- This topic has 533 replies, 25 voices, and was last updated 9 years ago by
scaredyclassic.
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March 13, 2015 at 3:49 PM #783608March 13, 2015 at 3:58 PM #783610
CoronitaParticipant[quote=AN]Even if I think $400k is chump change, I would still like to instill in my kids the value of money and that it doesn’t matter how much you have, it’s all about how much you spend. Especially, what’s the ROI. Don’t spend for the sake of spending just because you can. That’s how all those millionaires go broke. I want them to also think about opportunity cost. If they’re entrepreneur in spirit, I would much rather put that $400k in their start up/small biz than an Ivy degree. I know a couple of people who graduated at prestigious UC with a CS and BioEngineering degree. Immediately after graduation, they moved to a small town, open up a cell phone shop. Now, they own 20-30 cell phone franchise stores. They’re making much more money than they probably would as engineers, unless they got lucky and work for companies like Instagram.[/quote]
I wouldn’t. Because if my kids wouldn’t spend it. Someone else would try to figure out a way to spend it. At least if my kid wastes it, it’s still my kid that wastes it. 🙂
March 13, 2015 at 4:02 PM #783611an
Participant[quote=flu]I wouldn’t. Because if my kids wouldn’t spend it. Someone else would try to figure out a way to spend it. At least if my kid wastes it, it’s still my kid that wastes it. :)[/quote]It’s not about spend vs not spending. It’s about spending it on A or B. It all comes back to ROI. I want to make sure they fully understand that if they spend on A, they can’t spend on B. Money is limited, so make what you spend on worth it.
March 13, 2015 at 4:05 PM #783613Participant[quote=FlyerInHi][quote=scaredyclassic]Meh.
Education is generally bullshit.[/quote]
I could go with that.
But I’m sure your mother in law would be happy to tell her friends “my son in law is a lawyer from Harvard.” Isn’t there value in that?
She’s not going to say “my son in law graduated from University of Phoenix.”[/quote]Why compare Harvard vs University of Phoenix? If you can get into Harvard, then you can also get into UCB, UCLA, UCSD, UIUC, etc. If you can’t get into anywhere but University of Phoenix, then you’ll probably flunk out of Harvard anyways. So, would you rather say, “my son in law flunked out of Harvard” or “my son in law got a degree from University of Phoenix”?
March 13, 2015 at 4:06 PM #783614spdrun
ParticipantBut I’m sure your mother in law would be happy to tell her friends “my son in law is a lawyer from Harvard.” Isn’t there value in that?
She’s not going to say “my son in law graduated from University of Phoenix.”
How about “my son in law is a lawyer with his own practice…” I’d sooner go to a cheaper law school, pass the bar, and have seed money for my own practice left over, all without debt.
March 13, 2015 at 4:08 PM #783615FlyerInHi
Guest[quote=AN] It’s about spending it on A or B. It all comes back to ROI. I want to make sure they fully understand that if they spend on A, they can’t spend on B. Money is limited, so make what you spend on worth it.[/quote]
That makes perfect sense. You would talk to your kids and offer them options. But you wouldn’t necessary veto an Ivy League education as “not worth it.”
March 13, 2015 at 4:13 PM #783616flyer
ParticipantThere are thousands of stories about how one person succeeded and another didn’t–with and without degrees. IMO, it’s all relative to what each person wants. To me, success, is about getting what YOU want, regardless of what other people do and have.
March 13, 2015 at 4:19 PM #783617Participant[quote=FlyerInHi][quote=AN] It’s about spending it on A or B. It all comes back to ROI. I want to make sure they fully understand that if they spend on A, they can’t spend on B. Money is limited, so make what you spend on worth it.[/quote]
That makes perfect sense. You would talk to your kids and offer them options. But you wouldn’t necessary veto an Ivy League education as “not worth it.”[/quote]Yes, I would offer them options, but I would still hold the veto power. If they want to go into engineering and they got into UCB and Harvard and they choose Harvard, I would veto. UCB is the #3 engineering school vs Harvard, which doesn’t even make the top 10. Not only that but UCB would cost me $13,844 vs >$60k at Harvard. So yeah, I would veto if I think they’re making a mistake.
March 13, 2015 at 4:27 PM #783618Participantflu, UPenn is #1 Undergrad biz specialize in Finance. So, it’s obvious that it would carry some weight when you’re apply wall street. However, #3 is University of Michigan–Ann Arbor. Harvard is not even in the top 10. Do you think wall street would prefer Harvard over UMich?
March 13, 2015 at 4:31 PM #783619Guest[quote=spdrun] all without debt.[/quote]
What is it with people on here being so against any debt?
Debt is leverage and the way (along with selling stock) to get wildly rich beyond your initial seed capital.
Generally, the richer the society, the higher the debt levels.
For example, rich people get multimillion dollar loans to buy houses, boats, planes, etc…When assets/collateral lose too much value, the end result is bankruptcy. Too bad student debts can’t be discharged in bankruptcy. I think they’ll have to reform that if young families are so burdened by student debts that the overall economy suffers.
March 13, 2015 at 4:33 PM #783620Anonymous
Guest[quote=AN]flu, UPenn is #1 Undergrad biz specialize in Finance. So, it’s obvious that it would carry some weight when you’re apply wall street. However, #3 is University of Michigan–Ann Arbor. Harvard is not even in the top 10. Do you think wall street would prefer Harvard over UMich?[/quote]
That’s the same point I made regarding Engineering.
So far I have seen only two arguments in favor of Ivy League:
1. “Helps you get job on Wall St.”
2. “I can brag to my friends that my kid went to Harvard”The #2 reason is total douche. But that seems to be the main argument from flyerinhi.
March 13, 2015 at 4:35 PM #783621scaredyclassic
ParticipantI couldn’t care less about prestige.
All I care about frankly is my kids making money.
That is all.
Prestige is actually worth zero… maybe less than zero to me.
March 13, 2015 at 4:36 PM #783622GuestI like Harvard. It’s the ultimate school no matter what anyone says.
Some people only like Mercedes cars no matter what critics or objective ratings may say.
March 13, 2015 at 4:39 PM #783625CoronitaParticipant[quote=scaredyclassic]I couldn’t care less about prestige.
All I care about frankly is my kids making money.
That is all.
Prestige is actually worth zero… maybe less than zero to me.[/quote]
I agree.
March 13, 2015 at 4:40 PM #783624ParticipantWhat is it with people on here being so against any debt?
Debt only makes sense if you get a higher return than the interest on the debt. If one is planning to start their own law firm, I’m not convinced that having gone to Harvard vs Rutgers law school is such a big advantage.
Having seed money from family and being debt-free are advantages, on the other hand. Law school and the bar exam are essentially a path to enter a professional guild.
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