December 28, 2020

Have you ever heard of “GAP” insurance? Have you ever heard of a “GAP” year?

Please do not confuse the two, although both are important in my eyes. Let’s first discuss what “GAP” insurance is and how it is used. The definition is as follows: it is a type of auto insurance that car owners can buy to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully cover the amount the insured owes on the vehicle’s financing or lease agreement. The key to remember with this type of insurance coverage is that it only kicks in if you have (a) a total loss, (b) you own the car, and (c) you owe more than it is actually worth in today’s marketplace. This is something that you should consider if you fall within the three items described above.

So, what is a “GAP” year then? Well, the definition is a period, typically an academic year, taken by a student as a break between secondary school and higher education. One might be asking why in the world would I bring this topic up? The reason I am bringing it up is because my wife and I are in the middle of having one of our children (Ally, a junior at the University of Miami Nursing School) go through this process. At first my initial reaction was why in the world would I allow my child to delay school a year? After getting through fifty percent of the “GAP” year, I can say everyone should consider having their child hit the pause button for a year. Some of the benefits of the “GAP” year include (1) discovering a hidden passion, (2) developing new life skills, (3) improving yourself, or (4) learning to refocus on what is important.

Over the past six months, my wife and I have seen Ally grow up in front of our eyes. She became yoga instructor certified, has been hired at three different locations for her yoga teaching, has learned to cook, is beginning to understand finances better and is becoming more focused on what life is about. This would not of happened without the “GAP” year! As a parent, it is something I would consider if you have children… might be one of the best educations your child could receive.

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