(Topic ID: 134663)

Daughter wants to raid the college fund

By iohonnes

8 years ago


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    There are 62 posts in this topic. You are on page 1 of 2.
    17
    #1 8 years ago

    My 13 year old daughter just suggested raiding her college fund to purchase Medieval Madness. Either we've raised her very wrong, or very right.

    -3
    #2 8 years ago

    Do it!

    39
    #3 8 years ago

    Terrible idea.

    #4 8 years ago

    I recommend majoring in economics or finance...

    -1
    #5 8 years ago

    Nah, who needs education, tomorrow's not guaranteed. I say go for it. You have my blessings.

    #6 8 years ago

    Sell it in 4 or 5 years when she goes to school if you need to. Maybe you get most of the money back?

    #7 8 years ago

    Don't be stupid.

    14
    #8 8 years ago

    My kids multiple times said we could borrow form college fund...we always declined and made a way to do what was needed.
    Now my kids wish they would have saved more for college themselves lol....Things will change and pinball will always be around.

    You have passed the love of pinball down to the next generation...great job.
    Now is the time to pass down the priorities value to them by declining the offer.

    I also made my kids pay for half of their car insurance in High school - then gave it back to them for graduation (not telling where the money came from) for college funds.

    -1
    #10 8 years ago

    Go for it. That's why there are student loans!

    #11 8 years ago

    hooked missed spellling class in college

    10
    #12 8 years ago

    Just for the record, the suggestion got a great big laugh and a hardy no. My kids share my sense of humor. And I also said that many other machines would coming into the house before a Medieval Madness - Cyclone, Funhouse, Pinbot, Williams Star Trek The Next Generation, Stern Star Trek, etc. And I reminded the kids not to get their hopes up about Cyclone, Funhouse, Pinbot, or Star Trek.

    I do like the suggestion of economics or finance (especially finance) as a major.

    #13 8 years ago

    I think it's OK to raid the retirement fund but save the college fund for a rainy day.

    #14 8 years ago
    Quoted from InfiniteLives:

    hooked missed spellling class in college

    Clearly he was starting a fund to build some bad ass collage instead of wasting it on higher education

    #15 8 years ago
    Quoted from jewboyflowerhead:

    Clearly he was starting a fund to build some bad ass collage instead of wasting it on higher education

    The money would be better invested in dioramas.

    #16 8 years ago

    Dumbest thing I ever heard.

    #17 8 years ago

    Go for it kids should pay for their own college.

    #18 8 years ago

    Try to get them to secure employment with a major corporation in a college town. The COmpaNy will pay for their complete education if you can attend evening classes. It worked for me. Four year degree in six years while drawing a full salary.

    Plus a defined benefit pension.

    #19 8 years ago

    That's what scholarships are for. I have never paid a dime for my kids college education.

    #20 8 years ago
    Quoted from MrBally:

    Four year degree in six years while drawing a full salary.

    Not many people know about that. Good job!

    #21 8 years ago

    My boy went to college while a junior in high school. Maintain a 3.5 and the high school pays the tuition and books. He had his first year of college done when he graduated high school. I don't even check his grades, as long as the free money keeps pouring in. It's his responsibility. It's been so nice.

    #22 8 years ago

    Raid it! Used mmr's seem to bump up 1k within a few plays

    #23 8 years ago

    College, car, etc...

    #24 8 years ago

    Your kid sounds smart enough to get several scholarships, go ahead a get all the games on the list.

    #25 8 years ago

    Bad idea!

    #26 8 years ago

    Wish I'd bought pinball machines with all the money I wasted going to university. I'd still be doing exactly the same job I am now, but I'd have several dozen games as well. Not to mention I'd be a much better player after all those hours practicing on them.

    #27 8 years ago

    Save the college fund. While you can be a success in life without a degree, hedge her bets and have a fund/go to college. The pin is very short term, while just having a degree will open doors.

    #28 8 years ago

    Gotta love the fools who say raid the college fund because a collector's item goes up in value. Anyone want to buy some Hallmark ornaments? How about Beanie Babies? Model T? Animation Art? Cabbage Patch Kids? Precious Moments?

