Seven Reasons Not to Send Your Kids to College

[SAMSON123]

Seven Reasons Not to Send Your Kids to College

By JAMES ALTUCHER Posted 10:00 AM 08/02/10 Economy, People, Investing, Video

Imagine a retirement where you could have an extra $1million to $3 million in the bank with basically no effort. Now imagine telling your kids that you aren't going to send them to college. And, you go on, you want them to immediately start a business or get to work as soon as they finish high school.

These are difficult things to imagine because we've been so scammed by the "career industry" that tells us we need college degrees in order to succeed in life, regardless of how much money we spend for those degrees or what we actually do with our lives during the four to eight years it takes us to get those degrees.

But in my view, the entire college degree industry is a scam, a self-perpetuating Ponzi scheme that needs to stop right now.

Here Are Seven Reasons to Say "No College" to Your Kids:

VIDEO http://video.aol.com/aolvideo/null/is-college-worth-the-investment-dailyfinance/275341464001

1. More than 60% of people entering college take more than four years to graduate. So whatever you think your kids are going to cost you to go to college, add 20% to 100%.

2. The cost of the average college 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 back in 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.

AOL Video


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 $800,000 and 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 kid so 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 education from the process lasts a lifetime and the network you build when you start a business will lead to many future jobs and possibilities.
    * Travel the world. That would be an education that pays 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 jobs but they can make money, network, get a "hands-on" education, learn the value of money and go to college in their 20s when they can afford it -- and make every dollar worth it. Plus your kids will have 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 that is 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.


See full article from DailyFinance: http://srph.it/ccLW7F

[Fury]

Does this explain why you struggled to get a GED and now have a career peddling a product that has been scientifically proven to be snake oil?

[loco]

The average kid who goes to college and gets a degree in health care, engineering, law, computer technology, etc. will do much better in life than the average kid who doesn't go to college.  The kids with the college degree and career will also be able to travel the world if they want to, invest their money, start a business if they wish to, work, read, and do whatever they want to.

People don't always go to college for the money they think they'll get in return.  People go to college to get an education, so that they don't come here to getbig and post ignorant, uneducated threads.

[MRDUMPLING]

Also something that most people don't consider is the 2+2 programs that most states have.  You go to a local tech school or community college (heavens forbid that isn't the "college experience" or "cool enough") for 2 years to get all of your prerequisites out of the way such as, mats, sciences, englishes, some electives etc.  You then transfer to your college of choice and jump right into your major.  This way is much cheaper and is what I am doing now.  I'm too old for the real deal and I don't want to be 60Gs in the hole when I'm done.  You just have to do your own legwork into finding out what classes you need for your respective program. 
    It is of my humble opinion that if you go to or send your kids to a nice four year college just to give them that "experience" then you are both hobbling yourself or kids or just buying into what's fashionable.  Either way you are an idiot.    There are many other options out there to keep costs low for college...you just need to get off of your ass and look for them and not be scared to do a little work here and there.

Rant off...lazy people are a pet peeve of mine and I'm tired of seeing lazy ass Americans. 

[BM OUT]

Ive told my son unless he gets a scholarship for baseball,he is going to trade school to learn a trade.If someone goes to college with the goal of becoming a doctor or something fine,but to go just to go is a waste of time and money.You go to trade school and learn a trade,your always in demand and employed.

[Soul Crusher]

Ive told my son unless he gets a scholarship for baseball,he is going to trade school to learn a trade.If someone goes to college with the goal of becoming a doctor or something fine,but to go just to go is a waste of time and money.You go to trade school and learn a trade,your always in demand and employed.

Good advice.  Teach him to do plumbing, HVAC, or better yet, Electric, along with business classes at a local CC and help him out getting customersm, etc and he will be fine.   

