'Backyard Economist' has unusual advice: Don't save for college
Filed under: Money College, Family Money, Saving Money, Simplification
I'm an eager member of a group in Portland called the "urban homesteaders." We meet to discuss ways to utilize our assets better; gardening, preserving, buying from local farmers and generally finding ways to get off the grid a bit, while still living in the city. One of the group's founders is Harriet Fasenfest, a vibrant expert in a variety of things, ranging from canning tomatoes to economics theories.Recently, she published a response to the current money crisis with a fascinating look into the history of currency. What I found most interesting was her practical response; she's selling CDs and paying off her mortgage, investing in the little plot of urban soil, her pantry, the roof over her head. We got into a discussion about college savings for my three little boys and I wondered whether my money might be better spent on a wood stove and some fruit trees. Harriet wrote, "I've been reading what the world will need it urban farmers and lots of them. I'm not sending the boys to school to learn it - just hoping to teach them some stuff right here in the backyard."
I have half (or two-thirds?) a mind to follow her lead, forget saving for college and invest all my education money in our little urban homestead. Instead of a 529 savings plan, perhaps a few beehives and a compost shed. Instead of SAT prep courses, an extra mortgage payment. Not only could it pay off in a sustainable family, but also I could support something I believe in, instead of throwing my money blindly toward corporate execs who don't care a whit about my children's future (through stock funds, money management fees, and the like). What do you think of this advice?
Money Clips
- HILARIOUS: Warren Buffet Plays Axl Rose in New Commercial - Huffington Post
- ON THE PLUS SIDE: Where Home Prices Are Rising - CNNMoney
- FRICTION: Could China Trade War Put Walmart Out of Business? - 24/7 Wall St.
- PROFILE: Opinionated Auto Industry Insider Dies - FORTUNE
- DON'T LAUGH: More Homeowners Turning to Fake Grass - SmartMoney
- HIT HARDEST: States Hurt Most From Rising Gas Prices - CNBC
- GET YOUR MONEY'S WORTH: Best Cars to Buy Used - CBS MoneyWatch

Reader Comments (Page 1 of 1)
10-13-2008 @ 4:22PM
Riki said...
Sounds good to me!!! If I had not been so brain-washed in high school that you HAVE to go to a 4-year university, I would have saved tons of money by taking the 2-years of core courses at a community college and then transferred to a 4-year school. That's what I plan to tell my own kids: Go to community college if you can't afford a 4 year right away, but in high school keep up the grades so you can get scholarships, grants, heck get a part-time job!! Heck I'm not gonna scrimp and save and give up my life savings so YOU (my kids) can take the money for granted and go blow it on booze, raves and other nonsense. Let kids learn some responsibility. And if nothing else works for you, join the military and get some money for college. So thank you Sarah for putting that idea out.
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10-13-2008 @ 4:59PM
jpR said...
Being raised as a 60`s-70`s country boy it%u2019s great to see the changes,, open minded, people have made , the good has come from the 70`s mother earth hippie `s ,rock n rollers , enviromentalist , inventors of the personal computer [the key to better world ] getting back to the land with respect for all ,, we dont need wall street they need us,,, i can survive with out them , hope your smart enough
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