It’s Mother’s Day. I am sitting on my screened porch listening to my seventeen year old son play the guitar. My wife is preparing for a final exam in a subject she doesn’t like, so that she can get a certificate that might help her get a job to help our son pay for college.
My wife has been a “stay-at-home” mom for all of our son’s life. Not to say she didn’t work outside the home, we simply arranged our schedules and finances so that we did not need others to help raise our child.
We have known since he was born that he would go to college. We probably could have done more to save money. We could have a 529 plan, or a simple savings or investment account or educational IRA. But we chose to plan to pay for college this way, because we did. Part of the issue is simply that the cost of college education has risen faster than the cost of living every year since I graduated in 1985. Part of the issue, is that we had to choose between private school education, having mom at home, having me work without regular travel, having vacations, having a reasonable retirement savings, and this is what we chose. Like most American families, we can’t afford to have it all. We have to choose. Continue reading