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College or house?

Mercedesrover

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I never went to college. I liked messing around with car so after high school i got a job washing cars in a body shop. Paid attention, started working in the shop and learned fast. Changed jobs and went to another shop when I was 21 years old. Worked hard and 25 years later I owned the place. I have 14 employees and am doing pretty well.

My wife went to college for 11 years and got her PhD. She's now a college professor and does pretty well too.

We have two kids, 6 and 9 years old. We are militant savers and will have $300k+ saved up for college for each of them by the time they need it.

We're paying off our house this week and I got to thinking....If I had the choice when I was 18 of money for college or money for a house I would have taken the house. Not having to pay a mortgage for the past 25 years would have opened up a whole bunch of options for me.

I think there is too much emphasis on college these days and not enough on trades. If my kids want to go to college, great, but I think there is just as much opportunity working with your hands and learning a trade. And if they already had a house paid for, it would be huge leg up.

Given the choice when you were getting out of high school, would you have taken college 100% paid for or a house free and clear?
 

dnsfailure

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house, no question. If you are late on your student loans, they don't take your degree away. Your house, can be taken away. And depending on what line of work you want to get into, a degree may or may not actually be of help to you. And just on an educational level, man some colleges seem to teach some dumb ass degrees.

Fortunately though, I was raised pretty well to handle saving and what not with $ (even though we weren't rolling in it). I see some folks doing stupid stuff with $, like buying a new truck every few years, and a new iphone every year, and stuff like that, and then can hardly pay their rent/mortgage and complain about the rent prices.
 
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Johann

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I never went to college. I liked messing around with car so after high school i got a job washing cars in a body shop. Paid attention, started working in the shop and learned fast. Changed jobs and went to another shop when I was 21 years old. Worked hard and 25 years later I owned the place. I have 14 employees and am doing pretty well.

My wife went to college for 11 years and got her PhD. She's now a college professor and does pretty well too.

We have two kids, 6 and 9 years old. We are militant savers and will have $300k+ saved up for college for each of them by the time they need it.

We're paying off our house this week and I got to thinking....If I had the choice when I was 18 of money for college or money for a house I would have taken the house. Not having to pay a mortgage for the past 25 years would have opened up a whole bunch of options for me.

I think there is too much emphasis on college these days and not enough on trades. If my kids want to go to college, great, but I think there is just as much opportunity working with your hands and learning a trade. And if they already had a house paid for, it would be huge leg up.

Given the choice when you were getting out of high school, would you have taken college 100% paid for or a house free and clear?

At the time I would have taken the money and spent it on hookers and blow. I didn't settle down until I was close to 30. Moved a couple times too so tying myself into a house somewhere might hamper career mobility

Really depends on the kid. If they want to go into a trade then a house might be a great nest egg. If they want to head into a white collar job market a 4 year degree is really only the start these days. Over the last 30 years a Masters has become the new Bachelors in a lot of sectors. Even low paying museums, like I work for, are getting plenty of applications with masters and even PHDs. I wish I had gotten a MS when I was young.
 

TRINDU

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My public university tuition was approximately $4000 a semester. What house can I buy for $32,000? To go further rent was about $350 a month, so add on another $18,000 for good measure. What house can I buy for $50,000? Considering inflation that's about $60,000 today. Still a far cry from anything but a tear down in the ghetto.

I'm self employed, but make a living through contacts I made in school. If you offered me a $300k house, I wouldve taken it, but the math doesnt add up for me.
 

jeepyj

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We have two kids, 6 and 9 years old.

I think you have at least 9 years to think about it. College and housing could be completely different by then. Unless you are going to force the kids to do what you want them to do, maybe they should have some input when the time is near.


or just waste the money and let them work for it.


.
 

woods

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Really depends on the kid. If they want to go into a trade then a house might be a great nest egg. If they want to head into a white collar job market a 4 year degree is really only the start these days. Over the last 30 years a Masters has become the new Bachelors in a lot of sectors. Even low paying museums, like I work for, are getting plenty of applications with masters and even PHDs. I wish I had gotten a MS when I was young.

