::breathes into paper bag::

[IIOY]

I want to call bullshit on this story because she seems so entitled, but...  From Mashable:


This girl spent her entire $90,000 college fund on clothes and travel

One 22-year-old had a college fund that most kids would kill for, but now she’s thousands of dollars short for her senior year tuition after blowing $90,000 short on clothes and a trip to Europe.



“Maybe they should have taught me to budget or something," said Kim, who didn’t disclose her last name and had her voice disguised on the The Bert Show, an Atlanta, Georgia-based radio show.



Kim told the hosts that her grandparents set up a pretty sweet fund for her that would cover costs for all four years of college. But, because she didn’t budget properly, she’s out of money to cover her senior year.



She told the radio hosts that maybe some of that money went to clothing and a trip—an educational trip, of course—to Europe for college break.



“I probably should have not done that,” she said.



Though we’re pretty sure the hosts of the Bert Show aren’t certified financial experts, they did give her the sound advice—with the exception of one of the male hosts, who told her it might be time to “hop on the pole”—that she should talk to parents about the situation.



Kim followed their advice, and checked back in with the hosts a few days later. The radio show ultimately managed to get four segments out of a 22-year-old’s financial woes. Unsurprisingly, her parents weren’t sympathetic and didn’t take too keenly to Kim’s offer that they loan her the money and that she’ll pay them back...without interest.



Kim said she was baffled by this, called her dad a jerk, and told the radio hosts that maybe her parents should have taught her to manage her finances.



“Maybe they should have taught me how to budget a little bit more,” Kim said. “They never sat me down and had a serious talk about it.”



Finally, Kim and her parents seem to come to an agreement: her parents will cosign a loan with her so long as she gets a job. The 22-year-old seems willing to do this, but she’s not too thrilled she’ll have to — gasp — work.



“I just want to say that I know they’re trying to teach me a lesson and blah blah blah and character building but, that I hope they realize — that this could have such a negative effect on my grade and as a person. I won’t be focused on my studies.”



Some people will never learn.

[erbear]

Team Parents

[josieposy]

We're supposed to believe her studies were a priority before?

[pixy0stix]

::slow blink::

[laurenpetro]

And now I'm regretting having kids again.

[wawa]

Well. How about that.

[msmerymac]

I have a friend whose parents gave him all 4 years of spending money at the beginning of his college career. Which seemed horribly risky to me, but it worked out find because he was really frugal. Of course, that was JUST for extras, not tuition, room and board, which his parents paid directly. So if he did blow all the money, too bad, so sad, no more going out with friends for you, ever.

So while of course I'm team parents and not team kim, I side-eye setting up a trust that allows an 18 year old unfettered access to hundreds of thousands of dollars.

[Velar Fricative]

OMG I JUST SAW THIS ON YAHOO!!!!

This is why everyone hates Millennials.

[zelda25]

Huh. I worked full time while carrying a full time classload my last two years of college. And still managed to make the dean's list. I must be stupendously special and gifted or something!

[stephogirl]

I hope the parents make her give them the monthly payment for this loan they are cosigning so they can pay the lender directly. I have a feeling she wouldn't bother making the payments and would screw her parents' credit as well as her own.

[penguingrrl]

How long before we see her gofundme go live?

[wawa]

Jul 17, 2015 12:21:47 GMT -5 msmerymac said:

I have a friend whose parents gave him all 4 years of spending money at the beginning of his college career. Which seemed horribly risky to me, but it worked out find because he was really frugal. Of course, that was JUST for extras, not tuition, room and board, which his parents paid directly. So if he did blow all the money, too bad, so sad, no more going out with friends for you, ever.

So while of course I'm team parents and not team kim, I side-eye setting up a trust that allows an 18 year old unfettered access to hundreds of thousands of dollars.

I don't.  Not across the board.  I mean...I this girl also didn't have hundreds of thousands.  She had 10's of thousands. 

But regardless it's very much a know your kid situation, because some can handle it  and others cannot.

Obviously she is one of the latter.

[charminglife]

There's this thing called the internet - people use it to watch porn talk on message boards educate themselves.  Perhaps she should have typed "creating a budget" into google instead of complaining about her parents. 

[origami]

I don't think college would have helped this girl anyway. She should just work FT on getting a Sugar Daddy.

[Wallflower]

I think she sounds like a total twit.

However, I will also say that it seems like very few parents actually take the time to *teach* financial skills to their kids. Mine sure didn't. Finances were handled completely outside of my presence and I think they just assumed that I'd absorb that knowledge through some mystical DNA connection.

