I may get flamed for the following and that's cool - I welcome and am thankful for any opinions from people more experienced in life than I. I'd like to say I'm not saying one size fits all. I'm not saying money is everything. I'm merely speaking from my experience, and my point of view.
Us: DW stay home Mom. No college degree for me, and retired 2 years ago@45. Due to some stuff (some my fault, some bad luck) I didn't do as well as I should have - - but I think I put away enough to be okay in life. Net worth excluding residence is $3 mill. (This is after 2 years of spending and negative investment returns.)
14 yo DD thus far shows good things academically - 100% opposite of me. It's only 9th grade - but doing well in multiple Honors Classes, works hard, good grades, etc. She has always talked about being a schoolteacher. Again - not denigrating it. It's noble. Heck - my 10 yo DS has special needs and every single year I'm so thankful for the heart those teachers put into the job.
However, yes, I think about money alot. Part of that is upbringing - previous generations were business folk, period. I started lemonade stands when I was 9, had jobs since I was 10, never asked parents for money since I was 14. My kid sister is a senior corporate attorney - - my cousins - many are 7 figure wall-street types, the one altruistic one is still a Master's in Sociology and among her pursuits was intimate meeting with Australia's Prime Minister regarding refugees - point being, most of us *had* to, and wanted to do well -- - and did well. We were taught unabashedly growing up: Go for the money and success. And when you've made it - do things to help others which most of us, in our quiet ways did - albeit some more than others. All of "the kids" in our group - are long term married, happy, etc. So it's not the situation where there's lots of money - but also booze and dysfunction and misery. Life - overall - is good .
So I'll just say it - I realize we can't force kids into a career. And I realize we're all different. And yes in the end - like any parent I just want her happy and content. BUT -- - I worry about her money situation if she continues down that path.
My "right hand man" when I owned my business was a great woman. StayHome Mom who returned to work to put her daughter thru school. I hired her years ago, and in entry level she made $90k a year, progressed to $160k and today she isn't retired - she works in our old industry making $200k and her employer loves her.
Her daughter became a teacher - replete with Master's and my friend tells me "I'm proud of her. But dammit - she makes less than one of our 1st-year sales reps who barely got out of high school! "
Is money everything? No. And put aside that DD - while we *never* buy designer brands, etc for her or us...... we always had a charmed life: New cars, nice houses, nice vacations, eating out, never worrying about money. I know I'm getting way ahead of myself but I wonder - someone who has lived that way..., can they truly adjust to life of $50k a year? even 60, 70, 80k?
This morning en route to school she was telling me about becoming a tutor, and early childhood education and of course I was sincerely glad she's thinking about that stuff. But in my brain I was saying "Dude, with your grades and stuff....ok you dont have to be a scuzzy sales/business guy like me....but heck look at engineering, looking at a business degree, do something that makes some money!!!"
It's only 9th grade. And I've heard people change their minds as time goes on. Again I clarify I am NOT NOT denigrating a teaching profession -I AM however worried that I don't want my daughter to go thru college and then barely be able to afford a townhouse payment. BUT I'm also cognizant - you can't force someone into a career path. Cursory research - the tiny optimist in me feels ok - good colleges, Master's level - ok that might mean teaching in a good, well ranked, higher paying district. Who knows maybe some administrator job one day. Maybe a side tutoring business. But again - that's how I think - - I can't force DD to think that way. Again she's just 9th grade too - - who knows how many times her mind may change.
With my 'shortened' success in business - I won't have a big trust fund or legacy to leave my kids so it's of paramount concern to me that they can have fruitful lives on their own- - including financially .
Curious if folks here ever had consternation over kids career or education choices.
Yes, money doesn't buy happiness.
But - it's a good down payment. That - I do believe.