    -1
    #29 8 years ago

    Tell her you will buy her a pin if she pays half collage fund off limits

    #30 8 years ago

    Think you should start a poll.

    #31 8 years ago
    Quoted from ek77:

    collage fund off limits

    Nobody really needs a collage fund.

    image.jpgimage.jpg

    #32 8 years ago
    Quoted from SilverBallz:

    Go for it. That's why there are student loans!

    ^ This is why there is so much debt here in America... "lets just borrow money we don't have to pay for things!!!!"

    #33 8 years ago

    I know this is a only a hypothetical - and there would likely be significant tax consequences - but with the way some of these pins have gone up in value you might not do that badly - sort look at it as a diversification of investments... (I myself wouldn't raid the college fund to do that but I might consider selling a few pins to help out at the time when the cash is needed...)

    On a more serious note - my financial adviser told me that I should put $$ into my retirement first and then whatever is leftover goes for college funds because I can always borrow for college - educational loans at a low rate - if I need to but there is no such potential for retirement money if I run short...

    #34 8 years ago

    I made the choice to raid my retirement fund instead. I will be a broke old man with a lot of great pins! No a bad way to go. Can always sell them and get the money back pretty quick though.

    -6
    #35 8 years ago
    Quoted from calico1997:

    I made the choice to raid my retirement fund instead. I will be a broke old man with a lot of great pins! No a bad way to go. Can always sell them and get the money back pretty quick though.

    A broke old man that will someday be living off the taxpayers.

    Gee, thanks. Way to be responsible.

    #36 8 years ago
    Quoted from Blackbeard:

    A broke old man that will someday be living off the taxpayers.
    Gee, thanks. Way to be responsible.

    SSI Is not living off the taxpayers

    #37 8 years ago
    Quoted from 0geist0:

    SSI Is not living off the taxpayers

    You're correct. But Medicaid is.

    If you think someone elderly is going to live off just ssi you're dreaming.

    #38 8 years ago
    Quoted from Jimmyms3:

    ^ This is why there is so much debt here in America... "lets just borrow money we don't have to pay for things!!!!"

    Yup have some skin in the game, makes you actually want to get something out of college, rather than your parents paying for it and drinking/smoking your way to falling out. Plus it feels really good when you make the last payment and burn the promissory notes.
    There are things worth getting loans for and things not worth loans. Consumer loans bad, affordable houses and student loans, good.

    #39 8 years ago

    By the time she's in college, a MMR won't even pay for her quarterly meal plan.

    #40 8 years ago
    Quoted from iohonnes:

    My 13 year old daughter just suggested raiding her college fund to purchase Medieval Madness. Either we've raised her very wrong, or very right.

    Because daddy likes it.

    #41 8 years ago
    Quoted from Blackbeard:

    You're correct. But Medicaid is.
    If you think someone elderly is going to live off just ssi you're dreaming.

    Not every elderly person qualifies for Free Medicaid. I don't, I have to pay for my Medicare out of my pocket and I'm on SSI

    #42 8 years ago

    There are millions of eldery people that have to "spend down" their savings in order to qualify for Medicaid and be able to enter a nursing home or the like and have Medicaid cover the differences. This is why this Country is going bankrupt. They're called entitlements.

    A LOT of people aren't fiscally responsible and look to Uncle Sam for a handout. I work in this field. I see it way way too much for my taste. If fact, the majority of the estate representatives I represent deal with Medicaid issues nowadays. It's more common than not.

    #43 8 years ago
    Quoted from MrBally:

    Try to get them to secure employment with a major corporation in a college town. The COmpaNy will pay for their complete education if you can attend evening classes. It worked for me. Four year degree in six years while drawing a full salary.
    Plus a defined benefit pension.

    I did pretty much the same thing. 33k in education and they paid for the whole thing and then paid me more when I finished.

    #44 8 years ago
    Quoted from hawksfan:

    Yup have some skin in the game, makes you actually want to get something out of college, rather than your parents paying for it and drinking/smoking your way to falling out. Plus it feels really good when you make the last payment and burn the promissory notes.
    There are things worth getting loans for and things not worth loans. Consumer loans bad, affordable houses and student loans, good.

