Here is an extremely valuable lesson that your student will probably never hear from a college economics professor.
And it goes like this. Your student can get a summer job 15 weeks at a wage of $150 a week, and most of my students say that's a very conservative amount so it's doable. And after 15 weeks that represents $2,250, and after 4 years that's $9,000 that you as a parent do not have to spend. There is something much more fundamental to all of this.
Before my sons went off to college I told each of them that, I would never send them a dime while they are in college, whatever money they would spend in college would have to be earned in a job the summer before. So after they go over the thought that Dad was Mr. Mead what had happened after four years of being forced to budget their money, they were able to demonstrate on their resume to a perspective employer, something they have never seen before. And as you know respected employers they would perceive what kind of experience you have.
Well, here is the experience they were able to demonstrate. But they had the experience of knowing how to budget their money. That they had the experience of knowing how to economize, that they had the experience of knowing how to focus and prioritize their activities based upon the money they have available. So they were able to put in their resume a statement that the employers had never seen from a recent college graduate, a statement that was very powerful, and it went something like this.
Four years of money management experience. And it worked with a job offer after every interview.
Good luck to you! I am Paul Hemphill.
