Use savings, get loans, or do both?

lerkin
Tue, 10 Apr 2012 16:31:49 +0000

Cptofthehouse,

a bit of (unsolicited) advice: Have your teenager son volunteer. My son is 14 (going to turn 15 in August). He is going to volunteer at the local zoo and he was able to score volunteer interviews at 2 hospitals (hopefully he will get accepted at one - those are tough to come by).

In the last 2 years he volunteered at the library and if hospital falls through, he will go back to the library.

He likes the setup as it allows him to still hang out with his friends on his off days and he loves animals (hence the zoo) and is interested in medical career.

Also, check out local U (if you live close by). Sometimes they have very inexpensive programs for high schoolers. Last two years my son participated in Math camps that only cost us $50 per week. This year, he could have applied to “Carriers in Engineering” camp (only $50), but decided against it as he banked on getting a hospital gig which would have interfered with Engineering Camp (and $50 were nonrefundable).

P.S. We also put maximum (deductible) amount of money each year into 401K and Sep-IRA. Both my husband and I are somewhat young (under 40), so I don’t count on Social Security to fund my retirement (and it is foolish not to take advantage of tax deduction).