Why did YOU go to college? and why pay to send your kids to college? I feel that going to college and acquiring a degree is a big multimillion dollar scam that has been fueled by the “career industry” for ages. I mean seriously even before these times where having a double p.h.D and a double masters means not a damn thing people rarely if ever go into their field of studies. So you spend all this damn money for an education that you rarely use (I know this for a fact. I haven’t used all those letters and numbers and little numbers on top of numbers and signs with slashes from math class yet.. and I’m… well my age isn’t important but you get my point.) I feel aside from specific areas you don’t have to obtain a degree. Here is another example, in Georgia if you have a computer science degree but do not have a certification from cisco or juniper etc. you will not get hired. true story! For those that don’t quite understand the example i’ll break it down. A computer science degree runs you close to a hundred grand could be more could be less depending on where you decide to go to school, A certification in cisco/juniper etc runs you about 200 dollars everytime you take the test to get certified. So you tell me, what route would you have gone?? Below are some reasons to not send your kids to college, I have to say they make damn good sense even though I don’t agree with some of them due to the kids not the ideas. You just cannot do certain things with certain kids.. anyway you be the judge and leave your comments.
Anyway here 7 reasons to not send your kids to college and these reasons are brought to you by James Altucher a finance columnist.
1. More than 60% of people entering college take more than four years to graduate. So whatever you think yourkids are going to cost you to go to college, add 20% to 100%.
2. The cost of the average tuition has gone up nine-fold since 1976 versus seven-fold for health care and three fold for inflation.
3. The differential in lifetime income between a college graduate and a non-college graduate over a 45 year career is approximately $800,000 (read on)
4. If i put that $200,000 that I would’ve spent per child to cover tuition costs, living expenses, books, etc. into bonds yielding just 3% (any muni bonds) and let it compound for 49 years ( adding backin the 4 years of college) I get $851,000. So my kids can avoid college and still end up with the same amount in the worst case.
5. If smart, motivated, ambitious kids (the type of kids who get the most out of college) avoided college I’m sure the differential would be a lot less than $800,00and may even be negative (i.e. they would make more if they avoided college and started going into the business world earlier)
6. The average debt burden of a college graduate is $23,000 up from $13,000 10 years ago. Students with professional degrees can see their debt burden go higher than $200,000. Total student borrowing has topped $75,000,000,000. It’s too much for young adults just starting their careers.
7. Alternatives to spending $200,000 per kidso they can waste four years of their lives:
Give them $20,000 to start one to five businesses.
most businesses fail but that’s ok. The educationfrom the process lasts a lifetime and the networkyou build when you start a business will lead to many futurejobs and possibilities.
Travel the world. That would be an education thatpays many dividends and is much cheaper. Your kids can then go to college with a much more mature view of the world.
Work. They won’t get the best jobsbut they can make money,network, get a “hands-on” education, learn the value of money and go to college in their 20’s when THEY can afford it — and make every dollar worth it. Plus your kids willhave a more clear idea of what they want to do in the world.
Volunteer. Let them see a side of life that is harder and where they can add value. An education like thatis invaluable.
Do nothing but read. Get the benefits of a college education without paying the $200,000. I’d be happy to support a child that wants to home school a college education.