This 65-year-old man has two kids, who are now adults, and he created a college account for each one of them.
Each account has approximately $50,000 in it, but his kids never even really touched that money that was intended to fund their college educations.
His oldest son wound up attending a trade school, and he did use his son’s college fund to pay for that, but it was super cheap and didn’t make a dent in the account.
As for his daughter, she went to an extremely affordable community college for a bit, but then she dropped out completely.
His daughter then got married to a guy who is a CFO, and his daughter is now a super wealthy stay-at-home mom. She and her husband own 5 homes, and 2 of those homes are solely in his daughter’s name.
“So both of the accounts still have a ton of money in them and the two kids are well established at this point,” he explained.
“The oldest makes 6 figures at this point and my daughter married well off and if they did divorce she would get a lot. So I empty the accounts to use for my retirement.”
He then went out to dinner with his kids, and he did inform them that he took the money out of their college accounts so he could fund his retirement.
His kids believe they still are entitled to the money, even though it was intended for college and college only.