Recently I was interviewed by Rod Moore of Profit Minute regarding several ways single moms (or anyone) could make money for their kid’s college expenses, tuition, room, board, books etc.
Most people facing the cost of college tuition are not fully prepared because the costs of college is rising faster than the best planning we’ve done. Many of us have not started or are hoping for a scholarship and loans to get us through.
This interview covers several ways a mom could earn money for their kid’s education, and the benefits and drawbacks of each. Take a listen and learn how you could pay for your kids education, debt free.
I’m a single mom with two awesome daughters.One will be going to college in two years, the other in six. I think every parent struggles with responsibility issues with their kids. Yes I want my kids to grow up to be very responsible adults. I know that letting them have and solve their own problems is key to that development.
I also know that too much responsibility at too early an age can result in some seriously messed up choices. I’m living proof. As a young kid I was faced with some serious issues for which I had no prior experience, knowledge or judgment. In addition to that there were no caring adults to help me along through the process. It’s a good Oprah story and I won’t go into details here.
However, as a result of that, I declared that my kids would NEVER have to face any of the horrifying challenges that I did as a young kid.My kids are going to get the best treatment I can give them.I’m not going to overprotect them either, but the level of responsibility will be commensurate with their age or personal development level. So that leads me to paying for college.
When I graduated from high school I got a summer job at the place my dad worked. My dad said he’d buy my books if I paid the tuition and I’d live at home. I was able to save enough money at that summer job to pay for most of my tuition and then got a job during the winter break to pay for the rest.
Well if my kid did the same she’d have to earn over $35 per hour working 40 hours per week. People with serious college degrees make that much or less. That is totally ridiculous to expect that a high school grad could do that. I’d be willing to bet that there are a few who have done this but it’s not the norm.
One might make the argument that “that’s life” and you have to work with the reality. Yes, but no. No, I can’t take that reality as my answer. As much as I thought that I would be the “hard guy” mom and make my kids suffer the way I did and do things the way I did, I realized that this thinking is pointless.Just because I had to pay my way through school (when it was a lot easier back then) doesn’t mean my kids have to.
Just because I suffered at the malicious hands of manipulating adults doesn’t mean my kids have to. No way. I’d like to think that this generation can gain from the mistakes and the knowledge of the last generation. That’s what advancement of society is all about isn’t it? Well yes it is for me and I expect many other single moms will agree that they want their kid’s lives to be better than theirs.
So single moms, have you figured out how you are going to help your kids pay for their college tuition without turning your own life into an all time working machine?I have.If you want to know more listen to the free audio here How Single Moms Can Pay For College.
See if it makes sense for you. No overnight success is promised but with a small and consistent amount of time and effort you can be earning the $5,000 per month you’ll need to send you kid to college. I know you single moms have a lot of drive. And I know you can do it.
If you’re like me, a single mom with kids approaching college or possibly in college, you know the pain and frustration of trying to figure out how to send your kids to the best possible college they can get into and then paying for it. My oldest has big ideas, probably got it from her mom, about going to Harvard. She can probably get accepted, she’s a smart kid.But do you know what it costs to send your kid to Harvard?
Well I didn’t know exactly so I googled it. For an undergrad degree it costs about $45,000 a year. And for four years of medical school it is around $450,000. They say to think of college as an investment.If you invested that amount of money for four years at 7.5% you’d yield about $209,000. Sink that into an investment that earns 7.5% and after 40 years you’d have close to $3,700,000 dollars. That’s right. Now that’s an investment.
How much money is your kid going to make in a lifetime after you or your kid invests $200k over four years? Hopefully it’s more than $4M. Plus also remember that if you borrow that kind of money you are going to have added interest expenses to go along with that.
OK. OK. Not that many people go to Harvard or expensive schools like that. But even a public college costs somewhere around $23,000 per year for a resident, and $44,000 per year for out of state or non-resident.These numbers are from the University of Michigan undergrad program and include tuition, room and board, books and other expenses. Holy Cow!
No matter who pays for this, you or your kid, it’s a huge chunk of money by most people’s standards. If you pay for it and you don’t have the money already saved, it means working more hours, leveraging your home or borrowing the money and paying it back. This could put a serious crimp in your lifestyle or plans to retire.
Well I’m faced with this reality. I want my kids to go to college. I think that education is valuable regardless of what you earn because of it. I also want to avoid loading up myself or my kids with a huge debt if I don’t need to.Yes we will research scholarships.I’m pretty sure their dad will contribute, but some single moms aren’t in that situation. They are totally on their own.
It seems a shame to work so hard to get your kids ready for college only to find out that the costs are prohibitive. Well I never take no for an answer when it’s really important. I’ve been looking all over the place for ways to fund my kid’s college and earn some serious chunks of cash. I figure I’ll need roughly $4,000 per month for every year one kid is an undergrad.The way my kids are spaced out, that will amount to eight years of $4,000 per month, close to $400,000.
Well there is a way to fund your child’s education, if you start now, and I found it.You’re not going to make that kind of money instantly but after a while that extra $5,000 a month will go on autopilot. How sweet will that be! No more worrying about tuition.
If you are and avid reader, and you should be, read The Next Millionaires by Paul Zane Pilzer.He talks about how more and more people will be stepping into the millionaire category and how many of them will get there. I’m going to be one of them.
If you want to take control of your tuition situation and your financial future listen to this FREE audio recording to learn about many ways to earn money from home. See you there! HowSingleMomsCanPayForCollege.
