In a span of one week in May, all three of my children graduated college.  My oldest graduated from Le Cordon Bleu culinary school, and my twin daughters graduated from Florida State University and the University of South Florida.  In fact, the twins graduated on the same day, just hours apart.  I guess twins like to do things on the same day.  As I sat at one of the graduations, many thoughts raced through my head. But one in particular stuck out; how did this happen so quickly, weren't they just babies? In fact, when they were babies I thought I had so much time to save for their college.  Then it happens, the day arrives and you get the bill.  Talk about sticker shock!!!!  So, I thought I would put a list of things to consider if you are a parent who has yet to experience this wonderful time in life:

• Start saving early.
• College costs more than what they tell you (think of a home renovation, it always costs double).
• If you own a business, there are many ways to lower your tuition bill through proper tax planning.  I like to call them tax scholarships (read my book, Bad Luck or Bad Business, Chapter 10).
• Learn the FAFSA system and go to a professional who knows how to get you the most money (we have done this for many clients).
• Fraternities/sororities are expensive, but they are worth it.  They get to network, go to parties and meet boys/girls.
• If they join a fraternity/sorority, be ready for them to constantly ask you (and all your friends) to donate money to their charity of choice (I think they are teaching them sales skills).
• Be careful about putting all of the year's college money in a bank for them to have access to.  It is very tempting for them to spend the money on non-college items.
• If you buy them a car, make sure it is durable; at the end of college it will look like they participated in a demolition derby.
• Find a reliable mechanic near their school!
• Alcoholic drinks are very cheap and affordable in college towns, so have the talk about drinking and driving.  Provide information on ride programs they can use if they do drink too much. Just remember, most under aged kids in college have easy access to fake IDs.
• Your child will want to move to a different apartment almost every year while in college, so make sure you own an SUV or pick-up truck.
• If your kid moves off-campus, the lease term is usually all year long, even if they come home for the summer.  They will tell you they will get a sublessor...never happens.
• Most dorms and college apartments are probably not at the cleanliness level of your home (i.e. they're disgusting).  Bring your own sheets and pillows if you are staying with them!!!
• Kids switch their majors multiple times, this can add to the cost
• The food plan is a good deal, but the food is horrible and there aren't many healthy choices, so they will hit you up for more money to eat out.
• When you visit your kid in college, I think a beacon is sent out that a parent is coming and all of their friends will want to join you for dinner, so expect to pick up the entire bill as they all scatter when the check arrives.
• Go to their graduation, I know it is 2.5 hours of pure boredom, but we have a wonderful invention called a cell phone, so you can catch up on Facebook and Netflix.
• When they call their name and they walk across the stage to get their diploma, there is an overwhelming feeling of pride, joy, sadness and hope that you will only experience on these types of occasions. 
• They become smarter than you if they haven't already.
• That Pomp and Circumstance song will get you every time!

All kidding aside, I am very blessed to have such wonderfully beautiful and talented children.  Putting them through college, so they have an opportunity to do whatever they have a passion for, meant the world to me.

 

Sincerely, 

William "Bill" Cummings, CPA
Cummings Financial Organization   

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