In low-income families, even dreams can be a luxury. A child may express wanting to be a doctor, but because medical school is expensive, their parents might dissuade them. And it’s hard to fault parents on this. What choice do they have if they can’t even afford to send their child to a private high school?
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Many children born into low-income families, or even middle and upper-class families, are impeded from making their dreams come true. For the poor, getting by every day comes first, and education can disrupt that. As much as a poor employee would love to pursue higher education, their paycheck immediately goes to their family’s needs. On the other hand, middle-class employees are trapped in the vicious cycle of earning money, then paying bills.
So what could an employee from an upper-class household suffer? Rather than employees, wealthy children are the ones that tend to struggle in achieving their dreams. If they want to be an artist, their parents would convince them to take up business instead. Their practicality clouds their judgment, making them believe that only careers in business, medicine, law, and engineering produce productive members of society.
Sadly, this mentality can also be absorbed by the poor and the middle class. They usually target their disdain toward artistic kids, who excel in creative fields more than academic subjects. To them, jobs in the creative industry won’t pay enough, rendering their children unable to support the family. But isn’t it unfair to expect children to raise their parents and siblings? Shouldn’t they be making a life for themselves and their future family?
If you want to break free of the cycle of pressuring kids to provide for the family, here are the ways to support their dreams when you’re short on finances:
1. Being Unable to Send Them to Their Dream School Isn’t a Failure
If you can’t afford the tuition fee of your child’s dream school, you didn’t fail them. Life is just unfair sometimes, but it doesn’t mean you should lose hope. Maybe your child’s dream school will force you to go into debt, hence fate barred you from it. In that case, consider the situation a blessing in disguise. You don’t have to go into massive debt for an education your child can get from another, more affordable school.
2. Talk About Your Child’s Dreams
When your child starts to express their dream, avoid knee-jerk responses such as “There’s no money in there!”, or “That’s too expensive.” Instead, sit down with them and talk about their dream. You should understand the reason behind their choice. Is it because their friends are choosing the same thing, or is it because their dream school is popular?
If their dream is to take a particular degree, such as entrepreneurship, for example, ask them why. Perhaps they want to start a company, so they are seeking an education that will help them realize that dream. That ambition shouldn’t be disregarded. The prospect of building up capital or applying for a business loan may unnerve you, but leave that concern live for the future. For now, it’s more important to help your child reach that dream. So talk to them about affordable but reputable schools that offer their desired degree.
3. Invest in an Educational Plan
If you can afford it, look for child education insurance plan with manageable terms. It will help you secure funds for your kid’s college education. The insurance plan works just like any other contribution, like Social Security and Home Development Mutual Funds (HDMU). You’ll invest a fixed amount of money in the plan regularly. In time, you would’ve already accumulated a generous sum for a tuition fee. The corpus, or the fruit of the insurance, will reduce the financial burden of sending your child to an expensive college.
You can also make partial withdrawals from the insurance plan. The money will be useful for special educational programs, such as fashion design workshops or sports clinics, for instance. It will allow your child to practice their craft even before reaching college.
4. Consider Financial Aid and Scholarships
Lastly, encourage your child to get good grades, so that they can meet the requirements for a financial aid program or a scholarship. Getting sponsored education or tuition cuts is a million times better than borrowing money or overworking yourself. If your government offers student aid loans, though, that’s also a good option, because it has lower interest rates and more flexible repayment terms. But if you can aim for a scholarship, strive for it. Your goal should be to minimize you and your child’s financial burden during and after college.
Supporting an expensive dream can be intimidating, but all the hard work and risks will be worth it once you see your child thriving. Don’t let your economic status dim their light. Allowing them to reach their dreams will give them hope that a low-income isn’t a hindrance to pursuing their passion.
