About 18 years ago, my wife and I committed a horrible lapse of financial judgment. We are still paying for this reckless mistake these many years later: We became parents. At first it seemed like a great idea – staring into the innocent, helpless eyes of our two adorably sweet, tiny angel babies we adopted from China.
If only someone could have intervened – stopped me from boarding that plane for Hong Kong – and pointed out that over the next 17 years, these little angels would morph into retirement-savings-draining, eye-rolling, “take me to the mall now” moody, fashion-obsessed teenage drama queens who would eventually become legally permitted to drive my car and whose primary function on this planet appears to be texting their friends about how lame their parents were for not letting them go to a party simply because we don’t know the boy or his family… if only somebody had intervened back then and told me what we would be in for, I would have undoubtedly made … the same reckless decision. But that’s beside the point.
My point is this: Raising kids is expensive. The return on your college investment is highly speculative at best, particularly when you learn your son has decided to major in Medieval French Gender Studies. For many parents a far less risky investment would be to put down their entire life savings on the trifecta in the second race at Belmont Park.