Concerned parent :(

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Kuckie
Posts: 158
Joined: Tue Feb 23, 2010 10:59 am

Re: Concerned parent :(

Post by Kuckie » Wed Nov 22, 2017 8:24 pm

Most people advise a 529 plan, but I believe that a UGMA would be better for savings in today’s low interest environment. At 2 percent interest, the account would need to have $50 thousand in order to exceed the $1000 tax free interest reporting amount for a minor. In addition the UGMA may be used for any expenses incurred by the child, not only for college. Also the 529 has expenses/fees that exceed that of a UGMA account and is more difficult to transfer from one custodian to another.

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CyclingDuo
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Joined: Fri Jan 06, 2017 9:07 am

Re: Concerned parent :(

Post by CyclingDuo » Wed Nov 22, 2017 10:04 pm

Jags4186 wrote:
Tue Nov 21, 2017 8:52 am
You should let them study what they want within reason. Most majors have a practical application. I was a history major, most people said to me “what are you going to do become a history teacher?” Nope I ended up a manufacturers rep. But my history degree taught me how to synthesize information in order to structure an argument and the write well. What do most people do in sales? Try to structure an argument to a potential customer on why they should buy your product. We also (at least I do) write a lot.

I wouldn’t take out parent loans to finance something I didn’t believe in, though. I’d let the student do that. For example I love music. But I wouldn’t let my kid be only a music major. I just don’t think the employment opportunities are high and once getting through college I would hope my kids could fend for themselves.
What careers in music are you aware of?

Jags4186
Posts: 1461
Joined: Wed Jun 18, 2014 7:12 pm

Re: Concerned parent :(

Post by Jags4186 » Thu Nov 23, 2017 7:22 am

CyclingDuo wrote:
Wed Nov 22, 2017 10:04 pm
Jags4186 wrote:
Tue Nov 21, 2017 8:52 am
You should let them study what they want within reason. Most majors have a practical application. I was a history major, most people said to me “what are you going to do become a history teacher?” Nope I ended up a manufacturers rep. But my history degree taught me how to synthesize information in order to structure an argument and the write well. What do most people do in sales? Try to structure an argument to a potential customer on why they should buy your product. We also (at least I do) write a lot.

I wouldn’t take out parent loans to finance something I didn’t believe in, though. I’d let the student do that. For example I love music. But I wouldn’t let my kid be only a music major. I just don’t think the employment opportunities are high and once getting through college I would hope my kids could fend for themselves.
What careers in music are you aware of?
Music teacher? Band member? Opera singer? Slim pickings...

nick2302
Posts: 42
Joined: Sun Sep 25, 2016 11:29 am

Re: Concerned parent :(

Post by nick2302 » Thu Nov 23, 2017 7:39 am

How about concert pianist/violinist....symphony orchestra member, score writer for commercials and stage plays, sound technician. Have you been to a movie and sat through the trailers. Loads of names scroll by all connected to the music part of the movie.
Major corporations have huge advertising departments for the sound (music) for their commercials. Stop and realize how much music you hear all day long on TV, radio even off your computer when you have to sit through commercials before getting the news seed you selected.

There is a whole big wide world of opportunity out there for a lot of "worthless" degrees. The person who has a passion and talent can find a path for some very esoteric fields of study.

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CyclingDuo
Posts: 913
Joined: Fri Jan 06, 2017 9:07 am

Re: Concerned parent :(

Post by CyclingDuo » Thu Nov 23, 2017 10:01 am

Jags4186 wrote:
Thu Nov 23, 2017 7:22 am
CyclingDuo wrote:
Wed Nov 22, 2017 10:04 pm
Jags4186 wrote:
Tue Nov 21, 2017 8:52 am
You should let them study what they want within reason. Most majors have a practical application. I was a history major, most people said to me “what are you going to do become a history teacher?” Nope I ended up a manufacturers rep. But my history degree taught me how to synthesize information in order to structure an argument and the write well. What do most people do in sales? Try to structure an argument to a potential customer on why they should buy your product. We also (at least I do) write a lot.

I wouldn’t take out parent loans to finance something I didn’t believe in, though. I’d let the student do that. For example I love music. But I wouldn’t let my kid be only a music major. I just don’t think the employment opportunities are high and once getting through college I would hope my kids could fend for themselves.
What careers in music are you aware of?
Music teacher? Band member? Opera singer? Slim pickings...
The first one is probably the most commonly known career by the lay public, and it's not a bad one at all in terms of benefits (pension, health care, voluntary 403b/457 plans, 3 months vacation every Summer, etc at the public school level, and at the college/university level all of that minus the pension) as well as the number of jobs available in the public and private education segments. Many are able to get another "gig" in the Summer - be it career related or something else. Private studio teaching is also a rather large segment throughout the US - piano, voice, guitar, string, organ, percussion, instrument.