    Some student loans are good how people graduate from college, get enormous student loans and than cant get a job in that field? I have several friends who did exactly that. Get degrees and than cant find jobs.. and end up with loan payments... Gotta compare the cost of the school vs the amount youll make after college. If you spend 120,000 to get a teaching degree from Chapel Hill, how long will that take you to pay back? Teachers start out making 32k a year here in NC. That is NOT worth the investment. I went to a technical school, got loans for the school and worked full time while in school. That school cost me 36k total and i only have a few years left to pay student loans. However, I got injured and cant do that job anymore. So it was almost a waste of an education. Sometimes student loans are worth it, sometimes they are not.

    #45 8 years ago

    A few years ago that mighty have been a good idea. Now...it's an ok idea. You prob won't lose too much..... but in the end......not a good idea. Get that girl an education!

    #46 8 years ago

    Something this Country seems to disregard are the trades. The education systems tends to steer students to college without any thought into the trades. Plumbers, carpenters, electricians, HVAC, etc. All great careers without the necessity of college (and the loans).

    Also, trades type work is always in demand, as opposed to most college based career jobs.

    #47 8 years ago
    Quoted from Blackbeard:

    Something this Country seems to disregard are the trades. The education systems tends to steer students to college without any thought into the trades. Plumbers, carpenters, electricians, HVAC, etc. All great careers without the necessity of college (and the loans).

    I agree with you 100%, I did exactly that when i was 18 years old, just started working for a contractor and learned a trade while i was working, never paid a dime for school, now 27 years later and make 65 grand a year, the only problem is that most of the kids today are so dam lazy that they dont want to work a physically demanding job, we go though 6 helpers a month because they either just dont show up or complain all day about how hard the work is, skilled labor is always in demand

    #48 8 years ago
    Quoted from Jimmyms3:

    ^ This is why there is so much debt here in America... "lets just borrow money we don't have to pay for things!!!!"

    Not many people can afford college out of pocket, so student loans are necessary evil for most people.

    Quoted from calico1997:

    I made the choice to raid my retirement fund instead. I will be a broke old man with a lot of great pins! No a bad way to go. Can always sell them and get the money back pretty quick though.

    Yea the thing is, pins retain most of their value, unlike a car, and many times are a better value than purchasing a home. The advertised way to retirement is to work hard when you are young, live a minimalist lifestyle, and you can live it up when you are old, but there are just too many things that are better done when young. The best advice I've seen to achieve optimal a quality of life is to work minimally your entire life (25 hours/week) but work well into normal retirement, as statistics prove that people who work longer, live longer. Neither college nor pinball machines are required for a good life.

    #49 8 years ago
    Quoted from Jimmyms3:

    Some student loans are good how people graduate from college, get enormous student loans and than cant get a job in that field? I have several friends who did exactly that. Get degrees and than cant find jobs.. and end up with loan payments... Gotta compare the cost of the school vs the amount youll make after college. If you spend 120,000 to get a teaching degree from Chapel Hill, how long will that take you to pay back? Teachers start out making 32k a year here in NC. That is NOT worth the investment. I went to a technical school, got loans for the school and worked full time while in school. That school cost me 36k total and i only have a few years left to pay student loans. However, I got injured and cant do that job anymore. So it was almost a waste of an education. Sometimes student loans are worth it, sometimes they are not.

    sure but in teaching they can get loans forgiven for choosing to work in "needy" places. This does not mean crappy places either. There can be a "need" for science teachers in Beverley hills and you get the credit if you work there. plus if you are willing to invent 100K (or anything) in your education you better look at what your return on that investment is. there are many degrees that are not worth the paper they are printed on, regardless of if you save and pay first or take loans and pay as you go.

    #50 8 years ago
    Quoted from Baiter:

    Yea the thing is, pins retain most of their value, unlike a car, and many times are a better value than purchasing a home.

    no they don't, at this moment in history there is a massive pinball bubble. historically they have all dropped in value with very few exceptions, just like cars.

    There are 62 posts in this topic. You are on page 1 of 2.

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