[quote=joec]As I’ve mentioned before and repeated here, when you go to some of these schools, the admissions folks already weeded out the non-achievers so you’re mostly going to school with the top future leaders and execs of the world. Yes, some joe schmo can start a business and be a millionaire or multi-millionaire from a state school, but the odds are against you.[/quote]Do you have data to back this up? All the millionaires and multi-millionaires I know all went to states school. Some don’t even have a college education. I love to see data to back up this statement. I know for sure that a couple millionaires I know wouldn’t be millionaires today if their parents didn’t have the capital to help them start their business.
BTW, I’m not disputing that if you have a few hundred grand set aside for their Ivy degree and a few hundred grand set aside for their start up or small biz, that you should withheld the Ivy education from them. Obviously, money wouldn’t be an issue at that point. However, I’m talking about deciding whether to send your kid to Ivy or help them start their small biz/start up or a more likely scenario, help them bolster their finances through out their lives since they picked a career that doesn’t have very high pay. Keep in mind that only 5% of the US household make more than $186k. We’re talking about household, not individuals. So, the probability of your kids’ household income not exceeding $186k is very high.
You might like to point to all the CEO/Presidents/etc. who went to Ivy. But you have to be realistic that the probability of your kids being one of those is <1%. The probability of your kids' household making <$186k is 95%. So, do you swing for the fences or do you plan for the more likely scenario.
I never felt "limited". So I don't have any regrets or frustration about some imaginary glass ceiling. I accepted the hands I was dealt. I'm not the smartest person, not the most social person, etc. All of those characteristics make me who I am. I am my own glass ceiling. I make my decision based on what I have available. I don't blame others and my surrounding environment for my short comings. I think I'm doing pretty well financially. Probably the best that I could based on my luck and my natural talent. But what's even more important than all of the money is the fact that I met my wife at a State's school. My life would have been much worse if I went to an Ivy and didn't meet her. I wouldn't have my wonderful kids. I wouldn't be living near families and have families help take care of my kids when we need them to. My kids wouldn't get to see their grand parents every week and sometimes, multiple times a week. The grand parents wouldn't be able to take them to soccer practice and go see their soccer games. This to me is 1000x more important than being a millionaire. It makes my life 1000x more satisfying and I'm that much more happy. There's a lot more to life than money. I don't feel that my life is mediocre at all. I feel that it's very rich. Might not be $ rich but then again, I don't put $ as #1 priority. If I have to give up either my $ or every other aspect of my life that has nothing to do with $, I would give up the $ in a heart beat. I hope that my kids will learn that lesson as well. If their fate give them a lot of $, that's great, but if it doesn't, that's great too. I'll be there to help them every step of the way. As long as they're happy and we're a close family, that ultimately is what really matter.