The third one you list, opera singer, is the equivalent of an athlete making it into the NFL. How many youth play football in the US up through high school - or maybe even college, but not many actually make it to the NFL to play the game? And for those that do, it is usually a short-lived or shorter-lived career. Same in opera (minus the risk of injury, and career longevity is much better than the NFL :mrgreen: ). Genetics to have a great voice is a given, then add proper training, good looks, and the ability to have the stamina to sing that loud for the duration of the performance, acting, language, and facility to memorize thousands and thousands of pages of music in multiple languages, get along with colleagues - and it is a much smaller niche of the professional musician world than the other two you mention. A professional opera chorus member - at least at the full time level here in the US - is an even smaller niche for full time work, but more plentiful in the part-time capactiy for those who have a second gig as well. Plenty of jobs available in Europe, however.

The second you mention, band member. Depends on how you describe "band". Orchestra, military band/orchestra, broadway pit, club, studio musician, professional musician in a country/rock/jazz/etc "band" - all combined provide thousands and thousands of more opportunities than say the opera singer career path.

According to the 2012 Berklee College of Music Report, the average musician (covering 70 careers in music) makes $55,561 per year - at least in 2012 dollars. Today's figures are probably only slightly up to account for the 5 years of low inflation.

http://www.berklee.edu/pdf/pdf/studentl ... _Guide.pdf

Not to harp on or challenge your original comments, but simply to point out some things.

If a child shows talent and has a strong interest and desire in music - there are plenty of careers to pursue within music. Careers that will provide for them based on their talent level. It's nice for parents to show concern, but we cannot pick the professions and career paths of our children. Their interests and talents emerge, and I am just pointing out that plenty of career paths in music exist.

I'm in my 34th year of being paid as a musician (I actually started getting paid in Middle School for professional gigs, but am not counting those years before graduating from college as part of my 34 years full time musician years that are all after graduating from college). I paid off all of my student loans myself within 10 years of graduation (in that interest rate environment of double digits), never asked for a dime from my parents once I graduated from college, and have enjoyed a wonderful career that has taken me all over the globe, paid for our house, paid for our children's college education, paid for our lifestyle, and have socked away a nice retirement nest egg. I may be - at least to the lay public opinion - the odd duck in a family that includes siblings and parents with careers working for PayPal, Intel, Microsoft, Oracle, Finance, Clergy, Accounting, Real Estate, Nursing, Oil/Mineral Rights and Medical. However, I am not the odd duck in terms of household finances being in excellent standing compared to all of them.

Imagine a world where there was no music? Not in the concert halls, symphony halls, broadway stage, radio, film, television, schools. No music in bars, restaurants, clubs, weddings, funerals, political events, church/synagogue, public gatherings. No national anthem at any event. Nobody composing the music. Nobody performing the music. Nobody selling the music. Nobody recording the music. Nobody buying or downloading the music. No music to listen to or available at all...

How did all of that music get there in the first place? How did it get recorded, and performed so we can listen to it?

The music industry and all of the careers available within it. It's a lot larger and less of a "slim pickings" field than you mention in your post.

Jags4186
Posts: 1461
Joined: Wed Jun 18, 2014 7:12 pm

Re: Concerned parent :(

Post by Jags4186 » Thu Nov 23, 2017 10:11 am

CyclingDuo wrote:
Thu Nov 23, 2017 10:01 am
Jags4186 wrote:
Thu Nov 23, 2017 7:22 am
CyclingDuo wrote:
Wed Nov 22, 2017 10:04 pm
Jags4186 wrote:
Tue Nov 21, 2017 8:52 am
You should let them study what they want within reason. Most majors have a practical application. I was a history major, most people said to me “what are you going to do become a history teacher?” Nope I ended up a manufacturers rep. But my history degree taught me how to synthesize information in order to structure an argument and the write well. What do most people do in sales? Try to structure an argument to a potential customer on why they should buy your product. We also (at least I do) write a lot.