Big thing here too. Depends on the kid. Buddy of mine that is full on blue collar, has three boys. Hard worker. Does alright for himself. Two kids are tradesmen. The third is a brain. Blew through school with all honors, got scholarships, and is doing some genetic research lab work at a level I couldn't even begin to understand. My buddy laughs because he has no idea where this kid's smarts came from. Their entire family are all blue collar, but this kid is a freaking genius. Makes a killing.

Even though its still early, we're pushing trades with our kid for sure. My wife and I both have degrees, and they haven't done a thing for us for our careers.
 

grumpy356

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People who don't pay for college have no skin in the game and don't appreciate it or take it seriously.

(Not just college, but extends to all things).

You want to do your kids a favor, make them pay their own way.

Don't give them college or a house.

They'll get the money when you die.
 

kf4zht

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My public university tuition was approximately $4000 a semester. What house can I buy for $32,000? To go further rent was about $350 a month, so add on another $18,000 for good measure. What house can I buy for $50,000? Considering inflation that's about $60,000 today. Still a far cry from anything but a tear down in the ghetto.

I'm self employed, but make a living through contacts I made in school. If you offered me a $300k house, I wouldve taken it, but the math doesnt add up for me.

You have to look at how fast college prices are going up. Its wayyyy past inflation. $50k is around the number for a 2 year school, 4 year is averaging around 80-90k for the low end. If you go to a "nicer" school or one in a more expensive area it can easily hit $120-150k for 4 year now. You can buy a decent starter house in many places for that.

Where the price is going up, the quality of education is stagnant or delicining at most universities. I think the rona may have been one of the final straws where we can see the education bubble start to burst. Way overdue, but unforuntatly the people who got suckered in and have loans get stuck with them
 

Provience

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2 year community college/trade school/military or to fuck off just for some diversity, then house. at 18 you may not know what/where/how you want to be and it sets you up for the option of exploring and traveling a little bit.

home/land ownership is historically and will continue to be the #1 driver of 'generational wealth' globally. other option would be to buy a 4plex or duplex now that can be used as a rental and then transferred to the kids. they can live in one half, rent the other or whatever you like. if they decide to go on, they can sell or rent out their half a bit easier.

i bought my first house with an FHA loan when i was 21. it was fucking expensive as shit and kind of tied me down for a bit but i'm very glad i was 'house poor' for a couple years.
 

Slander

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College because when I was 18 you NEEDED a degree to get any job, I think that is changing now, and my dumbass 18yr old self would have destroyed a house and it would be a colossal waste of money. 18yr old slander would have had skull and crossbones painted on evrey wall, a slayer effigy in the living room, a constant bonfire going, alchohol bottles as decoration and a Sex dungeon in the basement. Shit I think I just described the house I was living at in college lol!
 

Ebs

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Take money for house, throw in index fund, learn trade, live like broke college student, retire at 38.
 

vikingsven

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People who don't pay for college have no skin in the game and don't appreciate it or take it seriously.

(Not just college, but extends to all things).

You want to do your kids a favor, make them pay their own way.

Don't give them college or a house.

They'll get the money when you die.

This ^

I went to a traditional college for a bit only to find that it really wasn't the thing for me. Some of it I paid for myself and some was paid for me. The courses I took that I had to pay for I appreciated much more and paid more attention in.

I bought my house with some down payment help but paid it back within a year. After that it was all on me, and I'm 100% positive I appreciate it much more than if someone had bought it for me.

Help your kids get started, but don't give it to them.
 
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Emiller22207

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Would not have been an option for me. I was a smart kid but not a good student in high school. I liked to party a fuck around. In my senior year, my dad said:

If you want to try to go to college, your mom and I will help you all that we can. If you don't, you'll need to find a full-time job that has an opportunity to grow. If you don't want to try college, I won't kick you out of the house immediately. You will pay rent, your share of utilities and groceries and your mom will not be doing your laundry. I don't think an offer to buy me a house was on the table.

I chose college and have done very well. I'm happy I did not have a house option.

My experience was in the 1980s. College and 4-year degrees are much different today. Unless you're motivated to learn, you can pretty much skate by at just about any college, get a degree, and learn nothing in terms of knowing how to perform at a job that requires a degree--just a piece of paper. That was not the case when I went to college. Kids today should make an honest assessment. If they are not excited to go to college, willing to work hard, and have an idea of what they will get out if it, they should consider finding a job in a trade for a few years and see if it's for them and whether they are good enough to advance.

