This story begins in October, 1990.
Four years ago I accepted the position of Chief Financial Officer of a family owned business. The company was on the verge of bankruptcy. The family (stockholders) needed a miracle. For a financial person the answer was easy. Reduce the cost of the product, capture the market share and let the volume of business deliver the profits.
This was not a stroke of genius for any person with a financial background, it's like turning the key of the ignition to start a car. Sales tripled in two years; a major Fortune 500 company fell in love with the company and made an offer to purchase; the stockholders (family) were ecstatic, and accepted the offer.
After performing this "miracle," I get FIRED!!! so.....
WHAT DO I WANT TO DO WHEN I GROW UP?
I'm 40 years old . . . and I don't have a job.
My world has just collapsed around me, and I haven't the slightest idea what I want to do for the rest of my life.
How can I ever expect my 17 year old daughter to select the right college and choose an appropriate career that she will be happy with for the rest of her life? This could be the most important decision of her life, but at this point the only thing she's currently worried about is the upcoming weekend's activities.
Does this sound familiar? Any parent can identify with this paradox. It was no different for us when we were in high school.
However, the high cost of college today has caused a major dilemma. In reality, a four-year college education costs a fortune. If my kid happens to switch her major midstream, it will most likely require at least one additional year of college. And the cost of that additional year of college is equal to the cost of my entire Bachelor's degree in 1972.
Wow . . . does that ever hit home! I now realize that I must plan my daughter's education very carefully. So what's my next move?
The high school guidance counselor.
Now, God bless the high school guidance counselors. They are possibly the most overworked, underpaid people on earth. Like Rodney Dangerfield, these people get no respect.
Today's guidance counselor must deal with issues such as teen-age sex, drugs, weapons, violence and abuse, and in their spare time, maybe, college preparation. Most private psychologists get $100 per hour for what today's high school guidance counselor considers daily routine.
So what about my kid?
It did not take me very long to realize that if I wanted my daughter to get the best education possible, I had to take the responsibility in my own hands.
So I studied all the information available from the Department of Education and local libraries. I studied the financial aid forms and the Federal formulas. After all this, I came to the conclusion that the most important person in my life would be . . . . .
End result: Although we must apply each year, by the time my daughter graduates, I estimate that our family's total out-of pocket expenses will be slightly less than $1,000 . . . for a four year college education that could have cost our family slightly more than $90,000.