The Value of Education

Not everyone is destined for college.  That's a fact.  But education is not necessarily only for those who are.  As a parent, impressing upon your child the value of education is one of the most important responsibilities that you can create.  This fact is true not only for college degrees, but for any one.  If your child "hates school", you must find a way to change that attitude.  School is a valuable resource, even if it is just to obtain a high school diploma.  It makes a difference.

According to the USAA Educational Foundation, the monetary value in obtaining just your high school diploma is paramount to financial success.  On average a high school drop out earns $7,000 less per year than one who completes high school (1).  Additionally, if a child continues on to at least a Bachelor's degree they garner on average of $21,800 more per year (1).  While $7,000 is not eye popping, the fact remains -- education means more income.  More income means a better standard of living.  A better standard of living means a happier family.  Of course, the phrase "money can't buy happiness" is true, but money can make the daily chores of everyday life much less difficult.

If your child is college bound, the best approach you can have is as a guide.  They are almost adults, and as such they must start making their own decisions.  Show them what you've done through the years when confronted with a tough decision financially.  Show them the pros and cons and above all, let them choose.  It really is their life.

My daughter is 17.  She's visited numerous campuses and looked at many of the attributes of each.  She's even made a spreadsheet comparing them.  (My wife says that she is her father's daughter.)  What a wonderful concept -- weighing her options.  All young people need to weigh their options.  Making decisions blindly is foolish to say the least, and financially it can destroy you.  Making one or two bad financial decisions early in life can be punitive.  Being in contact with your child during these early years of adulthood, may be the most trying of times as a parent.  Guide them.  Be their advocate.  Show them the consequences of their endeavors.   As I noted in an earlier post, debt can cause a lot of grief.  Letting interest work for them rather than against them is a piece of parental advice that can not be understated.

Patience and knowledge combined is a powerful combination.  Let them know that.  Hopefully, they choose wisely.




(1)  http://www.usaaedfoundation.org/financial/fc01.asp