When faced with the decision to invest money in your retirement or put a portion of your hard-earned paycheck in an education fund for your child, which do you choose? Well, if you’re like a lot of parents who aspire to see their kids head off to college, you’re probably asking yourself, “What, if any, portion of my child’s education should I pay for?”
And while there are several factors that go into determining the answer to that question, most financial experts do agree on one thing: There is a lot of value in having your child help fund at least part of their own college education.
What money lessons can teens learn if they help pay for their education?
It’s no secret that we appreciate something more when we have to work hard for it; that’s why kids tend to take a different approach to their education when their own money is at stake. Not only does writing a personal check for things like tuition, fees, and living expenses keep them vested in college, it also helps set a good foundation for a lifetime of healthy financial habits.
For many teens, budgeting and helping pay for college is their first realization that …read more
Source:: The Week – Business