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For a child's dreams, are parents going for gold, or broke?
by SARAH SKIDMORE SELL, AP Personal Finance Writer. Excerpts:
"A survey released
Monday by TD Ameritrade of 1,000 parents whose children are involved in
such elite endeavors finds most pay between $100 and $499 a month. For
one in five, it's more than $1,000.
Some
parents can absorb the cost, but others are working second jobs,
depleting their savings or otherwise compromising their own financial
well-being to fund the activities. In the survey, 60 percent say the
expense has them concerned about their ability to save for the future.
Parents
largely say they don't regret the spending because of the physical,
mental and emotional benefits for their children. But financial and
athletic experts suggest parents make a more objective assessment of at
what cost the kids are pursuing these dreams.
Of
nearly 8 million U.S. students currently participating in high school
athletics, only 480,000 compete at the college level at an NCAA school,
according to the organization. Few from that group will move on to
compete at the Olympic or professional level.
And
parents hoping for a scholarship to offset their sacrifices may be
disappointed. NCAA schools awarded more than $2.9 billion in athletics
scholarships last year. But a full ride is rare, and a partial
scholarship may come to a fraction of what it cost to get a child to
that level."
""Parents are coming
from a place of love, they want what is best for their kids," said
Travis Dorsch, founding director of the Families in Sport Lab at Utah
State University. "Unfortunately they are misinformed."
Specializing
in just one sport early, common among elite team players, leads to
greater burnout and an increased likelihood of injury, Dorsch said. And
he found that families who made larger financial investments in a
child's athletic participation led to kids feeling more pressure, less
enjoyment and a lower commitment to the sport.
Of
the families in Dorsch's research, which spanned many income and sport
participation levels, more than half invested less than 1 percent of
their gross income. But nearly 15 percent invested between 2 percent and
5 percent, and 3 percent invested more than 5 percent of their gross
income."
"many people have an economic interest in
parents spending more on sports - from elite coaches to the facilities
that host the tournaments. So parents may be urged to make decisions
that are not based on neutral input."
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