Who is Responsible for your High Performing Black Child’s Higher Education?

Let’s have a unique adult conversation with a twist. First let’s assume we all love our children and want them to have the best  opportunities possible. Let’s also assume every parent of a high performing high school student is doing the best that they know to set them up for the future. I want to put those two statements up front because you may agree or disagree with what comes next and there is no value in getting into your feelings about facts because we are looking for solutions not emotional arguments.

For twenty years I have seen my friends, family , and business clients raise hundreds of children who were academically successful. These children were raised in two parent and single parent households. About 60% of the children went to very good or excellent public schools and 40% attended prestigious private schools. Universally, all of these parents provided academic, athletic, travel, and unique social opportunities to their children at great expense of time and money.  Every parent believed that exposure to cultural experiences and a view of a better life would increase their children’s chances of being successful in America.

I can honestly say that this parental strategy has a 95 to 99% success rate for opening doors for these children. Those that had the discipline to take advantage of the path laid by their hard working parents ended up with more great options by the end of high school than any of the black children the media promotes images of on television. In fact, success was absolutely the break out trend that I observed as the  natural result of proper preparation.

But there was another trend I have observed over the last twenty years that has given me pause and makes me ask the question, Who is responsible for paying for the higher education expenses of these high performing children?

I ask the question because a growing trend is that these well prepared children are being admitted to some very expensive colleges and universities. Parents who paid $3,000.00 to $8,000.00 per year thirty years ago are looking at their children being admitted to schools that start at $25,000 per year and are as high as $80,000.00 per year for an undergraduate education. These excellent Black students are regularly being admitted to schools where an education is going to cost 100k to 250k. Currently the average white college grad has about $34,000.00 in student loan debt and their default rate is 9%. The average Black College grad has $37,000.00 in student loan debt and the default rate is 18%. These numbers will only climb for Black students as they are admitted to more expensive schools and take on even debt in undergrad and grad schools.

When having conversations with parents over the last two decades the strategy for dealing with school broke down into a few general options.

1. get your child to perform so well in high school that a school gives them a scholarship which would reduce or eliminate the cost. (this is how I went to college BTW)
2. Get your child to perform so well as an athlete that they can get a full ride to play sports while they get their degree for free.
3. Let you child know you took care of school up to this point and that they are responsible financially from here to figure it out and what ever debt they take on is on them.
4.  Encourage your child to apply to schools you can afford or are comfortable going into debt for as a cosigner for their student loan debt.

It’s time we change the nature of the conversation and the options. I believe we have to make being fully financially prepared for every possibility a real priority. What many people do not realize is they are accomplishing 100% of the things they are really focused on getting done. Most people do not commit to putting themselves into the position to have the hundreds of thousands of dollars needed for college or the type of steady income that makes paying an easy option.

Let me be clear, getting a scholarship to college is awesome and lifts a big burden off of a family, but having the funds to afford school is a totally different level of internal comfort. One of my favorite sayings by Jim Rohn is “it’s not that it cost too much, it’s that you can’t afford it.”  I always found this statement empowering because it puts the power to determine the outcome in my hands at all times. As parents we insist that the kids do the hard work to put themselves in position and we should demand the same of ourselves.

We need to start considering the possibility that we have not learned enough or acquired the needed skills and business prowess to generate the type of money that makes our goals possible. Building the skills to pay much more than the bills will have a dual benefit. Learning to create the funds needed will secure your kids educational future and those skills will allow you to add to your retirement security and overall family security. In addition, the skills you learn will be transferable to your children and this will further enhance their options in life. Most of us don’t know how to generate capital in the amounts that we truly wish. Until you know what you simply don’t know, you can’t teach your children. We have to refuse to put off this hard work and hoping it works out for the next generation. It’s really easier to make the sacrifices needed to learn what we need to learn to become the type of producers our families are going to need in the future.

Our success has become so normal in such a short time we forget that the options our children have barely seemed possible just a generation ago. The next generation will only expand on the current foundation. We have to expand our revenue and asset producing skills to match the demands of our dreams. The great news is that not only is it possible but it is probable that we can get it done. The only reason we haven’t become the true producers we could be is that we haven’t really made it a goal in the forefront of our minds.

Three Steps to becoming a great producer:

1.Assess the skills you possess, the network you have, and what skills you need to develop to earn more capital as a business owner.

2. Learn what you need to learn and do what you need to do to get to your goal. Know you will ultimately be successful in this as you have been is 90 percent of what you have worked for in life.

3. Set a goal that is focused around your wants and not your needs. Most people goal plan around needs and bills and they accomplish those goals almost always. If only the goal had been what they wanted rather than what they needed. Paying bills makes other companies rich, planning for your wants can make you rich enough to truly be comfortable and secure.

Who is responsible for paying for your high performing children’s higher education? You are, so make it happen and teach them how to make it happen in their adult lives because college doesn’t to that. We all can attest to the shortcomings of a traditional education, one of which is not teaching you how to produce capital in the quantities desired. We were built to overcome these shortcomings and free our families financially.

Wishing you Wealth, Wellness, and Happiness

Manager of Wealth