A video of a 9-year-old boy named Peter explaining his plan to use his birthday and Christmas gift money to help fund his college tuition has gone viral on TikTok, gaining over 15.1 million views.
The caption reads, "It was 10:30 on a Friday night. Our youngest had been quiet. So quiet that i thought he had gone to bed. Nope. He was just preparing a financial presentation for us."
Peter's mother, Nikki Linscheid, a teacher, told Newsweek: "He's thinking about studying at the University of Minnesota, Morris. It's where me and Peter's father, Neil, met, and we took him on a day trip to the campus last summer."
She continued: "He'd love to study chemistry and engineering, and maybe geology. He has a rock collection and enjoys reading about the periodic table and thinks YouTuber Mark Rober is the coolest! He's also interested in business, so I wouldn't be surprised if that's also part of this plan."
In the video, Peter can be seen standing in a lounge holding a large piece of paper with annotations on it and explaining to his parents that if they allow him to keep the cash value of his gifts on his birthday and Christmas—$100 on both occasions—that would leave him with $1,800 by the time he is 19 and ready to go to college.
"So then the price of Morris for two years is $24,000 currently," Peter said in his presentation to his parents. "So if we put all this, instead [of] getting presents from you...I just get the money for college, then I do 9 percent of the way there. Which is pretty helpful."
The average federal student loan debt in the U.S. is $37,574 per person, according to the Education Data Initiative. Twenty years after entering school, half of student borrowers still owe $20,000 on outstanding student loans.
Peter's financial plan sounded like a good idea, and his mother said he has always been interested in saving money.
"He's been interested in money since he was very young," Linscheid said. "He's had a plan to open a business since he was about 3 years old. Last year, he opened a small candy stand over the summer, and tonight he was packaging candy for this summer's stand. His best friend has a small popsicle business, so I think they like to share ideas with each other."
@linsfam33 It was 10:30 on a Friday night. Our youngest had been quiet. So quiet that i thought he had gone to bed. Nope. He was just preparing a finacial presentation for us. 😂 #collegeplan #financialliteracy #fridaynight #kidsarethebest
♬ original sound - n-lins
Asked whether they believe that Peter will stick to his plan to keep the money once his 10th birthday comes around, his parents told Newsweek in an email: "Maybe. When he gets an idea in his head he tends to stick with it. However, he also loves Lego and video games. Even if his plans change, we will get him presents and put some money away for college for him.
They continued: "We're also looking into buying him a stock, but we need to do more research with him to learn about which one. We also set up an Indiegogo campaign to help him kick-start a small business. He's starting his business by selling stickers and T-shirts. He's working on the designs this week."
Most of the post's commenters praised Peter for his financial savvy and attitude, with one user comparing him to their own child: "My kid cooked Easy Mac without water and almost burnt down my house."
Another user said, "How could he be so responsible this young? I'm almost 40 and can't still do my bed every morning."
Some people expressed concern that a child so young was thinking about finances. "Maybe I'm too European for this but a kid having to fear and think of college money because it's too much and not affordable is not a heartwarming story," said one user.
"That's cute and sad at the same time," said another.
His parents told Newsweek they like that Peter is thinking about his future and making smart choices.
"Some of the reaction to the video has been to suggest that he's anxious about the future or that we've burdened him with unfair responsibility. Both of which are not true," according to his mother. "He's simply a kid that's curious about the world and is interested in exploring ideas. We encourage him and see all this as an interesting learning opportunity."
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Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Leonie Helm is a Newsweek Life Reporter and is based in London, UK. Her focus is reporting on all things ... Read more
