“Hiding” assets legally

[davelj]

I have a better idea. Don’t go to business school. It’s largely a waste of time and money. Or work at a job for a few years and get your company to pay for an Executive MBA so that you’re not paying for it.

Otherwise, just pay the full tuition, don’t bother with the games, and move on with life. In the course of an entire career I don’t think that whatever amount you’re trying to shelter ($60K?) will be worth the time and effort.

[davelj]

I have a better idea. Don’t go to business school. It’s largely a waste of time and money. Or work at a job for a few years and get your company to pay for an Executive MBA so that you’re not paying for it.

Otherwise, just pay the full tuition, don’t bother with the games, and move on with life. In the course of an entire career I don’t think that whatever amount you’re trying to shelter ($60K?) will be worth the time and effort.

[Wiley]

My phylosophy is you live at a certain level that you see yourself at. Period. If you get ill gotten gains they will soon be given back. So I’m sure there is probably a legal way to game the system here but in the end it won’t change the level your going to be at anyway.

[Wiley]

My phylosophy is you live at a certain level that you see yourself at. Period. If you get ill gotten gains they will soon be given back. So I’m sure there is probably a legal way to game the system here but in the end it won’t change the level your going to be at anyway.

[Carlmichael]

My mother,father,grandfather, and great grandfather were all business owners. They never went to college so obviously didn’t get a business school degree.

I have made my own money making opportunities throughout the years and with the power of google and can find out how to do anything. The thought of sitting in class with a bunch of students expecting to be told how to be entrepreneurs is sickening. I got caught into the whole name brand resume thats why it was either MIT Sloan, UPenn Wharton, or Berkeley Haas. Perhaps an economics degree from Cal would be more a broad and beneficial undergrad for MBA creditability. Hmmmm….

[Carlmichael]

My mother,father,grandfather, and great grandfather were all business owners. They never went to college so obviously didn’t get a business school degree.

I have made my own money making opportunities throughout the years and with the power of google and can find out how to do anything. The thought of sitting in class with a bunch of students expecting to be told how to be entrepreneurs is sickening. I got caught into the whole name brand resume thats why it was either MIT Sloan, UPenn Wharton, or Berkeley Haas. Perhaps an economics degree from Cal would be more a broad and beneficial undergrad for MBA creditability. Hmmmm….

[davelj]

The goal of an MBA program is not, by and large, to educate future entrepreneurs, although there will be entrepreneurs among the group. These schools are largely in existence to churn out upper-level management types and investment bankers schooled in business “best practices” and, more importantly, “best business jargons.” If you think MBA programs are geared toward entrepreneurs you’re in for a rude awakening.

My experience has been that everyone gets to where they’re going regardless of the schools on their resume. The reason that MBAs from Harvard, etc. tend to be successful is NOT that they went to Harvard – it’s that they were the type of people that got accepted in the first place. They would have been successful regardless. Harvard was just a train stop on their journey.

I was accepted to one top-10 MBA program, Darden at UVA. I turned them down because I thought it was way too expensive. Instead I attended a program that tends to hover between 40 and 50 in the rankings, but they gave me a scholarship. It was still pretty much a waste of time in hindsight, but at least it didn’t cost very much.

So far as I can tell, this decision has had virtually no impact on my career. I might have gotten a slightly better job right out of the program if I had gone to Darden, but 10 years out I’m where I wanted to be anyway, so I think the decision was largely meaningless from a long-term perspective. And, frankly, with hindsight, I think I should’ve skipped business school altogether – it hasn’t provided much benefit.

Having said that, if it’s your goal to work 60-80 hours per week in some mindnumbingly boring upper-level corporate job, or even worse as an associate at one of the large investment banks (count on 90 hours a week in one of these hell pits), then business school might be right up your alley. Someone, after all, has to do those jobs.

To each their own.

[davelj]

The goal of an MBA program is not, by and large, to educate future entrepreneurs, although there will be entrepreneurs among the group. These schools are largely in existence to churn out upper-level management types and investment bankers schooled in business “best practices” and, more importantly, “best business jargons.” If you think MBA programs are geared toward entrepreneurs you’re in for a rude awakening.

My experience has been that everyone gets to where they’re going regardless of the schools on their resume. The reason that MBAs from Harvard, etc. tend to be successful is NOT that they went to Harvard – it’s that they were the type of people that got accepted in the first place. They would have been successful regardless. Harvard was just a train stop on their journey.

