I got to thinking about this whole college “loan forgiveness” debacle. I’ve ranted quite a bit about how we scrimped and saved from the time the kids were born so there would be money to pay for college, how my kids didn’t get the material things or fancy vacations that others got because I always said we couldn’t afford them.
Not long ago, my 30 something daughter told me that one of the important things I taught her was to differentiate between wants and needs. She asks herself “Do I need this?” or “Do I want this?”. Saving for retirement or big ticket items requires asking these questions throughout life.
But, what lifestyle choices did other people’s parents make? What lifestyle choices are the borrowers making whether parents or students?
Do they stop and buy coffee every morning or make their own at home? Do they make their own lunch or eat out every day? Do they buy all designer clothes and shoes, or shop discount stores? Do they buy $1000 phones or $500 phones? Do they cover themselves in tattoos and piercings? Do they smoke?
If they do or did these things, then that’s what I’m paying for, not their college loans. They made, and may still be making, choices about where to spend their money. But I’m being forced to pay their loans without having any say at all in those choices.
If you smoke, have tattoos or piercings in seen and unseen parts of your body, stand in line for the latest Apple phone or designer sneakers, or spend money on anything else you don’t need, then I shouldn’t be paying off your student loans. You should. It’s called sacrifice.
Your money. Your choice. NOT my money. Your choice.