[MCWAY]

Also something that most people don't consider is the 2+2 programs that most states have.  You go to a local tech school or community college (heavens forbid that isn't the "college experience" or "cool enough") for 2 years to get all of your prerequisites out of the way such as, mats, sciences, englishes, some electives etc.  You then transfer to your college of choice and jump right into your major.  This way is much cheaper and is what I am doing now.  I'm too old for the real deal and I don't want to be 60Gs in the hole when I'm done.  You just have to do your own legwork into finding out what classes you need for your respective program.  
    It is of my humble opinion that if you go to or send your kids to a nice four year college just to give them that "experience" then you are both hobbling yourself or kids or just buying into what's fashionable.  Either way you are an idiot.    There are many other options out there to keep costs low for college...you just need to get off of your ass and look for them and not be scared to do a little work here and there.

Rant off...lazy people are a pet peeve of mine and I'm tired of seeing lazy ass Americans.  

The reason why the 2+2 programs tend to work may be based on the findings of a study I say years ago in college. It showed that, across the board (grade-level-wise) students with jobs had higher GPAs than those that didn't. That fits with the 2+2 program. If you're in community college, you will likely have to WORK to pay the tuition. Therefore, you aren't going to waste your time with stupid classes that have no bearing on what you're going to do for a living. And, you'll be less likely to screw around in school. It's all fun and games, until YOU have to foot the bill for your education.

I'd say have your kid get job, EVEN IF he/she gets a full-ride (If it's an athletic scholarship that won't let him earn money, have him do the "volunteer" stuff).

That 60% number, regarding taking over 4 years to graduate, is a bit fudged. These days, a significant number of majors take more than 4 years to finish. It was like that with engineering, when I was in school.

Go to college; work while you're in college; take care of business; and major in something that you can actually use in the real world. That should do the trick.

[MRDUMPLING]

The reason why the 2+2 programs tend to work may be based on the findings of a study I say years ago in college. It showed that, across the board (grade-level-wise) students with jobs had higher GPAs than those that didn't. That fits with the 2+2 program. If you're in community college, you will likely have to WORK to pay the tuition. Therefore, you aren't going to waste your time with stupid classes that have no bearing on what you're going to do for a living. And, you'll be less likely to screw around in school. It's all fun and games, until YOU have to foot the bill for your education.

I'd say have your kid get job, EVEN IF he/she gets a full-ride (If it's an athletic scholarship that won't let him earn money, have him do the "volunteer" stuff).

That 60% number, regarding taking over 4 years to graduate, is a bit fudged. These days, a significant number of major take more than 4 years to finish. It was like that with engineering, when I was in school.

Go to college; work while you're in college; take care of business; and major in something that you can actually use in the real world. That should do the trick.

You are probably correct with that statement...I'm currenctly working two jobs and goig to school at night.  Is it exhausting?  Damn right...but oddly it is so damn rewarding when I get to just crash on Sundays and study while watching the race.  That's my biggest problem with kids these days...they don't appreciate shit! 

[MCWAY]

Seven Reasons Not to Send Your Kids to College

By JAMES ALTUCHER Posted 10:00 AM 08/02/10 Economy, People, Investing, Video

Imagine a retirement where you could have an extra $1million to $3 million in the bank with basically no effort. Now imagine telling your kids that you aren't going to send them to college. And, you go on, you want them to immediately start a business or get to work as soon as they finish high school.

These are difficult things to imagine because we've been so scammed by the "career industry" that tells us we need college degrees in order to succeed in life, regardless of how much money we spend for those degrees or what we actually do with our lives during the four to eight years it takes us to get those degrees.

But in my view, the entire college degree industry is a scam, a self-perpetuating Ponzi scheme that needs to stop right now.

Here Are Seven Reasons to Say "No College" to Your Kids:

VIDEO http://video.aol.com/aolvideo/null/is-college-worth-the-investment-dailyfinance/275341464001

1. More than 60% of people entering college take more than four years to graduate. So whatever you think your kids are going to cost you to go to college, add 20% to 100%.

2. The cost of the average college 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 back in 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.

