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Old 11-12-2013, 11:48 AM   #26 (permalink)
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I think too many people assume they have to go to college, but in my experience for most white collar jobs you'll need a 4-year degree to get your foot in the door.

I was overqualified for my first job out of college and could have probably gotten it without a college degree, but as I rose up the ranks that degree was regularly a factor in my promotions. People with college degrees tend to value other people with degrees. When I'm hiring, it's a factor--it shows me you committed to something, you probably have some basic communication skills, and you can likely follow instructions.

But if you want to work in a trade or work for yourself, I agree that a college education might be an expensive luxury.
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Old 11-12-2013, 12:01 PM   #27 (permalink)
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I think too many people assume they have to go to college, but in my experience for most white collar jobs you'll need a 4-year degree to get your foot in the door.

I was overqualified for my first job out of college and could have probably gotten it without a college degree, but as I rose up the ranks that degree was regularly a factor in my promotions. People with college degrees tend to value other people with degrees. When I'm hiring, it's a factor--it shows me you committed to something, you probably have some basic communication skills, and you can likely follow instructions.

But if you want to work in a trade or work for yourself, I agree that a college education might be an expensive luxury.
This is a really solid post
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Old 11-12-2013, 12:17 PM   #28 (permalink)
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I did not go to business school. You know who else didn’t go to business school? LeBron James, Tracy McGrady, Kobe Bryant. They went right from high school to the NBA so… So, it’s not the same thing at all.
I don't think Thomas Hamilton went to college
Maybe he wish he did
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Old 11-12-2013, 05:19 PM   #29 (permalink)
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I have two daughters and I will help them go to school but there is no way I will pay for it for them. If you just give them the money for school the education will be taken for granted. It is kind of like handing the keys to a brand new Corvette to a 16 year old.

Off topic a bit and not really practical, but..

Anyone ever realize if you could just invest the money you spent going to college you would come out a couple million ahead of the extra money you earn because you went to school.

Problem is most people don't have $40k - $100k to invest at 18-22.
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Old 11-12-2013, 05:24 PM   #30 (permalink)
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I have two daughters and I will help them go to school but there is no way I will pay for it for them. If you just give them the money for school the education will be taken for granted. It is kind of like handing the keys to a brand new Corvette to a 16 year old.

Off topic a bit and not really practical, but..

Anyone ever realize if you could just invest the money you spent going to college you would come out a couple million ahead of the extra money you earn because you went to school.

Problem is most people don't have $40k - $100k to invest at 18-22.

I couldn't disagree more. In fact, having my parents pay for my education has both motivated me and given me an obligation to work hard.
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Old 11-12-2013, 06:06 PM   #31 (permalink)
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529s are transferrable. They can transfer within the family, including to cousins, in-laws, and parents. The latter being pretty important. If a kid doesn't go to college or better yet, gets a full ride, you can roll the 529 over to yourself and pay for PGA school or cooking school with the wife or whatever.

You can also roll one over into another. So if you did set up 3 accounts and a kid doesn't go to college, you can roll it into one who does.

I wouldn't look at a Roth as a replacement for a 529 but then everyone's situation is different.
corrrect, which is why I currently have opted for only 2 529's and both are currently in my younger 2 childrens names, since its age based, I wanted the more aggressive mix rather than have it in my oldest, however when college time comes, for the oldest one, we will be transferring some of the funds
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Old 11-12-2013, 06:11 PM   #32 (permalink)
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I couldn't disagree more. In fact, having my parents pay for my education has both motivated me and given me an obligation to work hard.
see, and I was the opposite...I worked part time, so there was no way I was going to slack off in school, when I was working so dang hard to pay for it...

to each their own, i guess
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Old 11-12-2013, 07:13 PM   #33 (permalink)
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I couldn't disagree more. In fact, having my parents pay for my education has both motivated me and given me an obligation to work hard.
You have to realize though that your handling of it is a rarity. The sense of obligation you have is very uncommon. I don't think I have ever heard of a financial expert who recommended paying for kids tuition.

I had a will made up a few years ago for my kids. The lawyer made a serious argument to not letting our kids get any money until at least 30 in the event my wife and I died. He actually recommended 35-40.
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Old 11-12-2013, 09:01 PM   #34 (permalink)
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I couldn't disagree more. In fact, having my parents pay for my education has both motivated me and given me an obligation to work hard.
I'll echo others' sentiments. Your motivation is rare. Although, I think your upbringing may have influenced your dedication to "putting the money to good use." That being said, I'm still going to make my kid "work" for the "parental scholarship".
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Old 11-12-2013, 10:33 PM   #35 (permalink)
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see, and I was the opposite...I worked part time, so there was no way I was going to slack off in school, when I was working so dang hard to pay for it...

to each their own, i guess
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You have to realize though that your handling of it is a rarity. The sense of obligation you have is very uncommon. I don't think I have ever heard of a financial expert who recommended paying for kids tuition.

I had a will made up a few years ago for my kids. The lawyer made a serious argument to not letting our kids get any money until at least 30 in the event my wife and I died. He actually recommended 35-40.
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I'll echo others' sentiments. Your motivation is rare. Although, I think your upbringing may have influenced your dedication to "putting the money to good use." That being said, I'm stillth going to make my kid "work" for the "parental scholarship".
Sure it may be rare, but the costs of school may deter people from going to school because of the debt that will be incurred. I'm only 20 but if I have children, then I will feel as though I have an obligation to pay for their schooling. I would want them to start off on the right foot when they are adults, and that would mean debt free.
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Old 11-13-2013, 08:51 AM   #36 (permalink)
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Sure it may be rare, but the costs of school may deter people from going to school because of the debt that will be incurred. I'm only 20 but if I have children, then I will feel as though I have an obligation to pay for their schooling. I would want them to start off on the right foot when they are adults, and that would mean debt free.
I agree the debt is a big problem but I think it also starts them off thinking they don't have to earn what they get. To me that is a bigger problem than the debt.

I guess the proper answer is to determine at the time whether or not the education should just be paid for by the parent. Seems like both our viewpoints are premature and based off our experiences.
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