If parents pay for their children's college.....

Parents Forum
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<p>A quick post re: children supporting parents in retirement…</p>

<p>My father really wanted me to go into big oil as a petroleum geologist after I finished my MS degree and forgo the PhD. Why? Because he wanted me to be able to not only take care of him and my mom in old age, but house them in a separate house off of our (me and my fiance’s) imaginary mansion! He didn’t really care if I would be happy or not in big oil, he just wanted me to be able to support them in retirement (well allow them to actually retire…). </p>

<p>Now, I had to shoot this down pretty quickly…1) I don’t want to sell out to big oil unless I have to, the science just doesn’t interest me as much as other stuff and 2) I will never give my kids the excuse to stay home longer than they have to and building a suite for my parents off of my imaginary mansion would give my future children a perfect excuse to live at home forever.</p>

<p>Funniest thing is…my Dad is not first generation, nor second, third, or fourth generation American-born. On my father’s side, we have traced the lineage directly (on both sides) to pre-Revolutionary war! I think my Dad was just playing with me since they have run into too many financial obstacles themselves to ever retire…</p>

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<p>Your father has a rich fantasy life! You should have told him to imagine you winning the state lottery – I am sure that then you will be able to buy a separate mansion for everyone in the family.</p>

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<p>Thanks to everyone. I now know more about parent-child relationship in America.</p>

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<p>The parent-child relationship in America is very diverse, I hope this is what you now understand. I hope you pay attention to the husband-wife relationship as well and realize the wife has as much say so in things as the husband…</p>

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<p>Two days ago I transferred our son’s college investment account totalling about$60,000 into his name where he can do with it as he pleases. What he does not know is that when me and my wife pass on he will almost certainly inherit a multi-million dollar estate.</p>

<p>And we made him responsible for paying his college tuition, books and spending money!!</p>