WSJ: Teaching your kids about money

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We plan to pay half of our kids' college costs. They can earn their half through working, scholarships, whatever -- and we plan on matching it.

Interesting item about finance: pound for pound, a hamburger costs more than a new car. Sure, its like buying several thousand hamburgers at once, but which really gives you longer lasting enjoyment? The burgers (which, based on how much I am eating now, would last maybe 5-7 days), or a car, which can last 7-10 years if they are taken care of?

(Sorry I ended a sentence in a preposition).

-Maneesh

www.maneeshsethi.com

My little brother, ladies and gentlemen.

I would do what my parents did, which is to do whatever I can to make sure my kids don't have to work while in undergraduate education. I'd also try to aim for a debt-free graduation. This offer, depending on how wealthy I am, would probably only extend to public universities.

If they aren't being productive with their summertime, then I'd require them to pay an amount that I think they could earn with a summer job.

As for grad school, I wouldn't offer any, unless they were really hard-pressed on it, in which case I'd help them some. This would hold even if they wanted to be a doctor. Because if they were sure enough about the value of their dreams, they'd back it with their own money. The last thing I want is someone who free-loads to get a Masters or Ph.D. only to back-out of using those advanced degrees.