AOL Video


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 $800,000 and 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 kid so 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 education from the process lasts a lifetime and the network you build when you start a business will lead to many future jobs and possibilities.
    * Travel the world. That would be an education that pays 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 jobs but they can make money, network, get a "hands-on" education, learn the value of money and go to college in their 20s when they can afford it -- and make every dollar worth it. Plus your kids will have 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 that is 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.


See full article from DailyFinance: http://srph.it/ccLW7F

I'd hardly say that college is a Ponzi scheme. Like many things in life, there are those who maximize the opportunity and take care of business. And, there are those who treat college as Sodom and Gommorah with books.

One way to mitigate the costs is to go the route of a certain gorgeous, moose-shooting hockey mom. She didn't go to college four years straight, because she couldn't afford to do so. I've known a handful of people who've done the same: Go to school one year; work the next; go to school another year; work the following year, etc. You can graduate that way, with NO STUDENT LOANS OR DEBT.

[SAMSON123]

I'd hardly say that college is a Ponzi scheme. Like many things in life, there are those who maximize the opportunity and take care of business. And, there are those who treat college as Sodom and Gommorah with books.

One way to mitigate the costs is to go the route of a certain gorgeous, moose-shooting hockey mom. She didn't go to college four years straight, because she couldn't afford to do so. I've known a handful of people who've done the same: Go to school one year; work the next; go to school another year; work the following year, etc. You can graduate that way, with NO STUDENT LOANS OR DEBT.

If Sarah Palin is the example of what becomes a person after attending college, then I have an eighth reason not to send your kids to college...

[MCWAY]

If Sarah Palin is the example of what becomes a person after attending college, then I have an eighth reason not to send your kids to college...

Perish the though!! You may just become a mayor, governor, a millionaire and perhaps (albeit a long shot) the President.

(and if you're a woman, you may win a beauty paegant or two    )

The point is that she (and other people) got their college degrees without going to school four years straight (especially by borrowing the money).

They went a semester/year, when they could afford it; and they worked when they couldn't.

[BM OUT]

If Sarah Palin is the example of what becomes a person after attending college, then I have an eighth reason not to send your kids to college...

Id say the ame thing about Obama.You graduate from the best colleges in the country and yet when you give a speech you go into your black preacher voice.Why go to college to learn that,you could have just stayed in Rev. Wrights church and learned ebonics.

[Mons Venus]

Id say the ame thing about Obama.You graduate from the best colleges in the country and yet when you give a speech you go into your black preacher voice.Why go to college to learn that,you could have just stayed in Rev. Wrights church and learned ebonics.

[MB]

I'm willing to bet James Altucher didn't go to college.  It's common for people who didn't go to college to downplay the importance of an education.  This guy couldn't be more lost. 

[MCWAY]

I'm willing to bet James Altucher didn't go to college.  It's common for people who didn't go to college to downplay the importance of an education.  This guy couldn't be more lost. 

He's not downplaying the importance of education. He's saying that a productive education (that produces dividends in the real world) doesn't necessarily come from going to college for four years.

Plus, if you do go to college, there are ways to do that WITHOUT amassing tens of thousands of dollars of DEBT.

[SAMSON123]

Id say the ame thing about Obama.You graduate from the best colleges in the country and yet when you give a speech you go into your black preacher voice.Why go to college to learn that,you could have just stayed in Rev. Wrights church and learned ebonics.

Please post a video of Obama going into any Black preacher voice.... Obama could not get into a Black preacher voice if his life depended on it. Hitlery Klinton tried it starting at the 40 second mark....Laughable. There is little difference between how Hitlery speaks and obama

[BM OUT]

Barack Obama/Rev. Wright talking to NAACP notice as it starts its his white voice,then as he gets into it,its straight up rev. Wright voice.Harvard educated.What a tool.

[drkaje]

Go ahead and let your kids stay home, LOL! More opportunity for mine to make money once they finish college.