Thursday, November 6th 2014
This Today Show segment caught our eyes. It highlights the controversial parenting decision made by David and Jill Fagan, parents of 8 children who reside in Southern California. Here’s why they argue their kids should pay for college on their own and how it’ll transform their children into entrepreneurs.
Students who pay for their own education value it more because it comes from their hard earned money. It will enrich their experience even more.
• Why Pay To Party?
These parents believe their children are capable of having a successful career without paying for a typical 4 year institution. So if they’re just going to college to have fun, why should it be on their dime?
• Children Are Growing Up Slowly
David & Jill think that if the child doesn’t take on financial responsibilities at a young age, they’ll become sheltered, co-dependent, and back home after graduation.
Here are other lifestyle choices the Fagan’s make in order to avoid mediocrity for their children’s futures.
• Teach self reliance
• Let your kids fail
• Don’t rescue your children
• Love your children no matter what
We find this topic to be very fascinating. First, these lifestyle choices reflect parenting options. We come from the perspective that skinning your knees when young, trial and error, building grit and resilience and kids having skin in the game (i.e. earning money to pay for some of their activities, or spending money for summer programs) only leads to more independence and confidence to navigate life.
Second, in today’s job market, many recent college graduates are getting jobs that don’t require a diploma or complement the major they pursued. However, as noted in the Today Show video, Americans with degrees from 4 year college institutions make 98% more an hour than those without. Although David Fagan is a perfect example of someone who’s been able to have a successful career without a college education, as he’s a self-made entrepreneur.
So what do you think? Are these parents doing a disservice? Or are they saving their children from mediocrity by motivating them to start working early in life to pave their future path?