A few posts ago, I passed along some information for Mom, Dad, and Junior about the future of college admissions.
Once again, thanks to Inside Higher Ed, another peek into the future: borrowing for higher ed has spiked 25% in the past year. Which means that the day when the class of 2014 will be able to climb out from under student debt and purchase that first home will be postponed for some years now.
Mom, Dad, Junior: The best use of junior's time on the time/money scale will be spent on making certain academics and selected extra-curriculars(such as classical music study)are in excellent shape. If Junior is out earning cash, every dollar he socks away is a dollar not borrowed for college, i.e. each of those saved teenage dollars looks more like five dollars by the time he's thirty. He may look cool in the new car with the high insurance payments, but he'll need the purchasing power for that new car fifteen years from now.
Another good use of Junior's time will be to visit daily with Mish Shedlock, who patiently explains what is happening to the economy, and what it well may mean for Junior's adulthood.
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