Like many kids, my older brother went through a period where he didn’t like going to school. He became pretty creative about finding ways to skip class.
School was so close, he didn’t even have to cross a street. On the way, he stopped at a relative’s house and never made it to school. When Mom found out, she started driving him. I hadn’t started kindergarten yet, so I went with them.
One morning when we pulled up to school, the principal met us. He dragged my brother, who might have been in second grade, kicking and screaming into the building. Mom, who did an incredible job raising three boys and working as a union secretary at the University of Illinois, was understandably upset.
I didn’t like seeing Mom upset, and I remember trying to comfort her by promising I’d always go to school when I was old enough. And I pretty much lived up to that promise. As a parent myself now, my takeaway is that sometimes a negative experience can create a positive result.
Kids generally don’t want to disappoint their parents, even more so after their parents have invested in them. And this is why I think college savings plans are so successful.
Research out of Washington University in St. Louis has shown that young people are three times as likely to go to college if they know they have a 529 college savings account. They are seven times more likely to attend if they are the first generation in their family.
It’s not the amount of money that the parent saves, but the message they are sending. When you tell your child, grandchild, niece, or nephew that you are saving money for them, what they hear is that they are smart and that they are college material. They also don’t want to disappoint someone who believes in them.
So even if you can’t save enough to fully fund their university education, or their tuition at a community college, trade school, vocational program, you really will get a good return on your investment if you open a 529 college savings account for a young person that you care about. It is an investment that will pay off dividends for them throughout their lives. In my office, we administer the award-winning Bright Start and Bright Directions college savings programs.
Eventually, my brother changed his attitude, started willingly going to school, and even stayed there the whole day. My parents invested time with him, and he has gone on to have a respected career and raised a great family.
Your kids have a lot of potential. It is just up to us to help them unlock it. You can take one step here.
Sincerely,
Michael
PS Remembering this story about Mom reminds me that Mother’s Day is coming up. I am looking forward to honoring the moms in my life, especially my mother and my wife, Erica.