Debt Free Next Generation?

**Frugal Sooner** · 06-30-2011, 05:29 PM

Hello FV! I am new to this site, but have enjoyed reading the various forums. Especially the Debt Reduction posts! DW and I have been DF for nearly five years now and life has been amazing.
Reading the posts of everyone sharing their progress brought back so many memories (mostly good, some tough). We were where so many of you are now. I want to encourage you to stay motivated and focused on your goals.
You WILL achieve them if you stick with it!
Now that we have reached our goal, we are looking for the next challenge. I'm fortunate to be married 21 years to a wonderful wife, and we share the same philosophies and goals. We have two teenage sons, one heading to college and one to high school. We have long talked about how great it would be if our boys NEVER experienced debt in their life. They were with us on our journey, and shared in the sacrifices and joys along the way. We are exploring ways to help them achieve that, beginning with education and leading by example.
I don't want to make this first post any longer than it is, or you might stop reading! But I would like to know if anyone else has considered this idea, and might have ideas they would like to share. We have several, and have begun implementing them.
I will be happy to share anything we have learned on our journey to anyone that might be interested.
Looking forward to hearing from you!!

Mark

**MaryCarney** · 06-30-2011, 09:11 PM

Great post Mark!
We have four kids, and have managed to get the first two through college debt-free. One of them has a mortgage but no other debt, the other has a car loan which she makes double payments on but no other debt.
We have tried to model debt-free/cash only for our kids for many years. We have a small mortgage and car loan (due to being hit by an uninsured driver). No credit card debt, and you can see from my sig I am completing a debt-free masters degree.
Looking forward to reading what others have to say.

**Debbie-cat** · 06-30-2011, 11:46 PM

Congratulations Mark on your successes. My son will be starting his second year of university and although he was frugal last year, I know he could cut even a little more so I picked him up a copy of Dave Ramsey's Total Money Makeover. I will be giving it to him next week when I see him. I hope this will inspire him even more to be super frugal.

Welcome to Frugal Village!

**sunshine** · 07-01-2011, 08:12 AM

I sent two kids to college with no debts - my two sons only have mortgage debt, my dd (still lives at home) has no debt. They have all paid cash for auto's, and so forth - they all have decent sized retirement funds for their ages (they are all in their 20's).

**Frugal Sooner** · 07-01-2011, 10:55 AM

Appreciate the responses so far! We are already seeing how the lure of DEBT begins before kids even get to college, in the way of student loans!

Ironically, because we worked hard to get out of debt, our son doesn't qualify for any college financial aid (except loans!).
He applied for and received some scholarships, and will continue to do that. But he doesn't understand why his friends are moving off to major university dorms around the state, while we are asking him to live at home and start at the local Community College. After two years he will transfer to complete his Bachelor's & Master's degree.

We are blessed to have a good University about 13 miles away, which will allow him to continue to live at home (saving the $12,000 per year in dorm fees!).

He drives an old truck (which he loves!), and we help out on gas & insurance (as long as he drives safely).
My wife gets up early and packs lunches, so we don't have to eat out or in the cafeteria. This saves a ton, and is much healthier!

We've seen what a burden student loans are on so many after graduation, and how many regret financing things they now realize they could've done without. Thankfully, he trusts our judgement and is willing to go this route.
He's been taking classes and working this summer. He seems to enjoy the atmosphere and has made friends (which will help this Fall!).

We hope the experience will help him maintain a "pay as you go" attitude once he begins a career and is out on his own.

**krbshappy71** · 07-01-2011, 12:44 PM

Welcome to the forum!

Well my oldest teen has thrown herself into a bit of debt but is adamant that its a mistake she doesn't plan on living with in the future.

My youngest, I was quite proud, held off on a school she wants for 1 year so she can save up the money to go. She will take out Stafford Loans but not a loan for the amount that isn't covered by the Stafford, which is what the school wanted us to do. (of course they did! They don't care about our debt, they want their money)

I was proud of her for making that decision and hope she doesn't falter this coming year. Meanwhile she's living at home rent-free to save up money and has been learning through her friends how expensive it is to have your own apartment, car, etc. in the real world! Her poor friends are up to their eyeballs in debts, all within 17-19 year age range.

**Debt Ninjette** · 07-13-2011, 03:26 AM

This is such a GREAT topic. I'm so glad I learned about being debt-free before having a baby. Now we can help her to learn not to make the mistakes we made. I'm going to set her up saving like "America's Cheapest Family" does with their children so that none of us have to worry!

**OOwl** · 07-13-2011, 08:44 AM

When I was newly married, we made a lot of stupid financial mistakes (new car, new house, cc debt, vacations, etc) but, thankfully, when our kids were in their late teens, we started cleaning all that up and including them in that process. As wrong as those first years were, the getting out of debt process ended up being the best possible lesson for the kids . . . and NOT too late, apparently. I am currently watching my children (now on their own) start life debt free (one attends DR classes with his wife and the other is living debt free and attending law school student loan free). I truly believe that this next generation really does have a better chance of living debt free if we, as parents, get the word out there to them and lead by example. . . even by late example.

**angela1435** · 07-22-2011, 04:33 PM

What a great thread! I hope that by the time we get out of this mess, my kids will only remember us living frugally and debt free. Just by changing our habits now, I think our kids will see us being responsible and hopefully they are filing it away in their little brains for later use. LOL

**mommy4ever** · 07-22-2011, 04:49 PM

My son graduates in a year. He has chosen to go into trades. He plans to remain home into his 20's(with the understanding he pays room an board at a nominal cost). He already has a great savings account started. By the time he's ready to move out at this rate, he'll have a fabulous down payment for a house! We're working on him to keep away from cc's, LOC, and using a savings account instead.