Signing kids up for extracurricular activities could bring them extra income someday. Or at least, eight in 10 parents in a new survey are hoping — especially considering that two-thirds of them have gone into debt to pay for those soccer, ballet, painting and piano lessons.
This supports a recent University of Michigan poll that found 55% of parents said school-sponsored sports teams and extracurricular activities helped boost their child’s college application. San Francisco Bay Area mom Vered DeLeeuw figures that she and her husband have spent about $20,000 on extracurricular activities while their daughters were growing up. The sports, clubs and lessons that have run them about $1,000 or $2,000 a year have included dance, gymnastics and swimming, as well as Hebrew lessons.
See: Here’s how much wealthy parents spend to legally give their kids an edge in the college acceptance race She and her husband rely on a few revenue streams at different parts in the year to cover these costs, including a vacation rental property that pulls in a lot of money during the summer, and running a network marketing business, as well as her entrepreneurial site Vacay Visionary. “It is a huge investment,” she admitted. For instance, the girls are doing 10 different weeklong summer camps this summer that cost around $350 a week per kid.
Source: Loan Digest (loandigest.net)
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