Resolutions for 2022
By the time you read this, chances are pretty good you are behind in your new year resolutions. Don’t worry. You have lots of company. Allow me to suggest a few Resolutions to consider if you will be having a student in college, already have one there, or hope to have one in the future. While difficult on the front end, they will have a profound & permanent impact on the ones I love.
Resolution #1- I will take the time to observe and work with my student towards a future that will use their gifts and talents, whatever direction that may lead.
Are you surprised at this one, especially as the first Resolution? You shouldn’t be. I devote fully 1/3 of my book imploring you to take the time to see your student individually and help them start the process of becoming their best selves. If they are a diesel engine whisperer or techie wizard, help them go where that can lead. It takes time, attention, and effort. But they will be very grateful for your efforts down the road.
Resolution #2 If their dream includes college, I will teach them there are many ways to achieve that goal without burying themselves in debt.
My book, ENOUGH! The College Cost Crisis offers an array of cost-busting options. For less than a $20 bill, you and your student can save tens of thousands of dollars in borrowed debt. I can promise it will take a focus on doing it differently than your peers. This is for both parents AND your student. Take the road you didn’t even know was possible. It could be a brilliant financial move.
Resolution #3 I will NOT steal from my retirement, 401(k), Roth, or Traditional IRA’s to fund their college costs. Seriously, you will never be able to recover those funds, and you will not be able to retire or retire well. Why? Because you took the present AND the future value of that money. There is no way you have time to replace both. Don’t take on this debt, don’t pull the money, and don’t get yourself in financial trouble alongside your student.
Resolution #4 If I pay even one dime towards their higher education, I will set minimum grade standards and time limitations on this financial support. I suggest at least a 2.90-grade point average and a limit of 4 years, based on maintaining those grades. Allow a single semester muck-up, but ONLY one. No one can afford to dabble in or play at going to college today. Boundaries are sometimes painful but necessary.
Resolution #5 If they are NOT ready for the demands of college, that is perfectly fine. Let them attend when they are ready to do the work. Surprise them, even scare them, by exploring this option with them while they are in high school. Believe it or not, I always held open that option to our student, even though she was a high achiever. College should never be considered an automatic next step by any student.
Parents and guardians- you are the Comptroller in this whole thing. Basically, you have the keys to the treasury. As one observer wrote, “He (or She) who has the gold, makes the rules.” Make wise rules for the ultimate good of your student!
Next week, let’s peel back the student-athlete misnomer and consider paid college athletes.
Until Next Time,
All My Best,
Bonnie Burkett
