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Dad UniversityPosted: June 26, 2008
By: Lauren Boyle
Winnetka local Kevin Clifton is an ordinary dad with a novel idea. When Clifton, the father of three boys (two rising college seniors and one soon-to-be college freshman), noticed a void in his sons' college curriculum, he took action and founded Dad University. Consisting of one faculty member (Clifton) and a student body population of only two (Clifton's older sons), Dad University concerns itself with only one area of study: responsible money management. ...
Winnetka local Kevin Clifton is an ordinary dad with a novel idea. When Clifton, the father of three boys (two rising college seniors and one soon-to-be college freshman), noticed a void in his sons' college curriculum, he took action and founded Dad University. Consisting of one faculty member (Clifton) and a student body population of only two (Clifton's older sons), Dad University concerns itself with only one area of study: responsible money management.
Clifton enrolled his two older sons in Dad University last summer, after realizing–as most parents of recent graduates can surely sympathize–that kids are thrust into the "real world" clueless as to how to handle their finances. And although business students might take classes related to finance and accounting, they are taught with a theoretical or corporate slant, leaving students lacking in practical applications. "No student graduating should be unable to maintain his or her finances," he says. To Clifton, the idea that one is able to graduate from college without this skill set is dumbfounding. "Kids need to know how to incorporate these themes in real ways," Clifton asserts.
What began as a tongue-in-cheek idea–complete with Clifton assigning summer reading and dictating at the white board–soon morphed into something more serious, as both Clifton's sons took on the challenge with great sincerity. Their reaction surprised even Clifton himself. "At first, they didn't know what to expect," he explains. But despite initial reservations, he says, they took it very seriously. Clifton's curriculum was centered on themes so basic they are almost clichéd: live on less than you earn, don't overdo it with credit cards, avoid debt, and start saving early. He revived these omnipresent themes with real-life equations and calculations that illustrated the power of compounding. His sons were impressed by the idea of saving early in life–and reaping in the green later. With a reading list that included, "Wealthy Barber", "Rich Dad, Poor Dad", "Millionaire Next Door", Clifton and his sons engaged in frank discussions of money management.
Above all, weekly lessons at Dad University gave Clifton and his sons a chance to spend time together–which every parent will testify isn't so easy when kids are home from college. Clifton explains, "It's so easy to not spend time together, to let yourself become too busy for your family–this was a great way to set time aside for each other." And while he hopes this could be a vehicle to inspire others, his vision is humble and his next (and only) scheduled student is his youngest son, who'll be a college freshman in September. He is tempted, he jokes, to continue his older sons' schooling into fall, complete with an updated reading list and e-mail pop quizzes.
Clifton, who works in commercial real estate, says he learned these lessons through life experience, but admits he finds it much more difficult for children nowadays to handle their money. "It's always been easy to spend money," he says, "but the Internet makes it even easier." Buying is as simple as a mouse click and consumerism increases by the day–it's more tempting than ever to buy, and all too easy to spend. But as Clifton acknowledges, it's all about "learning from the right and the wrong things you do." By providing the tools necessary to make wise decisions, Dad University is a friendly reminder that the best education always begins at home.
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