MrBojangles
Recycles dryer sheets
I ask this because, realistically, is it really worth it to get to FIRE and earnings vs funds SPENT?
When I started college over 35 years ago now,,it was said that the winners, or something to that effect, would go to college, and those not at that top echelon academically would go to trade school, or just work at a menial job. Now that I look at it, in hindsight, that was such incredibly POOR guidance counseling. But, when I went to college, it was an odd time in which it seemed that there were menial jobs that didn’t require a college degree, the usual high paying jobs that required a degree, and then the jobs that required a college degree to be considered, these jobs not having really changed other than the college degree requirement, and didn’t require college based knowledge to do the job. (And, that left a bitter taste in my mouth, because, what, you want a college degree for me to do what others not that long before me didn’t need a degree to do AND you don’t want to pay more to hire a college graduate?). I went to college because I thought it was somehow going to provide vast rewards beyond my wildest dreams, simply because few others in my family had gone to college and those who had tended to gravitate to public sector jobs that didn’t pay a lot, such as teachers, etc. it was known that didn’t pay well. And, in hindsight, academically I was in the middle this of the approximately 50% of those that attended college and I attended a state university and didn’t necessarily pursue the most rigorous academic path nor one in high demand upon graduation, reasoning just having that degree was the magic ticket, as long as you didn’t major in something stupid like English Literature. I attended my tenth high school reunion and, even then, it was obvious who the “winners” were. Those who pursued trades, showing up at the reunion in their nice vans, electricians self employed, flush with cash. And those with too much education underemployed, like myself. The only saving grace is that college was way more cheaper then it is now, and wages haven’t risen that much since then, so is it worth it? Even 30+ years ago, I don’t think it was worth it. So, why these threads about paying for kid’s college, etc.? And I actually have a FIL who can’t afford to retire due to living a non FIRE lifestyle and he’s starting to say he needs to pay for the grandkids college education because who else can pay for it? (My wife’s sister and her ex husband are both college educated and never had the jobs to pay for much of anything due to poor work ethics/poor career choices such as retail sales due to decent work hours and no real demands.
Nonetheless, is a college degree WORTH IT when you figure out how expensive it has gotten? I’m not talking just about the outlay, vs the ROI, but the hidden considerations, some of which are as follows:
1. Four years it more of limited to no wages when you are out of the workforce.
2. If you want to FIRE, when it comes to Social Security wages, some of those 35 years might become 0.
3. Starting out 4 years later, less time to build equity in real estate.
4. Perhaps higher wages but nasty, and high, student loan debt, none of which is tax deductible when you pay it back and can accrue interest while outstanding.
5. Potentially lower wages overall, but more available income due to no student loans to pay.
6. Less income means you are in a lower tax bracket/pay less in taxes.
I was stubborn and did college for the wrong reasons. But you have to ask yourself, is it worth it and why are so many individuals falling for what might just be one big scam. Colleges and universities, like anything else, especially private ones, are nothing more than businesses.
When I started college over 35 years ago now,,it was said that the winners, or something to that effect, would go to college, and those not at that top echelon academically would go to trade school, or just work at a menial job. Now that I look at it, in hindsight, that was such incredibly POOR guidance counseling. But, when I went to college, it was an odd time in which it seemed that there were menial jobs that didn’t require a college degree, the usual high paying jobs that required a degree, and then the jobs that required a college degree to be considered, these jobs not having really changed other than the college degree requirement, and didn’t require college based knowledge to do the job. (And, that left a bitter taste in my mouth, because, what, you want a college degree for me to do what others not that long before me didn’t need a degree to do AND you don’t want to pay more to hire a college graduate?). I went to college because I thought it was somehow going to provide vast rewards beyond my wildest dreams, simply because few others in my family had gone to college and those who had tended to gravitate to public sector jobs that didn’t pay a lot, such as teachers, etc. it was known that didn’t pay well. And, in hindsight, academically I was in the middle this of the approximately 50% of those that attended college and I attended a state university and didn’t necessarily pursue the most rigorous academic path nor one in high demand upon graduation, reasoning just having that degree was the magic ticket, as long as you didn’t major in something stupid like English Literature. I attended my tenth high school reunion and, even then, it was obvious who the “winners” were. Those who pursued trades, showing up at the reunion in their nice vans, electricians self employed, flush with cash. And those with too much education underemployed, like myself. The only saving grace is that college was way more cheaper then it is now, and wages haven’t risen that much since then, so is it worth it? Even 30+ years ago, I don’t think it was worth it. So, why these threads about paying for kid’s college, etc.? And I actually have a FIL who can’t afford to retire due to living a non FIRE lifestyle and he’s starting to say he needs to pay for the grandkids college education because who else can pay for it? (My wife’s sister and her ex husband are both college educated and never had the jobs to pay for much of anything due to poor work ethics/poor career choices such as retail sales due to decent work hours and no real demands.
Nonetheless, is a college degree WORTH IT when you figure out how expensive it has gotten? I’m not talking just about the outlay, vs the ROI, but the hidden considerations, some of which are as follows:
1. Four years it more of limited to no wages when you are out of the workforce.
2. If you want to FIRE, when it comes to Social Security wages, some of those 35 years might become 0.
3. Starting out 4 years later, less time to build equity in real estate.
4. Perhaps higher wages but nasty, and high, student loan debt, none of which is tax deductible when you pay it back and can accrue interest while outstanding.
5. Potentially lower wages overall, but more available income due to no student loans to pay.
6. Less income means you are in a lower tax bracket/pay less in taxes.
I was stubborn and did college for the wrong reasons. But you have to ask yourself, is it worth it and why are so many individuals falling for what might just be one big scam. Colleges and universities, like anything else, especially private ones, are nothing more than businesses.
