Institutional education is HIGHLY over rated. Especially post graduate studies. My degree is in a discipline (B.S.M.E) and I NEVER used it in my whole professional life. I was relatively successful, and ALWAYS had my small business ventures on the side, separate from my job which provided a lot of time off. I retired at 38 yrs. old.
The people I associate regularly with are likewise financially independent, only 2 out of the 6 in my peer/bro's/friend/golf/surf/family group have college educations. But DONT let that fool you, they are VERY SHARP.
Why would you put yourself through such dilemma over your kids future education ? It could very well stunt their imaginitive creativity. Im not convinced its really that important.
If a persons goals are to retire at a younger than average age then spend the rest of your life living it YOUR WAY without too much worry of finances, then I suggest you tell your kids to get into business for themselves, the very expensive education they recieve in higher rated colleges are NOT going to teach them how to make 10 million dollars, they are going to teach you how to make SOMEBODY else 10 million dollars, while they work 8-6pm 5-6 days per week for 120K per year max, might get a 15K bonus at the end of the year if they're a good employee.
Yeah, theres a lot of smart people out there with phd's, so what ? Look at their national average pay ? 80K or so, Im willing to bet my landscaper makes at least TWICE that per year, so who is the smartest ? He surfs in Costa Rica 3 times a year and will be debt free in 4 more years or less. Its just not that hard.
Back to your original topic, trying to time the market is folly. I dont believe it can be done with any regular success. I missed it by 2 years and we sold off all real estate (3 houses) in 2001, but I like the side I missed it on. As Joe Kennedy said, "only a fool holds out for top dollar"
Please dont misunderstand me here, I am not an elitist prick, my brother in law is a Molecular Biologist (PHD) he is what I would call a smart (damned smart in his field) person. He makes about 85K per year living in Kansas somewhere, he works 60-70 hours per week doing what I consider extremely BORING work, he's pastey white and balding, overweight in all the wrong places, drinks too much and looks 20 years older than he is from the lifestyle he lives. There was/is a real estate boom going on over there too, he bought ANOTHER bigger house EXACTLY at the top of this market…..He is MISERABLE ! (I was just reminded how miserable he is over the holidays)
He thinks I got "lucky" and equates my position in life as a lottery winner, he refuses to believe I worked hard and more importantly worked smart for it…… Now Iam rambling….this drives my kids nuts…Have a good day, dont take life too serious, its only a game, but a game worth winning.