So many kids finish college today with a meaningless degree, mountain of debt, and no prospect of a real job. I'd like to see colleges and universities up their standards, downsize their classes and have trade-based businesses go back to running apprenticeship programs.
 

Void_of_Light

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Buy yourself a house near their school, let them live there rent free while they go to college/trade school. Sell it when they are done and either give it to them, or pay off their college debt. Don't tell them this. They will be more inclined to study something if they have skin in the game. Plus you save thousands in rent.
 

Yota Up

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Depends. College can equal 2 houses, so there's that. If it's the right degree, your question becomes "2 houses or 1 house".
 

AK_F250

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We're paying off our house this week and I got to thinking....If I had the choice when I was 18 of money for college or money for a house I would have taken the house. Not having to pay a mortgage for the past 25 years would have opened up a whole bunch of options for me.

In hindsight yes, it would have opened up more options for you. But at the time, if you had owned a house free and clear and eliminated the majority of your monthly expenses, would you have been as motivated to work as hard as you did to get where you are today?

My parents bought my younger brother a $400k house at 19. He works for my dad and would be next in line to take over a $15mil/year business, but has no motivation to move up or do more than the bare minimum at work. He makes enough money to pay utilities and buy plenty of toys and doesn't seem to want more. At 30 he's never really had to be a responsible adult and it shows.
I'm the polar opposite, went to college (parents paid) while working swing shift fueling trucks at an electric utility. 14 years and 6-7 positions later and I run an operations department at the same utility and have about moved myself up the ranks as far as I can. I don't actually use my degree at work, but I still think having to earn what I have now shaped who I am today.


Kind of apples to oranges, but it's my experience with what happens when you're given something for nothing at a young age.
 
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People who don't pay for college have no skin in the game and don't appreciate it or take it seriously.

(Not just college, but extends to all things).

You want to do your kids a favor, make them pay their own way.

Don't give them college or a house.

They'll get the money when you die.

i dont think it is as cut and dry as that, everyone responds differently to responsibility. my wifes parents paid for her undergrad, she fully comprehended what was happening and hustled getting out of there in 4yrs. i spent 7yrs in school, racked up 35k in debt and ultimately failed out. i would have been better off waiting a few years to mature before going to school, but there was a heavy push in my family that a degree was the keyt to a good paying job. i could go on more about that but, this isnt the place.

i will not fiance stupid, but money is one way i will be helping my children get the best head start on life. wife and i have a fund going for each of the kids, it is for getting them started in life. it is in our name and will be distributed at our discretion. college, trade school, wedding, houses, what it get spent on is open ended. getting out of school without debt puts them ahead of a lot of people. having a large sum of money to put down on a house is a head start.
 

BIG-O

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I keep telling my 12 yr old son, when he is 18 he is going to be standing in the line to take the apprenticeship test. He can still get a degree, while learning a trade and getting PAID!
 

Arickvan

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In hindsight yes, it would have opened up more options for you. But at the time, if you had owned a house free and clear and eliminated the majority of your monthly expenses, would you have been as motivated to work as hard as you did to get where you are today?

My parents bought my younger brother a $400k house at 19. He works for my dad and would be next in line to take over a $15mil/year business, but has no motivation to move up or do more than the bare minimum at work. He makes enough money to pay utilities and buy plenty of toys and doesn't seem to want more. At 30 he's never really had to be a responsible adult and it shows.
I'm the polar opposite, went to college (parents paid) while working swing shift fueling trucks at an electric utility. 14 years and 6-7 positions later and I run an operations department at the same utility and have about moved myself up the ranks as far as I can. I don't actually use my degree at work, but I still think having to earn what I have now shaped who I am today.


Kind of apples to oranges, but it's my experience with what happens when you're given something for nothing at a young age.

yup this^

let them buy there own house with the money they make

either encourage them to go to college or pocket that money/ put into a roth ira and give it to them when there 40-50 or just in your will
 

TRINDU

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You have to look at how fast college prices are going up. Its wayyyy past inflation. $50k is around the number for a 2 year school, 4 year is averaging around 80-90k for the low end. If you go to a "nicer" school or one in a more expensive area it can easily hit $120-150k for 4 year now. You can buy a decent starter house in many places for that.

