We wrote this post as part of our participation in a blog tour for Latina Mom Bloggers on behalf of MassMutual and received compensation to thank us for taking the time to participate. However, all opinions expressed are certainly our own.
When our ‘chiquitos’ were born the world took on an entirely new meaning. Our priorities changed, our view of the world changed and all we wanted was the best for them- the ‘angelitos’ as they refer to them in our families. Included in those changing priorities and views was a need to provide a stable future, safe home and great education for our children. As children grow up and hit the tween and teen years, the education priorities and funds needed to support them become even more critical.
Below you can see the findings of a recent Massachusetts Mutual Life Insurance Company’s (MassMutual) study on Latino views regarding education savings and planning. We also added our individual reactions to those findings. What are your thoughts? Que opinas?
- More than half (57%) of Hispanics make paying off their mortgage a top financial priority and nearly half (46%) prioritize getting out of credit card debt which is much greater than the general population.
- Nearly half (49%) of Hispanics say that paying for their child’s college education is something they insist on doing yet only 31% rank it as a top priority.
- Close to half (47%) of Hispanics actively educate their children about finances and 79% realize it is important to their future success. This emphasis could be related to the finding that 36% of adults wish their own parents had taught them more about money.
Katherine’s feelings on the findings:
I can still remember the moment my parents paid off the mortgage on our casa. They were extremely proud. My brother, sister and I couldn’t understand their joy until my mother sat us down and explained the significance. It was important to my parents that we understand about finances and I greatly appreciate it to this day.
We have a college tuition account and a prepaid program for each of our children because planning for their successful futures is among the top priorities for us. My family always stressed education as the only path to success and making the financial investment in this as great a priority as keeping food on the table.
Cristy’s feeling on the findings:
My grandparents came from very humble families in Cuba and never had the opportunity for a college education. Yet each one insisted that their children and grandchildren seek an education and applauded and rewarded every step along the way. I had all of my grandparents (5) and parents at my high school and college graduations as it meant so much to them all. My Abuelo loved to say… ‘tu eres la mas brava de los Clavijos!” In turn when I was a teenager my mother said to me- ‘I don’t want to hear about ‘bodas” (weddings) or anything else until you put that college degree in my hand’ – and that’s precisely how it went!
Having twin daughters was an amazing blessing. But when my husband and I found out we were having twins (nearly 4 months into our pregnancy!) the first phrase we each said was- “Oh my, that’s double college tuition at once!”. So we have planned our savings since our girls were born. We have a prepaid state program and a private tuition savings as well so our twins have options and we have more peace of mind. It’s not easy. The college savings are nearly like a second mortgage but we certainly know it’s worth it.
Check out our families on our About Us page: http://www.lostweens.com/about
How about you? What are your college plans for your tweens & teens? The time is getting much closer- a plan is needed. Es muy importante tener un plan para pagar la educación de nuestros hijos.