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College is a must if you want to have a real career, right? Nope, it’s “a scam, a self-perpetuating Ponzi scheme that needs to stop right now,” writes James Altucher for DailyFinance.com. Here are his seven reasons you shouldn’t send your kids:
•It’ll cost more than you think: Thanks to the fact that more than 60% of college students will take more than 4 years to wear that cap and gown.
the fact that the OP has posted this article is most encouraging. americans are much smarter than 50 years ago.
they are smarter than 3 years ago. which is when i started posting-- telling people to stop signing up for 1/4 million student loans to get non existant high prestige jobs.
most want an advanced degree and a high prestige career. most need a low cost debt free good paying trade. nurse, plumber, electrician--- that sort of thing. readily available cheap thru jr college.
was listening to KPBS this morning. lots of talk of deflation, 1929 stuff. we are unprepared, those in debt will perish.
$200,000???? My Bachelors AND two associates degrees cost me less than $20,000.
Of course, I did all my core stuff at the local Jr. College, worked full time while attending and spent much of my spare time applying for grants and scholarships to cover my cost. But even if I had done the 'normal' route, it wouldn't have cost me $200,000.
My undergrad education actually did cost $200,000, but I didn't pay it. The school I went to was over $50,000/year but most of it was covered by grants and scholarships. I got an excellent education that certainly wasn't a mistake and have been able to continue on to get a higher degree (again, fully funded) because of the advantage going to that school gave me. I could have gone to a cheaper place but I wouldn't have gotten the quality of education that I did there, or the connections that will help me throughout my life. It's obvious that anyone who says "Don't go to college" either didn't go or had a bad experience and has a chip on their shoulder. Or they went to a terrible school and can't find a job and thus want to eliminate competition. Most people who go to expensive schools don't pay for it out of pocket, and those who do obviously had the resources in the beginning and will continue to be financially well-off no matter what.
I posted it on the other board where they had this article and I'll say it again: College gives young adults the critical opportunity to learn how to be independent, care for themselves on their own, manage their time and mature into productive members of society while earning a degree that will give them the opportunity to do so. If someone doesn't want that for their kid then I have to wonder why they even had one.
I dropped out of college after one year because I couldn't afford it. 2 weeks later, I landed a job at a bank and have been there ever since--that was 6 years ago. I make more than any of my college graduate high school friends, plus I'm not $50,000 in debt from student loans!
Not going to college worked out really well for me, but it won't for everyone. Some people need the piece of paper.
In todays world a degree is viewed as the new standard. It's very tough to get a career that can pay the bills without either a trade certification or some type of college degree. Of course, in this tough economy, getting either of these doesn't ensure you getting a job.
The report provides no statistics on alternatives. While I agree that college can be a waste of money if the student has no clear career goals, the math just doesn't add up if you were to compare someones lifetime earning potential who traveled the world for 4 years vs someone who got a degree that finds employment which depends on having that degree.
Yep, that guy is a moron. Lovely how he pulls random numbers out of his arse. The average college kid doesn't spend $200,000, sorry.
Hah, I wish I HAD $200,000 to spend. I'd have me a new car and my tuition for four years paid off plus PLENTY left over.
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