Becoming Debt Free in 2009

January 23, 2009

Trust Fund Baby – NOT

Filed under: Kids — ambercouric @ 10:00 am
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I had an interesting conversation with Ashby.  We were discussing the pay cut my husband just had to take.  He suggested we use his trust fund.  Now we do have a college fund that he isn’t using because he has a full scholarship.  We plan for him to use the fund for graduate school. 

Anyway, as we were talking he asked at what age he would get his Trust Fund.  TRUST FUND.  He has got to be kidding.  I told him there was no trust fund and once out of college he would be paying his own bills.  He said he thought he would have enough money to last a year or two after college to get started.  You are NOT Paris Hilton or any part of the Hilton family my dear son.

Well, to him it seems that the “Trust Fund” and “College Fund” are the same.  I said the college fund is for COLLEGE only.  Any money not used for school goes to pay off my mortgage.   The same goes for Kennedy’s college fund. 

My dear son Ashby is no trust fund baby.  I think I just ruined his day.  If he has scholarships and doesn’t use his scholarship money I am sure we may give him a NICE gift but the entire fund – not in this lifetime.

Also, just for info.  The funds are not set up as college funds in the boys names.  My husband and I both went to college on full scholarship so we set up two accounts in our names knowing that we may use the money at some point.  But we won’t touch the money except for college expenses until both boys have graduated college.

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5 Comments »

  1. Gotta love kids! At least you can say that he has a very active imagination!

    So, if the kids go on full scholorship… are you going to buy a boat for your Hilton Head Island move named “College Funds”. 😉

    Comment by Money Funk — January 23, 2009 @ 12:19 pm

  2. @ Money Funk – That sounds like a great idea. They can come visit and enjoy “College Funds”.

    Comment by ambercouric — January 23, 2009 @ 12:57 pm

  3. I think you just killed his rich boy fantasy! My parents didn’t even bother with a college fund, he should be happy you’re not saddling him with loans.

    Comment by Miss M — January 23, 2009 @ 4:40 pm

  4. Valuable lesson for your son today. Real life is just around the corner.

    Comment by Over the Cubicle Wall — January 23, 2009 @ 10:21 pm

  5. Ha! Well, better he find out today than expecting he can ride easy and come up short once he graduates. Ah… to be young again….

    Comment by Dawn — January 27, 2009 @ 12:54 pm


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