[pixy0stix]

I bet she's getting a Liberal Arts degree.

[Wallflower]

Jul 17, 2015 12:49:07 GMT -5 Wallflower said:

I think she sounds like a total twit.

However, I will also say that it seems like very few parents actually take the time to *teach* financial skills to their kids. Mine sure didn't. Finances were handled completely outside of my presence and I think they just assumed that I'd absorb that knowledge through some mystical DNA connection.

Just to be clear, I don't think this justifies the 22-yr old, nor does it mean that I couldn't have learned on my own (and did).  And I don't have kids, so all of my "parents should do XYZ" comments are made from a position of "I don't have a clue."

But I really wish kids were taught about money growing up, and it doesn't seem like they are.

[jln]

Jul 17, 2015 12:49:16 GMT -5 pixy0stix said:

I bet she's getting a Liberal Arts degree.

We're not all that dumb.

[pixy0stix]

Jul 17, 2015 12:51:39 GMT -5 jln said:

Jul 17, 2015 12:49:16 GMT -5 pixy0stix said:

I bet she's getting a Liberal Arts degree.

We're not all that dumb.

I was wondering how long it would take to get a response.

[IIOY]

Jul 17, 2015 12:49:16 GMT -5 pixy0stix said:

I bet she's getting a Liberal Arts degree.

You hush now!

[stephogirl]

Jul 17, 2015 12:49:07 GMT -5 Wallflower said:

I think she sounds like a total twit.

However, I will also say that it seems like very few parents actually take the time to *teach* financial skills to their kids. Mine sure didn't. Finances were handled completely outside of my presence and I think they just assumed that I'd absorb that knowledge through some mystical DNA connection.

This one of the things that is the most overwhelming to me as a parent. These kids? Blank slates. They need to be taught EEEVVVVVVVEEEEERRRRYYYYTHHIIIIINNNGGGGGG. How do I make sure I cover everything?

I think I'm doing pretty well on the financial part, but holy hell...there is so much they need to learn. 

That being said, her parents' lack of instruction doesn't excuse her behavior. What did she think was going to happen when she spent all of her college money before she was done with college? Twit, indeed.

[sushi]

I had a similar set up thanks to contributions from grandparents and life insurance from my mom that had been invested since I was very young. I knew since I was about 15 that was the set up. It would cover everything but was not going to allow me luxury. If I wasn't wise, too bad so sad. And I knew my family meant it. This girl apparently didn't get that concept.

Guess what taught me to budget? Having that money and not wanting to work full time to pay for my last year. I still worked summers for fun money.

If I have children I hope to do the same. Having the freedom to make my own choices was incredibly beneficial. I was more frugal than my friends, but they were always having to call home for permission for extra spending.

[AJL]

ETA: If she were my kid? "Too bad, so sad. Good luck paying for your senior year, honey."

[wawa]

Jul 17, 2015 13:19:00 GMT -5 AJL said:

Is she were my kid? "Too bad, so sad. Good luck paying for your senior year, honey."

yeah, this.  Plus of course some deep abiding shame that I'd failed SO BADLY at teaching her how to adult.

[msmerymac]

I also get the feeling that in order to fuck up this bad, her parents have had to bail her out before, but to a lesser extent.

[2doxies]

This makes me feel like that article about the guy with a $30k balance on his corporate credit card. No bueno.

[pixy0stix]

Jul 17, 2015 13:25:25 GMT -5 2doxies said:

This makes me feel like that article about the guy with a $30k balance on his corporate credit card. No bueno.

I forgot about him. I wonder how that all turned out.

[cattledogkisses]

If she spent that much money on clothes, I'm assuming she was buying high-end designer labels. Looks like it's time to clean out the closet and start selling stuff.

[ttt]

Jul 17, 2015 13:29:24 GMT -5 pixy0stix said:

Jul 17, 2015 13:25:25 GMT -5 2doxies said:

This makes me feel like that article about the guy with a $30k balance on his corporate credit card. No bueno.

I forgot about him. I wonder how that all turned out.

Speaking of that guy, check out these people (and I am LOLing at the pseudonyms)


www.askamanager.org/2015/07/employee-charged-a-honeymoon-suite-to-my-company-credit-card.html

[UMaineTeach]

Jul 17, 2015 13:21:52 GMT -5 msmerymac said:

I also get the feeling that in order to fuck up this bad, her parents have had to bail her out before, but to a lesser extent.

And really, they are still bailing her out. She's going to get a job, they will co-sign, she will quit. Maybe default. I wouldn't co-sign for her ass.