Home > Hello World! My status as of 2007

Hello World! My status as of 2007

December 30th, 2007 at 05:30 am

OK, you can chalk me up as yet another New Year's newbie! I am here mainly because it is time to come up with the spring college tuition funds which is for some strange reason depressing and scaring the heck out of me.

In a nutshell, I make a good salary, but it has been stretched to the breaking point for years, and college is a heavy straw on this camel's back. Unfortunately we have wound up with inverse college savings, i.e some CC debt. As they say, life is what happens while we are busy making other plans. I have a decent 401k, but savings outside that are just about nil, a paltry EF only. So I figure I will be working to my early to mid 60s just to squeak by even if all goes well, another depressing realization.

I have actually been trying to figure out whether to seek professional help for the last few months, whether in the form of an accountant, financial planner, or financial aid counselor. But I am a big fan of Internet forums, so here I am, looking forward to some helpful input.

9 Responses to “Hello World! My status as of 2007”

  1. Broken Arrow Says:

    Welcome, Ralph. Interesting subtitle you have there. Perhaps an insight into your current financial mindset? Smile

    Internet forums such as this one is great for free advice and support, but you may also want to talk to a fee-based financial planner if you feel that you need professional help to help put your road map down in concrete steps.

    With the greatest respect, I get the sense that although I'm sure you'll be fine, you may not have a lot of room for error.
    Text is This may or may not help and Link is
    This may or may not help.

    In any case, welcome aboard. Smile

  2. Ralph Says:

    Thanks, Broken Arrow. I see Google adsense agrees with you! 529 Savings plan,, etc.

  3. Frugal Momma Says:

    Welcome Ralph I understand college worries-my kids are younger than yours. However you do not need to put your kids through the most expensive schools.

    Good luck

  4. fern Says:

    I was also going to suggest the 529 plan; i think everyone with kids should have them, right?

    I don't know how you feel about your kids holding down p/t jobs while in college to contribute to their expenses. I did it all 4 years, working in the principal's office at the local high school.

    Are your kids smart? Would they qualify for any scholarship or grant monies? Are they dead set on going to a particular school? Cus if not, a state college or university would be cheaper than a private school.

  5. monkeymama Says:

    I was going to say you don't need to pay for the kids' college either. I hope they are helping. My parents refused to face financial ruin for my education and it made me a much better person to carry much of that load on my own. Just something to think about (but probably much too late to change the rules. I knew this since I was 10 or something. LOL. That my parents wouldn't pay for my college. So I had time to prepare. Which makes it stickier for you. But yes they can and should help, regardless).

    Welcome and good luck!

  6. asmom Says:

    I feel your pain Ralph. I have just 3 years until my daughter leaves for college and I haven't saved much. I've sat down with her and been very honest; she is going to have to earn some scholarships, work part-time and take out some loans to pay for her education. If she at least tries to do her part I will chip in up to 35% but at this point in my life, I am more concerned with building up my retirement and EF.

  7. Ralph Says:

    Thanks, all. I know I'm certainly not alone but it feels that way, so I think this forum will be an excellent vent for my frustrations and hopefully something even more useful than that.

    My daughter is VERY smart and that's a big part of the frustration that she really got no useful aid for anything other than the state university. She did win one scholarship based on a combination of need and merit, and I hate to sound like an ingrate but it doesn't go very far, even though it is by no means insignificant, especially since it's for four years provided she keeps her grades up.

    As you can tell by my situation, meaningful financial discussion has been sorely lacking with us - otherwise we would have saved better and not racked up debt instead. She is agreeing to shoulder the difference in loans, but how can an 18 year old fully appreciate what $80,000 in debt means? And I for one doubt that it is worth that much to go to a more prestigious school, although there are some systemic problems with the state university IMO.

    So anyway, thanks for the welcome and I look forward to sharing the pain and maybe even some joy and satisfaction with you all.

  8. Ralph Says:

    fern, I was just thinking about 529 plans, but the excellent book "Paying For College Without Going Broke" (as if!) says they are very problematic in that they are assessed heavily by financial aid formulas.

  9. Ralph Says:

    Thanks for the FPA link, Broken Arrow, I'm perusing it. I've been very shy about any financial professional. My first visit to a financial planner was one who was basically selling disability insurance, and salesmen of all types give me the willies (no offense to any salespeople out there!).

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]