I was just double checking MM's bank account before sending him rent money for October.  There was a random $500 deposit from his college that confused me for a beat, but I eventually realized that it must be a scholarship.  What!?  I figured maybe MM(21) didn't know about it.  But he did know and just never bothered to tell me.   It's a $1,500 scholarship for the year ($500 per quarter).

Talk about a nice surprise!  It's all money in MM(21)'s pocket.  I am depositing the $500 back into his 'gifted college fund'.  

MM(21) Year 4 'Gifted College Fund': $16,750 (+$5K ROTH IRA ~ unknown current value)

Still no idea how MM(21)'s grant will sort out this year.  I should have some answers in November and then I will know what net tuition costs will actually be this school year.  & at that point I should have a pretty good idea about our 5-year tuition cost.  I'll do an update at that time.

It was a big money day.  DL(19) also got his first paycheck for first more steady job.  It's the first job my kids have had that isn't just a summer or a temp job.  DL(19) received a $750 check for 2 weeks of pay.  & I think he's worked another 4 weeks already (the State pays monthly). 

I don't know that DL(19) has ever made a big purchase.  At the moment he owes me $400 for some car maintenance.  Not that he borrowed the money from me.  But we went in 50/50 with the cost and I was just being nice and waiting for his payday before I asked for his 50%.  He told me that he wants to buy a used bike for $500-ish.  This is probably his first big purchase, ever.

I guess now it will be all the things.  He will need a high yield savings account (first priority is to save up for a car), I want him to apply for a credit card in his own name (now that he has income), and we will talk about saving for retirement.  His employer is taking 7.5% for retirement (mandatory).  DL(19) was playing with stock market type simulators when he was 10, maybe younger.  I wouldn't necessarily prioritize taxable investing for a 19yo but I think he will like making his money work for him.  One thing at a time, but it all needs to be addressed as the money starts to pile up.