I wouldn’t take out parent loans to finance something I didn’t believe in, though. I’d let the student do that. For example I love music. But I wouldn’t let my kid be only a music major. I just don’t think the employment opportunities are high and once getting through college I would hope my kids could fend for themselves.
What careers in music are you aware of?
Music teacher? Band member? Opera singer? Slim pickings...
The first one is probably the most commonly known career by the lay public, and it's not a bad one at all in terms of benefits (pension, health care, voluntary 403b/457 plans, 3 months vacation every Summer, etc at the public school level, and at the college/university level all of that minus the pension) as well as the number of jobs available in the public and private education segments. Many are able to get another "gig" in the Summer - be it career related or something else. Private studio teaching is also a rather large segment throughout the US - piano, voice, guitar, string, organ, percussion, instrument.

The third one you list, opera singer, is the equivalent of an athlete making it into the NFL. How many youth play football in the US up through high school - or maybe even college, but not many actually make it to the NFL to play the game? And for those that do, it is usually a short-lived or shorter-lived career. Same in opera (minus the risk of injury, and career longevity is much better than the NFL :mrgreen: ). Genetics to have a great voice is a given, then add proper training, good looks, and the ability to have the stamina to sing that loud for the duration of the performance, acting, language, and facility to memorize thousands and thousands of pages of music in multiple languages, get along with colleagues - and it is a much smaller niche of the professional musician world than the other two you mention. A professional opera chorus member - at least at the full time level here in the US - is an even smaller niche for full time work, but more plentiful in the part-time capactiy for those who have a second gig as well. Plenty of jobs available in Europe, however.

The second you mention, band member. Depends on how you describe "band". Orchestra, military band/orchestra, broadway pit, club, studio musician, professional musician in a country/rock/jazz/etc "band" - all combined provide thousands and thousands of more opportunities than say the opera singer career path.

According to the 2012 Berklee College of Music Report, the average musician (covering 70 careers in music) makes $55,561 per year - at least in 2012 dollars. Today's figures are probably only slightly up to account for the 5 years of low inflation.

http://www.berklee.edu/pdf/pdf/studentl ... _Guide.pdf

Not to harp on or challenge your original comments, but simply to point out some things.

If a child shows talent and has a strong interest and desire in music - there are plenty of careers to pursue within music. Careers that will provide for them based on their talent level. It's nice for parents to show concern, but we cannot pick the professions and career paths of our children. Their interests and talents emerge, and I am just pointing out that plenty of career paths in music exist.

I'm in my 34th year of being paid as a musician (I actually started getting paid in Middle School for professional gigs, but am not counting those years before graduating from college as part of my 34 years full time musician years that are all after graduating from college). I paid off all of my student loans myself within 10 years of graduation (in that interest rate environment of double digits), never asked for a dime from my parents once I graduated from college, and have enjoyed a wonderful career that has taken me all over the globe, paid for our house, paid for our children's college education, paid for our lifestyle, and have socked away a nice retirement nest egg. I may be - at least to the lay public opinion - the odd duck in a family that includes siblings and parents with careers working for PayPal, Intel, Microsoft, Oracle, Finance, Clergy, Accounting, Real Estate, Nursing, Oil/Mineral Rights and Medical. However, I am not the odd duck in terms of household finances being in excellent standing compared to all of them.

Imagine a world where there was no music? Not in the concert halls, symphony halls, broadway stage, radio, film, television, schools. No music in bars, restaurants, clubs, weddings, funerals, political events, church/synagogue, public gatherings. No national anthem at any event. Nobody composing the music. Nobody performing the music. Nobody selling the music. Nobody recording the music. Nobody buying or downloading the music. No music to listen to or available at all...

How did all of that music get there in the first place? How did it get recorded, and performed so we can listen to it?

The music industry and all of the careers available within it. It's a lot larger and less of a "slim pickings" field than you mention in your post.
Oh don’t get me wrong. I love music. I am classically trained and I was actually a music minor. I would have double majored in music had where I went to school had a music education major simply because I love it. They only had performance and I couldn’t commit to all the practice room time. I was under no illusion that I’d make a career out of it though. I think it’s a tough life and many spend years trying to make it and never do. Then they find themselves in the early 30s or older with nothing to show for it and no leads. Certainly people can make it, and you can be in the music industry without being a music major—my aunt and uncle both worked for Bertelsmann for 25+ years.

I simply wouldn’t allow my kid to put all their eggs in the music or acting basket.

GCD
Posts: 84
Joined: Tue Sep 26, 2017 7:11 pm

Re: Concerned parent :(

Post by GCD » Thu Nov 23, 2017 11:30 am

Well that's a pretty good defense of a music major :D .

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