Where the price is going up, the quality of education is stagnant or delicining at most universities. I think the rona may have been one of the final straws where we can see the education bubble start to burst. Way overdue, but unforuntatly the people who got suckered in and have loans get stuck with them

The average annual in-state college tuition in Texas was $10,824 for the 2018-2019 academic year. This is $3,583 lower than the U.S. average and ranks Texas in the middle of the pack as the 37th most expensive and 16th most affordable state or district to attend college

So an extra $3,000 a year or $12,000 total more, pretty close considering inflation to my original values. Where do you get $12,500 a semester for a Juco?

My BIL is a mexican babysitter for a tract home outfit, a NEW starter home is about $200k along the IH35 corridor from Austin to SA, I'm just using my local pricing for justification. Used homes sell about the same, thus why they throw them up so quick.

My math puts a undergrad degree less than half of what a decent home would cost.
 
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grumpy356

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i dont think it is as cut and dry as that, everyone responds differently to responsibility. my wifes parents paid for her undergrad, she fully comprehended what was happening and hustled getting out of there in 4yrs. i spent 7yrs in school, racked up 35k in debt and ultimately failed out. i would have been better off waiting a few years to mature before going to school, but there was a heavy push in my family that a degree was the keyt to a good paying job. i could go on more about that but, this isnt the place.

i will not fiance stupid, but money is one way i will be helping my children get the best head start on life. wife and i have a fund going for each of the kids, it is for getting them started in life. it is in our name and will be distributed at our discretion. college, trade school, wedding, houses, what it get spent on is open ended. getting out of school without debt puts them ahead of a lot of people. having a large sum of money to put down on a house is a head start.

Getting started in life is where you make your bad decisions. THAT is your education, not the damn books and the school.

I fucked up every part of parenting by trying to give my kids a head start.
Let them fail. It is the hardest thing you will ever do as a parent, and it is the best thing you can do for them.

Keep the money, and bail them out, but let them fail first.

You won't listen to me. Fuck, I wouldn't have listened to me either when my kid was 9, but I feel like I gotta say it.
 

2big bronco

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House in your name. Give it to them after they get a degree on thier own or finish a trade school /apprentiship and make it to 30 years old without becoming a fuckwad penis.
 
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Getting started in life is where you make your bad decisions. THAT is your education, not the damn books and the school.

I fucked up every part of parenting by trying to give my kids a head start.
Let them fail. It is the hardest thing you will ever do as a parent, and it is the best thing you can do for them.

Keep the money, and bail them out, but let them fail first.

You won't listen to me. Fuck, I wouldn't have listened to me either when my kid was 9, but I feel like I gotta say it.

theres a fine line between helping and enabling. i know that will be my biggest challenge raising my kids, because there are things that i carry from my childhood that i want to change for my kids.

my wife and i agree our job is to raise adults and being a an adult includes the following items, money is useless in helping them if they dont have these skills
- being able to make decisions, everyday at work i deal with people who can not make a decision even on small stuff that doesnt matter
- being able to manage, learn and deal with failure
- being able to manage, learn and enjoy success
- being able to practice proper hygiene
- being able to do laundry, cook, and clean
- understand compound interest and which side of the equation you want to be on
- being able to manage money, i would prefer they live on cash, debt free. but at the end of the day need to understand that what goes out needs to be less than what comes in
 

Weasel

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The last line of the first post literally says it.

It says what would you have taken, not what you would have gave your kids.

But I agree with what someone said about free stuff, I would have had to set it up where if I finished college it would be free, otherwise I probably would have never left building neat pointless stuff on expensive machines.
 
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Where did this turn into giving your kids a free house or college? Did I misread something?

haha totally missed that.

i would have said free college and the results would have been same since 60% loans/40% grants and crap for being poor so in my 18 yr head it was free.
 

Firstram

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People who don't pay for college have no skin in the game and don't appreciate it or take it seriously.

(Not just college, but extends to all things).

You want to do your kids a favor, make them pay their own way.

Don't give them college or a house.

They'll get the money when you die.

Sort of this, make them pay the way with some assistance. If they do the right thing help biggly, if not it's on them.
 
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