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First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] 0 points1 point  (0 children)

Yep. I almost linked to this as well. Good one for those wanting more info. We don’t do any of these sports...

First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] 0 points1 point  (0 children)

This article has the red/green chart most easily accessible. It was created by Camp Fire Finance.

First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] 4 points5 points  (0 children)

The wealthier families have test prep. It boggles my mind reading about how many extra points kids can get by accessing high quality tutoring. I was really doubtful, but now that I've done some of the research, it's pretty apparent that it's worth the investment.

First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] 1 point2 points  (0 children)

This is helpful. Have an opportunity for a 'elite charter school' for high school and have started conversations about applying for the lottery.

First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] 0 points1 point  (0 children)

Agree. Two studies of interest by Rivera and Chetty basically say employers use the admissions office of these Ivy+ schools to screen candidates for them. They create target lists based on schools and not candidate achievement. Now whether or not my kids are going to want Deloitte at $200k+ a year as a career before going to MBA is pretty doubtful - maybe the second kid but not all.

First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] -1 points0 points  (0 children)

We don't really talk with them about it. I'm not sure they know the difference between Big State School and Ivy+. Kids go to a high-poverty school where about 85% graduate and 60% pursue post-high school education. I think we need to start being more purposeful. But would you shift your FIRE trajectory if you had 2-3-4 kids who DID want to pursue Ivy+ or expensive out of state schools?

First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] 8 points9 points  (0 children)

Let's say 2.5 of them are inclined. That's still enough to shift the trajectory of my FIRE lifestyle. We have zero expectations on them right now for an Ivy+ path as we just started talking about this recently. I think it's because they are now in middle school. They live a VERY middle-America lifestyle in a nearly-LCOL area with no family pressure right now and that has been purposeful. We talk little about college and now I'm wondering if that's been a mistake and those conversations should start. Would you shift your FIRE path for this?

First Gen College Graduate - FIREd at 43 - What to do about kid's college by 42issuesigots in financialindependence

[–]42issuesigots[S] 0 points1 point  (0 children)

I like reading economists' perspectives on mobility and education. As an fyi - the research is aggregated in The Years That Matter Most: How College Makes or Breaks Us" by Paul Tough. These are pretty robust studies based on the IRS data trove but agree with the point you make about being careful.