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scaredyclassic.
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March 15, 2015 at 2:56 AM #783729March 15, 2015 at 3:12 AM #783730
CA renter
Participant[quote=AN]I wish they teach personal finance in HS (make it mandatory) and teach them about ROI. Maybe then, there won’t be so many people graduating with $200k+ in loan with a starting salary of <$40k. I think that kind of debt load really affect them for many years to come.[/quote] AN and spdrun make some excellent points in this thread. Unless the Ivy League degree is going to be "worth it" (the kid has a clear idea of what he/she wants to get into, and it practically requires a degree from an elite university and/or the connections that can be made in those schools), I just don't see the logic of pushing kids into expensive schools that may or may not help them in their careers. I know people with degrees from Harvard who are doing NOTHING with those degrees, and I know kids with CSU degrees (or no degrees) who are doing exceptionally well. What matters is the field you choose to go into and the connections that you have...and luck, of course! It's much better to save that money and/or keep your kids out of debt so that they can have some sort of cushion as they grow older. As many of us already know, your 40s and 50s come sooner than you think, and there is nothing worse than reaching that age and realizing that you have too few financial resources and too much debt. I love AN's idea of buying investment properties for the kids. I think that would give a lot of kids more financial security and peace of mind in the long run than an Ivy League degree. Just MHO.
March 15, 2015 at 8:51 AM #783733
CoronitaParticipant[quote=AN][quote=flu][quote=AN]joec, Paul Jacob went to UCB, Paul Allan went to Washington State University, Jerry Yang went to Standford, Larry Page went to UMich and Standford, Sergey Brin went to University of Maryland, College Park (public) and Standford, Tim Cook went to Auburn University (public) and Duke University for MBA, Steve Jobs went to Reed College and dropped out, Marissa Mayer went to Standford, etc. I can go on and on, but there are plenty who did not go to Ivy and made it big. I would rather my kid be Steve Jobs and drop out of Reed College than Zuch’s wife.[/quote]
For average Joe. They won’t ve saving $400k for anything. It would have been Kong spent 🙁
Practically speaking, Stanford is equivalent to the Ivy’s if not better. Just like MIT. Between it and Berkeley, I’d say it’s a toss up.[/quote]Yes, Standford is like Ivy of the West. But the people I listed, only Jerry Yang and Marissa Mayer went there for undergrad. Larry Page and Sergey Brin went to public school for undergrad and went to Standford for grad school.
I personally am more impressed by the 40 under 40 list than the fortune 500 list. I bet most if not all on the fortune 500 list did not study STEM. Ultimately, my point is that just as you guys would want to spend $400k for an Ivy education, just in case your kid get lucky and make association with the right people. I would want to spend $50k and save $350k, just in case my kid is the next Jan Koum or Nick Woodman, so I can put that $350k in their start up. If they end up being just your average joe, at least that $350k saved can go into investment properties that I can pass on to them to help lighten their financial burden for the rest of their lives.[/quote]I wish I had $400k of chump change. Truthfully I dont so this is why its probably not an option short of having scholarships. That’s even assuming the kid gets in.
Its just amazing how absurdly expensive some tuition has become. On top of that all those people considering send their kids to private schools before college. Ouch. I think bishop montgomery runs around $25k/year.
I spoke to my parents about this. And they had an interesting perspective. They said if your kids are academically inclined it won’t make much of a difference between #1 or #18 school. And if your kid isnt academically inclined, no amount of private school is going to fix that. Hmmm. I wonder if they were referinng to me 🙁
Little flu, you’re going to state.
March 15, 2015 at 11:28 AM #783735FlyerInHi
GuestFlu, now for the tough love.
I fail to see how you live in Carmel valley, have investment properties, talk about Porsches, yet not afford to pay.
Not saying it’s chump change, but you can pay. Can’t you move to a 1 bedroom condo if you absolutely had to?March 15, 2015 at 11:42 AM #783736GuestCAr, what’s wrong with having high expectations that your kids will be chosen among the smartest?
A top education is a badge of merit, if your kids can get in on their own, without you pulling strings. Connections trumps merit, but everyone wants to make it in their own in some way.
