Children and Money (True Story)

I know a man who has two sons. The elder son just graduated from engineering school with a perfect 4.0 average, amazing. Here are some bits from his story. While the elder son was still in high school, his father told him that there was a certain sum of money set aside for his education and that an equal amount had been set aside for his brother. This amount of money would cover most but not all of a four year degree at an affordable public institution. The father went on to state that was all the money he could afford. When it was gone there would be no more. He went on to tell his son that he could send the money to the university of his son’s choice until it was all gone or if the son could earn scholarships he could keep the money. He told his son that he could then use the remaining money to put a down payment on a house or buy a new car. The son pursued scholarship money with visions of expensive sports cars dancing in his young head.

His father counseled him to start in a local community college rather than going directly to a large state school. The father listened to a university administrator explain that she wanted more transfer students and fewer freshmen at her particular engineering school. She was tired of being a failed babysitter. She wished to spend more of the state’s resources on producing engineers and less on shielding irresponsible children from the consequences of their bad behavior. The boy listened to his father and received a full academic scholarship to a local community college.

He didn’t listen to his father because he was a dutiful son or because he believed his old man was a fount of wisdom. He listened because his father was paying him $10.00 an hour to listen to him talk about particularly important subjects. During these sessions if the son acted bored or rebellious, his father would remind him, “Hey, I’m paying you $10.00 an hour to listen to this, so shut up and listen.”

During one of these $10.00 an hour sessions, at 11:00 on a Friday night, he drove his son to a place just outside of a college campus where he knew the local police set up a trap to catch students for driving under the influence. After watching several arrests, the father noted with some satisfaction, his son was beginning to believe that perhaps his old man was not a completely hopeless fool.

After completing a two year degree, the son, as advised by his father, applied to a large state school and once again he received a full academic scholarship. The boy complained about his social life. In the child’s defense, the social life of a serious engineering student does make a medieval monastery look like a convention in Las Vegas. His father managed to convince him that the payoff would come in marriage. Women want to marry successful men with good jobs and sizable bank accounts. Remember, that education fund is still untapped and growing.

Just a few weeks ago, the boy graduated with a BS in engineering from a large well known state school. His father explained to his son, that now with his perfect academic record, he can apply to any elite college in the country and they will pay him to attend graduate school. The boy has not yet decided to take the next step in his life, but much to his father’s bewilderment, the young man is considering a change in direction. Instead of seeking a graduate degree in engineering, he is looking into the possibility of medical school. The father shrugs his shoulders and shakes his head in disbelief, but he looks very happy and very proud.

The younger son is still in high school. His latest career aspiration was to become a professional poker player. Fortunately, his father has successfully dissuaded his son from pursuing this path.

The story is still unfolding.