The idea continued to evolve recently when I took a strategic planning course and further evolved while I learned about tax laws, loop-holes and strategic partnerships in business.
Before I explain my idea i'll give one of billions of possible examples.
W/out planning: A normal family with four kids.
KidsA & B move out of state to go to college. It takes 5yrs to graduate and another 1yr to get a good job and start moving in a positive direction.
Kid C moves out to live near a nearby university, drops out and gets a job and apartment. Being very responsible and diligent is able to get a good income and get married and buy a house after 7 yrs from leaving the nest.
Kid D moves into an apartment and goes to a tech school and gets a half decent career within 3yrs.
Analysis: kids a and b have at least 40k in school loans plus 5-6yrs worth of room and board (about 20k a year). kid c managed to stay mostly out of debt but has paid 7yrs worth of room and board. kid d only paid 3yrs worth of room and board.
Thats 22yrs worth of room and board that could have been spared. As parents you could have saved your children 440k.
If the parents of this family let there children live at home until they were married the family wouldn't have saved the entire 440k because it still costs to feed those kids at home and everyones choices would be different.
I think a reasonable alternative is this:
kids a and b chose a local university to pursue there education and kid c may not have dropped out of school and kid d may have done the same but saved the 3yrs worth of room and board.
This is just the beginning though; letting your kids live at home until they marry or decide they are in a good enough spot to move out responsibly. My idea goes far beyond this.
The change that im seeking is a foundational change in thought about what a family is and what is expected of kids when they graduate high school.
I haven't done the research but I think that on in the last 50yrs or so has the idea that as soon as kids turn 18 they should be making there own way in the world separate from there parents been possible.
As my friend Nola pointed out past societies worked as a family or community out of necessity. This strengthens my argument the reason that they operated as a family unit was because it was more efficient than everyone struggling individually.
I have a friend of a friend who is constantly shittalked behind the back because she was supported by her family through college and is moving back home even after she is married. Ive heard that because of that support (and compulsive cheapness) has netted this 25 yr old no student loan debt and a nest of 60k.
after all of these unorganized thoughts i'll simply say that if you plan with your family the same way you plan for your own future you can synergize and exponentially increase the success of everyone in the family. Imagine how that could impact the next generation.
As for me and my family. I am trying hard to make some success as an businessman and at very least I hope to knock out all my debt and have a large house (near a university) where my kids can live until they get married or choose to move out. Best case I hope to own several successful business' and my children can choose career paths in the family business' or I can help finance there own business' or what ever they choose it can help the family in some way. If a kid is a pilot = free flights for the family = much better vacations. If they are dentist = no need for dental insurance = saved money. lawyer = handle the legal stuff for business' and personal. engineer= work for my business = my money goes to my kid instead of to someone else's kid. they don't want to go to college = work for my business. and so on. My serious appologies to anyone who has read this entire post.
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