If it costs approximately $30,000 per year to attend college, although that figure can be much higher, then the cost of college for my children will be over $1,000,000 when the time comes, especially as rates keep on rising. In case you are wondering about the math, here it is:
7 children times $120,000 (for 4 years) = $840,000. Multiply that by an average annual tuition increase of 3% over the next 7+ years and the cost is over a million dollars.
When I get asked the question, “How are you going to send your children to college?” I usually reply with a snide remark that I am going to discourage them from attending college. However, there is some truth in that, and here are some alternatives from paying high tuition that we have discussed with our children:
Military: One of my sons wants to be in the Army. This is extremely noble and brave and not for everyone. If he stills wants to be in the Army when he comes of age, then he can also apply to and hopefully get accepted to West Point to accelerate his military career. There is no tuition at West Point.
Entrepreneur: I’m very biased with this one because I work with entrepreneurs all day long. Aside from certain professionals, such as doctors, attorneys, CPA’s, etc., you usually do not need to go to college to start your own business. Some do very well and some don’t, but I would hope that they would receive my guidance to help them to succeed.
Nursing: There are many good local colleges to choose from, which will eliminate the cost of room and board. This will dramatically reduce the cost.
Famous: Who says you can’t get paid to be famous?
Mom: My older daughters say that they want to be moms. Although it is not in vogue to be a stay at home mom nowadays, I believe that it is one of the greatest gifts that can be given to your children.
YouTuber/Gamer: I’m not sure what this one means exactly, but I think that it means recording yourself playing video games while narrating what is going on. Although, I am not sure if you can make a living wage from this or for how long, but if so, then great.
My children are not even teenagers yet, so let’s see what happens. I am definitely keeping an open mind and not taking this too seriously at this point!
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