A college fund is a great way for parents to support their child’s future. Setting aside portions of money throughout a kid’s life will help them when the time comes.
They Raised a Substantial College Fund
But what happens when parents’ expectations don’t align with their child’s plans? A father sought advice on how to navigate this issue—and what to do with nearly half a million dollars.
The Father Had a Rough Childhood
The father opened up to Redditors about his difficulties. Raised in an abusive household, he ran away from home at sixteen years old. In order to sustain himself, he took payment “under the table” for jobs he was too young to hold legally.
He Married into Wealth
He met his future wife at one of these jobs. She was the boss’s daughter. Once they married, his financial situation dramatically improved. When it came time for his father-in-law to retire, the couple inherited a house and a booming business.
He Wanted The Best Life For His Kids
Even with his new life, the father never forgot what it was like to struggle. When his wife became pregnant, he was determined to give his child a better life. Together, the couple started saving a college fund for the boy’s future—a fund that would reach $400,000 by his high school graduation.
Neither parent believed in telling their son what to do with his life. “We may have guided him as any good parent should, but since he’s still young, we let him make his decisions,” the father wrote.
They Treated Their Son Very Well Indeed
They did not push for academic excellence, force their son into sports, or pressure him into artistic endeavors. Things were always the boy’s choice, first and foremost. “I didn’t even get my GED and go to college until I had my kid,” the father confessed, “so I spoiled my kid like I wish I was spoiled.”
The Son Had Big Plans For The College Fund
Upon graduating, their son told his parents he did not want to go to college. He rejected the idea of trade schools as well. He didn’t even want to work in the family business. As always, both parents accepted the decision—until their son requested access to the college fund.
He wanted to use the money to start a business of his own. While his parents did not reject the idea outright, they set a few stipulations. He could use the money if he took business management, accounting, and law classes at the local community college.
They Were Willing To Support Their Son
Their goal wasn’t to discourage their son. Both parents wanted to make sure he had the right tools and knowledge to start a business so that he did not accidentally squander the money.
The father even promised to pay for the classes out of pocket instead of pulling from the college fund. He also requested a “well-made business plan” before giving the money. His wife agreed 100%.
The Son Was Angry
The son called both his parents a***oles for “holding his college fund hostage to make him do what [they] wanted.” The father felt they were merely doing what was best in order to make sure their son’s business succeeds.
Was He Wrong?
Due to his traumatic upbringing, the father wanted to avoid repeating his parents’ patterns. “I live in fear of doing something that could make me like my parents,” he prefaced before asking Reddit for advice.
Social Media Reacted to The Story
Users supported the parents’ decision. Many commenters felt the parents’ conditions were very reasonable. “Most small businesses fail in the first year,” a user told the father, “[owners] fail to have properly thought-out business plans with cash flow projections, don’t know how to keep track of incoming and outgoing money accurately, and don’t know how to meet legal obligations (tax, health, and safety, etc.). Any one of those reasons can contribute to failure.”
It is Your Savings At The End of The Day
Another user offered perspective on the situation, “It is not ‘his’ college fund. It is his parents’ money saved for his future.” The user added, “The classes seem a bare minimum safety [precaution] before handing a teenager almost half a million dollars,” and suggested the father provide segments of the fund only as the business meets certain benchmarks—advice the father plans to follow.
Users Hoped It Would All Work Out
Clearly, the father is incredibly generous and cares deeply about his son’s future. Users wish his son and the family success in his choices regarding the substantial fund.
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This article He Wanted to Use His College Fund To Start a Business And Accused His Parents of “Holding The Funds Hostage” was produced and syndicated by TPR Teaching. Reddit source.
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