extracurriculars, they should be getting mad scholarships anyway, and they can work themselves to pay their way just like 99% of kids have to do. It's a luxury to help your kids through school, and it's a luxury you can't afford right now. Make sure you talk with your kids about the financial side of college and help them to make smart decisions about where they go to school. Paying their way will help them; teaching them to be financially responsible will help them more.

The most important thing is getting out of that house, because it's going to eat you alive if you stay.

# ¿ May 26, 2013 17:44

Adbot: ADBOT LOVES YOU

# ¿ May 19, 2024 16:10

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

If he wants to do better, he should just do as many practice tests as he can stand to. The September test, yeah? He should either pick up the red book which is like $20 for 5 real tests: http://www.amazon.com/Real-ACT-3rd-Prep-Guide/dp/0768934400/
Or if you PM me your email address I'll send you some copies of practice tests I have and he can print them out (but it'll cost as much in ink probably, haha).

# ¿ Aug 14, 2013 04:15

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Haifisch posted:

If he's already good enough to get into his first choice of school, there's no reason to retake the test. I'd say that AP fees would be a much better use of your money, since it's still going towards his education but while also broadening his options for college choices/financial aid/etc.

AP scores have absolutely zero impact on college admissions. Getting good grades in the AP class is what counts, the tests themselves are a racket pushed by schools who use them for school ranking.

As for college credit, make sure to check with the colleges before spending money. My college didn't offer a single AP credit since it was just expected that you got 5s on your APs.

# ¿ Aug 14, 2013 16:38

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Uncle Jam posted:

Seconding Olin, its a very new school, my friend was in the first graduating class, but its very very good. She's in California now making mega-bucks.

It's basically the Harvey Mudd of the east coast. I had a friend in the first graduating class as well, he loved it. And yeah, scholarships are ridiculous. I think we ended up paying like $3k a semester at HMC, which included housing and some food, plus I got a work study job that basically covered the $3k. It was incredible.

# ¿ Sep 1, 2013 03:46

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

LoveMeDead posted:

We've talked about what he's going to do with his money. 60% is going in to savings for college and the rest is spending money. We have started donating time at a food bank because we don't have a lot of money to donate, so I'll suggest he donate money but not expect it.

Don't let him put the savings for college in a bank account under his name; financial aid will expect 100% of that money to go to college and reduce their aid package accordingly. Ideally, he should put that money in a Roth (which isn't considered for FAFSA) and you can give him the extra money for college from your own pocket. If you can't afford to lock the money up in a Roth, just have him give you the money to keep for later.

# ¿ Nov 9, 2013 05:31

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial life out of control