You are so ready to retire – but it is some pretty serious self-talk that is going on to convince yourself you can hang in there for another five years. And that is something you just can’t say out loud. Why is that?
Between you and me, just when did a university education get so damned expensive?
When I went to university, a part-time job paid for accommodation and tuition and a pretty respectable party life! I can’t remember the numbers exactly but it was between $400 & $500 per year when I started my undergrad degree in 1971. Rent that year was $50/month for a little basement studio near the university and I did some after-school babysitting for grocery money and a bottle of Mateus on weekends. The first summer I went home to live with my parents and earned enough to see me through 2nd year, but by the end of that year, I was all grown up and stayed in the city. There was no looking back and I have been self-sufficient ever since.
Times have changed however. On average, tuitions in 1990 were about $1500/year and in 2012 they were almost $6500. By 2017, that number is expected to be $7500. Add to these numbers about $1000/month for food and lodging (if they share accommodations) and suddenly there is no way the average student can work their way through university.
For those of our children who want to carry on to post-grad studies, the numbers are crippling. First year med school last year was in the range of $15,000. MBA programs in Canada range from $5,000 to $105,000 depending on how prestigious the school. The work load in these programs is so heavy they probably won’t be working much unless they can get a job within their department as an assistant of some sort. What are these kids going to do?
Hmm. Why am I asking you this question? You are living this reality with your own young adult children right now!
Which is how I circle back to my lead-in on this post. You can’t talk about this out loud, can you? You would never begrudge your children a first-rate education. And you don’t want them living in sub-standard housing.
This has, however, come at a time when you were just starting to get excited about your empty nest and the prospect of planning what your dream retirement would look like. They can’t EVER know that their pursuit of a good education – the education you encouraged them to strive for – has hindered, possibly even crippled, your retirement dreams.
This brings to me to another reason for developing an on-line business. My business is controlled by me. The money I spend on my business reflects what is going on in other areas of my life. I can budget ahead; I can poll other on-line colleagues for the best courses at the best prices – it does not have to cost an arm and a leg. I also have a few tricks up my sleeve to earn money until I get my own business really producing.
In fact, my university-educated children are keeping an eye on Mom to see if this entrepreneurship-thing is something they might be considering in the future.
If I continue to make the choices I am making – working hard and spending wisely – it will not be much longer until I can kiss my b.o.s.s. good bye! When that happens, Look Out!! I will have full-time hours to work at something I love, for myself, and continue to develop the friendship and supports that have been such a positive part of my on-line adventure. (and maybe even bring my well-educated children into the business with me!)
This is what I wish for you.
This is what I will support you to do.
There is only one thing for you to do. It’s a simple thing. With no obligation or cost.
Click HERE and tell me your story.
That is so true Agnes.
I have kids that will be attending school in the US (from Canada) and will be paying in the region of $40,000 a year. Now whilst some of that will be funded it’s still a burden they they can not carry alone.
Working for myself is really the only way I can see a positive outcome financially!
BTW when I was university in the UK we paid 5 UK pounds a week for accommodation (it has probably been condemned now though) Good Times!
Thanks for dropping by, Lorraine.
The other thing, as parents, is that we don’t want our kids to attend post secondary facilities with poor reputations so if the best school for their chosen career costs tens of thousands and the cost of living in that city is high… we are stuck.
I was very fortunate that my kids both got full academic scholarships, (US universities) but I dont say that to brag…I’m well aware of the high cost of higher education and it just so happens that at the time they went, my husbands job was disintegrating along with our finances including retirement. We knew there would have been no way to pay for their education otherwise. They would have had to obtain loans and then been saddled with paying those off forever. We realize we were LUCKY plain and simple. While the kids were IN college is when I started to learn about starting my own business online and what I learned not only rivaled but even surpassed what they learned in college – and both were business majors! For those that choose the path of higher education – go for it if you can! But it’s not the only way to be successful financially. and there are actually very good high quality, low cost (and even free) options for learning what you need to know online. 🙂
Agnes this is a very worthwhile topic to stimulate thought for those in similar circumstances- thanks for starting it up!