Good talk to have. Good reaction from your boy.
My daughter got a job in the cafeteria on her first day of high school. Her idea, mom and I had no idea . Then she started working at the summer camp - tough work, 50 hours/wk cooking on the line in a hot steel institutional kitchen. I started talking to her about money - specifically, our situation, what we could and couldn't afford for college, why heavy debt is bad - about a year ago. She's taken it to heart and looks at things quite maturely. My son isn't quite there yet, being only 14 y/o, but whenever he asks for permission to buy or download a video game etc, he always gets his money and pays me for it. Often I thank him and let him keep his money. But I'm glad he is thinking about it.
Quote:
So last year Calvin had a few Cs on his report card mid-term. I sat him down for a talk and said to bring a piece of paper and a pencil. I told him that if he wanted to get Cs, that is his choice, but he needed to know the deal here which is:
1. if you go to college you can stay in my house rent-free (assuming he's commuting)
2. if you go away to college the costs will be shared by your 529 (which I have contributed to), your mom, me, and *you*. You will have to either get scholarships or take out a loan. Not a huge one, but there will be skin in the game
3. if you do not go to college, you will either move out of my house upon graduation or pay market rent.
He says, "ok...what's the paper for?" At which point I ask him what a barista at Starbucks makes for a living. He doesn't know, so I say, "ok, let's assume $10/hr. Now, if you get that job out of high school, what will you make per month."
Blank stare. "Write it down!" I say. He does. Comes out to about $1600/mo. I say, "let's round you up to $2000/mo. Now, how much do you think we pay in rent for this house?" Blank stare. "Take a guess." Blank stare. "$4k per month. Now, how much did you earn at Starbucks? Oh, and I forgot to mention that they take taxes out of your check so you get less than $2K. Now, do you know how much we pay in utilities - water, power, gas? How about food?"
At this point tears are running down his face.
"Son, don't get Cs..."
|