Are Parents Going Broke For A Child’s Dream
The Olympics spark hope in many children of going for the gold, however financially supporting those dreams can end up with the parents going broke.
One father who has a 15 year old son on a travel hockey team, spend about 5 thousand dollars a season. The dad uses his tax refunds, stops contributions to his 401(K) , and puts their travel expenses on a credit card...including the $6 thousand dollars that he is still paying off.
The father said that is was a great experience for his child, but after four years, it was a financial relief when his son didn't make the team.
Completive youth sports in the U.S. are rising in popularity. I know this first hand, the exclusive club and travel teams come with added coaching and intense competition.
A recent survey said that parents whose children are involved in such elite endeavours finds most pay between $one hundred and $500 a month, and for one in five that number is over one thousand dollars.
As one of those parents I don't regret the spending because of the physical, mental and emotional benefits for their kids. But financial and athletic experts suggest that parents make a more objective assessment of at what cost the kids are pursuing these dreams.
Here is real life....of nearly 8 MILLION u.s. students currently participating in High School Athletics only 480 thousand compete at the college level at an NCAA school. So parents hoping for a scholarship to offset their sacrifices may be disappointed
Bottom life.....be realistic