People often talk about merit and hard work. But they don’t mean it for themselves.
If I had kids, I would teach them early on that the Ivy league is the only way, and I will find a way when it comes time. if you don’t teach them any differently, that’s the only thing they know. Maybe they don’t make it, and that’s totally fine but you have to set expectations for excellence.
March 15, 2015 at 12:19 PM #783737Guest[quote=joec] I sorta look more highly on people who did go to the Stanfords or Harvards of the world. The reason is because I feel they are more selective than UC to begin with [/quote]
Exactly. Look up to the best.
Why be OK with mediocrity? Strive to be the best. And if you don’t make it to best, be happy with ordinary.
I personally had high expectations for myself. I didn’t make it to the top… But I’m perfectly happy with who I am now. But I least I had the lofty goals.
I don’t see why any kid shouldn’t aim for the very best.
March 15, 2015 at 12:36 PM #783739GuestWhy involve families?
Yes, indeed. Why the cut off age of 18?
As one who has no kids I’m personally irked all all the property taxes I’m paying. That money, wisely invested can amout to a million dollar portfolio for ME.
March 15, 2015 at 12:36 PM #783738CoronitaParticipant[quote=FlyerInHi]Flu, now for the tough love.
I fail to see how you live in Carmel valley, have investment properties, talk about Porsches, yet not afford to pay.
Not saying it’s chump change, but you can pay. Can’t you move to a 1 bedroom condo if you absolutely had to?[/quote]No. Here’s why. $400k for undergrad, and another $200k-300k for say medical school/law school/business school?
And that’s even assuming kid finishes and doesn’t decide to get married early and not end up finishing anything and end up being a stay-at-home parent. Not that there is anything wrong with that at all. But from an ROI perspective, that would be a big time suck.
Why should I sacrifice my quality of life and spend so much money on something if all that education ends up being flushed down the toilet if she decides she doesn’t want to work/have a career at all? Is her future husband (or in this 21st century, being politically correct, future spouse (man or woman) ) going to pay me back? Kidding… Sort of…
I think the thing will be, “you want to get in, you better work to get a scholarship because that’s the only way you’ll get in.” Then, that will be a litmus test to see how badly my kid wants it. If my kid doesn’t care, that’s fine too.
March 15, 2015 at 1:55 PM #783740scaredyclassic
ParticipantThe best tool for the job is not always the most expensive
March 15, 2015 at 1:56 PM #783741an
Participantflu, I think you underestimate the cost of medical school. My cousins who are optometrists have loan in the $200-300k range, just for the post undergrad. They also graduated from undergraduate almost 2 decades ago. So it wouldn’t surprise me if it’ll be in the $400-500k range for private post undergrad when our kids are at that age. So realistically, you’re looking at more like total of $800-900k. More if they take longer to graduate than average. Then there’s the opportunity cost of that $800-900k. Imagine how many investment properties you can buy with that kind of cash and how much monthly rent you can take in. Even if you don’t need that cash and monthly income, that’s a sizeable about that you can give to your kid and grandkids for as long as you keep those properties.
March 15, 2015 at 2:02 PM #783743ParticipantMy wife went to uci med school for 3000 a year 20 years ago. In retrospect that may be the best buy we ever made.
March 15, 2015 at 2:09 PM #783744Participant[quote=scaredyclassic]My wife went to uci med school for 3000 a year 20 years ago. In retrospect that may be the best buy we ever made.[/quote]
Does that include room and board?March 15, 2015 at 2:14 PM #783746ParticipantTuition. But we lived in married student housing for 1/2 price cause I got elected to the resident council. Steal of a deal.
March 15, 2015 at 2:15 PM #783745GuestIt’s not like you need to come up all the money all once. An 18yo is just out the cocoon. A young reaponaible adult going to grad school can work and will know how best to do right by his parents.
You can afford to pay.
March 15, 2015 at 2:15 PM #783747Participant[quote=FlyerInHi]It’s not like you need to come up the the money all once. An 18yo is just out the cocoon. A young reaponaible adult going to grad school can work and will know how best to do right by his parents.
You can afford to pay.[/quote]
You be trippin.
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