I was accepted to one top-10 MBA program, Darden at UVA. I turned them down because I thought it was way too expensive. Instead I attended a program that tends to hover between 40 and 50 in the rankings, but they gave me a scholarship. It was still pretty much a waste of time in hindsight, but at least it didn’t cost very much.

So far as I can tell, this decision has had virtually no impact on my career. I might have gotten a slightly better job right out of the program if I had gone to Darden, but 10 years out I’m where I wanted to be anyway, so I think the decision was largely meaningless from a long-term perspective. And, frankly, with hindsight, I think I should’ve skipped business school altogether – it hasn’t provided much benefit.

Having said that, if it’s your goal to work 60-80 hours per week in some mindnumbingly boring upper-level corporate job, or even worse as an associate at one of the large investment banks (count on 90 hours a week in one of these hell pits), then business school might be right up your alley. Someone, after all, has to do those jobs.

To each their own.

[patb]

What you are talking about is Fraud.

Most Finincial aid programs require you to list
“Other Assets”, now to control an LLC, or LLP
or something like that, you need to value it.

You need to list it as worth something, and given it’s
holding assets, those assets have value.

Look, what you need to do, is either suck it up and pay for this,
or put off school. The aid isn’t just for the color of your skin
it’s for the poor.

God bless, you aren’t poor, so don’t steal their pennies.

now if you want, you could convert the asset into something different,
say an annuity, that gives you $100/month this month,
$200/month next year, etc, etc, etc, until it expends itself

then you report the income, and list it as an annuity payment,
but tey may ask to see the annuity value in NPV, and that
would still be the same.

[patb]

What you are talking about is Fraud.

Most Finincial aid programs require you to list
“Other Assets”, now to control an LLC, or LLP
or something like that, you need to value it.

You need to list it as worth something, and given it’s
holding assets, those assets have value.

Look, what you need to do, is either suck it up and pay for this,
or put off school. The aid isn’t just for the color of your skin
it’s for the poor.

God bless, you aren’t poor, so don’t steal their pennies.

now if you want, you could convert the asset into something different,
say an annuity, that gives you $100/month this month,
$200/month next year, etc, etc, etc, until it expends itself

then you report the income, and list it as an annuity payment,
but tey may ask to see the annuity value in NPV, and that
would still be the same.

[Carlmichael]

Dave, I know exactly what MBA programs are for. I am going to Haas for their undergrand program not MBA that is exactly why I question doing a redundant Business Management B.S. when an economics or other degree might diversify my education a bit more.

You’re right about the hours put in on some of those firms for some odd reason some people flock to and enjoy that “business culture” . I’ll never forget my trip to Japan, it seemed as if the business men worked all day long got mind numbingly drunk ever night, slept on the subway to and from work, and sold their soul to the company.

[Carlmichael]

Dave, I know exactly what MBA programs are for. I am going to Haas for their undergrand program not MBA that is exactly why I question doing a redundant Business Management B.S. when an economics or other degree might diversify my education a bit more.

You’re right about the hours put in on some of those firms for some odd reason some people flock to and enjoy that “business culture” . I’ll never forget my trip to Japan, it seemed as if the business men worked all day long got mind numbingly drunk ever night, slept on the subway to and from work, and sold their soul to the company.

[davelj]

Ah, gotcha. My mistake. For what it’s worth, I rarely hear people refer to the “official” name of a university’s business school unless they’re referring to its graduate program. For example, alumni of UC Berkeley’s undergraduate business program normally just say, “I studied business at UC Berkeley.” If they got their MBA there then they might say, “I went to Haas at Berkeley.” That’s what had me confused.

In my opinion, economics is the most “useful” liberal arts major. You can branch out and study plenty of liberal arts but you’ll get a decent grounding in econ, finance, accounting, etc. – that is, something that’s practical – if you want it. Just my opinion.

[davelj]

Ah, gotcha. My mistake. For what it’s worth, I rarely hear people refer to the “official” name of a university’s business school unless they’re referring to its graduate program. For example, alumni of UC Berkeley’s undergraduate business program normally just say, “I studied business at UC Berkeley.” If they got their MBA there then they might say, “I went to Haas at Berkeley.” That’s what had me confused.

In my opinion, economics is the most “useful” liberal arts major. You can branch out and study plenty of liberal arts but you’ll get a decent grounding in econ, finance, accounting, etc. – that is, something that’s practical – if you want it. Just my opinion.

[Author]

Posts