Getting through "started but not published" posts. This is the last one. I did a DL(16) money update about a month ago, but here is the MM(18) update.
MM(18) had a one-month job lined up that would net about $3,500. This was last August. It fell through but was probably for the best. He likely would have quit with the fires and terrible outside working conditions. He was able to make $1,500 doing temp work in my office. An employee went on a long international vacation and he had been helping us out the prior two years. He was the obvious go-to for a summer temp.
No one in our families had "gone away" to college, particularly for freshman year. So we agreed that MM(18) should not work while he gets his bearings. It was just a lot, even if he is very adaptable and I am sure he probably would have been fine.
In the end, we have decided that working is penny wise and pound foolish. Probably not in the ways that would be presumed. MM(18) would have no problem working and getting all As. But I heard it was feasible for freshman to get very high paying summer internships. I wasn't going to hold my breath on that one. But it's quickly becoming obvious this is true and the *why* of this is true. MM(18) is spending his ample free time joining clubs. He is building an electric car from scratch and also working on the engineering side of an art installation. Those are his two major projects. Not only is he getting very practical experience, but he's networking. The first few weeks of college he had already met several juniors/seniors who are moving on from their internships, and attended networking events with big name companies. So it seems pretty pointless to work during the school year for very few dollars, when he can make $15,000 over the summer (without balancing work/school).
Current Job Situation: ?????? Weird re: Pandemic
I copy and pasted what I wrote about DL(16). Just because he *can* get an internship this summer, doesn't mean much. MM(18) told us a while ago that he didn't expect he would want to get an internship this summer. & I mean, he was presuming they would mostly be in LA or SF. In addition to being more difficult to get as a freshman. We are fine with that. I honestly don't think he will ever move home again, and so it will be nice to have him home this last summer.
This is just a completely random/new development, but MM got a lead on an internship here and has a job interview during spring break. It's extra random because this company is right next door to mine (shares the same parking lot). Talk about a small world.
Anyway, with the job falling through last summer and the pandemic and everything, I expected things to be pretty tight for MM(18). It's been made extra complicated because he's aged out of his 7%-interest account. That was another $500 I thought he'd have access to this school year. But though he's clearly aged out (it says so on his statements, that the interest rate is only something like 0.02%) they are still giving him 7%! So of course he doesn't want to touch that $500 as long as he is getting mega interest.
In the end he only spent $200 his first school quarter, and the vast majority of that was finals week when he finished like on Monday and waited all week for a ride. He gained a girlfriend and she had her car. So they went out shopping and went out on a date (he paid for an expensive meal). If not for that, he probably would have spent a whole whopping $100 for the quarter.
He is enjoying the all-inclusive lifestyle (and lives in paradise). There is no lack of things to do. He's been back for 6 weeks and the only thing he bought was books for the second quarter. I am just checking his bank balances. He has about $800 left. So he roughly started the school year with $1,000 and is left with $800 to get through the next 4 months. I think he will survive. During school, he's just too busy to spend money. & I am glad he splurged and enjoyed a bit when he did have some down time. During winter break he was recovering from wisdom tooth surgery, and his high school friends seemed mostly interested in hanging at each other's houses (I expect due to several reasons. If nothing else, never got in any habit of "going out" during the pandemic, in addition to maybe being enticed by parents who wanted more time with their kids. MM was offered a lot of free meals). Whatever the reasons, he didn't spend any money when he was home.
MM(18) also has $5,500 in super high yield savings accounts. I just know he doesn't want to touch any of that if he doesn't have to.
So the summer job thing is a big question mark at this point but he has some possibilities.
MIL usually gives the kids $1,000 per year for their college savings. Because we are paying for tuition/room/board, I think I am probably going to give MM(18) this $1,000 to cover spending money his sophomore year. Just some, "if you don't get a job this summer" insurance. It seems the best use of this money at this point. We already have funds set aside to cover his last 3 years of college (presuming worst case of no scholarships). I'd rather utilize this $1K as "not having to work" money.