My degree isn't worth the debt!

12 posts / 0 new
Last post
Shill
Shill's picture
Offline
Joined: 06/14/2011
Posts: 3699
My degree isn't worth the debt!

http://money.cnn.com/galleries/2011/news/economy/1106/gallery.student_debt/?iid=Lead

Edited by admin on 11/08/2014 - 05:06

__________________

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

agauinvest
agauinvest's picture
Offline
Joined: 06/15/2011
Hat Tips: 496
Posts: 238
I know mine aren't

I look back and say "What was I thinking?"  Finally, 16 years after college, 13 years after law school and 11 years after MBA school, my debt is down to about 1 year's net income.  Just insane.

pourty
pourty's picture
Offline
Joined: 06/14/2011
Hat Tips: 2678
Posts: 355
Bad Parenting

This is what happens when parents dont' teach their kids sound economics before they leave home.

I had the same problem, fortunately, I went into a field where I made a lot of money and was able to climb out of debt.  It wasn't entirely luck, I picked a field knowing it was growing and going to be lucrative, but I had no idea of sound economics at the time.

My kids will learn from my mistakes.  I talk with them regularly about the evils of debt and how to handle money, and I go through my budget and investing principles with them.  I wish my parents had done this with me, I was clueless when I graduated college and had to learn it all the hard way.

agauinvest
agauinvest's picture
Offline
Joined: 06/15/2011
Hat Tips: 496
Posts: 238
re:bad parenting

Just to theorize here - a "mistake" one generation may be the smartest possible move for the next generation (and, unfortunately the reverse).  Parents to my generation experienced that getting into professional fields would overcome any student loan burden they could have taken on in order to do so.  For my generation, that is not the case.

It's hard to apply economics in a way that will help when all you have experienced is a certain rate of growth over more than a generation, and then utilizing the same economic assumptions bites one's butt decades later.  I can give you two sets of assumptions that do not look dramatically different, but will, 20 years after a decision is based on them, lead to drastically different results.

I'm sure that by the time I'm 70 (j/k - sort of), I will be able to economically justify the expense.  Still, the assumptions obviously were faulty (mostly on the projected income and growth rate of income side) as I never would have made those decisions based on 28 years to payback (since entering date of college - which includes foregone income, etc.) that it would pencil out to now.

pourty wrote:

This is what happens when parents dont' teach their kids sound economics before they leave home.

I had the same problem, fortunately, I went into a field where I made a lot of money and was able to climb out of debt.  It wasn't entirely luck, I picked a field knowing it was growing and going to be lucrative, but I had no idea of sound economics at the time.

My kids will learn from my mistakes.  I talk with them regularly about the evils of debt and how to handle money, and I go through my budget and investing principles with them.  I wish my parents had done this with me, I was clueless when I graduated college and had to learn it all the hard way.

Dr Durden
Dr Durden's picture
Offline
Joined: 06/14/2011
Hat Tips: 5371
Posts: 730
pourty wrote:This is what

pourty wrote:
This is what happens when parents dont' teach their kids sound economics before they leave home.

Winnar! 

But this whole thing about college being a "rip off" is asinine. Not a chance I'd be where I am now without a college education.

__________________

Got GIABO?

"It's called the American dream, because you have to be asleep to believe it." ~George Carlin

SilverTree
SilverTree's picture
Offline
Joined: 06/14/2011
Hat Tips: 4521
Posts: 624
NIA

Peter Shiff got the NIA with a pump-n-dump scam.

Be Prepared
Be Prepared's picture
Offline
Joined: 06/14/2011
Hat Tips: 22647
Posts: 1839
School of Hard Knocks

It really does depend on your early exposure to economics.  I always understood growing up that we were on the poor side of things.  When you start out early working as a farm hand at twelve, you see very quickly how hard work and money are intertwined.  I joined the Army so that I could get the G.I. Bill.   When I finished my service, I still worked 30 hours a week so that I would avoid leaving college with a big debt load.  It wasn't a lot of fun and I wasn't like most students partying every night.

The thing I realize is that even if my kids understand economics..... I am not sure that America will provide sufficient opportunities to give them a better livelihood then what I was able to achieve..... based upon the devaluing FRNs, the standard of living in America is on the decline and will continue so for quite awhile.

__________________

Plan for Tomorrow, but Work your Plan Today

lilbromarky1
lilbromarky1's picture
Offline
Joined: 06/15/2011
Hat Tips: 2464
Posts: 292
Its different for the early

Its different for the early 20 somethings graduating now.  It also depends where you live.  Im in pennsylvania on the main line and things havent really fallen apart here yet.  Real estate is still way way overpriced and everyone has hot new cars in the parking lot of my office place.  Pharmaceutical Ind are embedded here and it shows.

College is definitely a bubble that's soon going to be popped.

__________________

Like my ideas? Check our blog at: http://backtobasicseconomics.blogspot.com/

Warren Peace
Warren Peace's picture
Offline
Joined: 06/14/2011
Hat Tips: 850
Posts: 105
The high cost of a lack of discipline...

The Universities of the old world were the only places where books and knowledge could be accessed by an aspiring young student. It wasn't for everyone, and it was costly, only available to the upper echelons of societies. The graduates emerged from these as elites, simply because they had something that 98% of the rest of humanity scarcely knew existed..... knowledge.

Universities today still have some knowledge to offer, and some good instructors. They also harbor binge drinking, a party atmosphere, and a total lack of discipline on the part of most students. Most of the instructors only wish to indoctrinate young students with modern social drivel, and a laughable farce of economics based on command/control big government, and keynesian nonsense. Oh, there are still some solid hard science holdouts, but lets face it, the modern 'rounded' graduates have been so damaged by the social science pap, and a complete lack of training in logic, they are actually dumber by the time they hit the real world..... and there are legions of them!

There is, however endless value in true knowledge. I think I would make the argument that university is no longer the place to acquire it. Instead, get a library card, and an internet connection. These are a whole hell of a lot less expensive, and less dangerous. Find some elders you know that have a reputation for sound thinking, and wisdom to teach you logic. This will keep you from getting snared by corrosive patterns of thought that destroy true knowledge, and rot the soul. You will need discipline for this route, but you will end up with true treasure, that no man can take from you.  Wealth will come to you more easily. You will have a sound mind and will not fall for every fraud, and charlatan that comes along to separate you from your wealth (think Al Gore). This is the only way I see to begin to take back our society.... It cannot happen so long as we are sending youths away to institutes of corrosive decay to have their clear thinking, and conscience stripped from them. And it is a needless waste, as knowledge is now so incredibly available to almost everyone with internet, and libraries.

kenklave
kenklave's picture
Offline
Joined: 06/14/2011
Hat Tips: 574
Posts: 82
Nonsense

College is a huge scam. There is absolutely no cost-benefit correlation. Colleges maximize enrollment to maximize income, and lower standards in the process. Their product, education is diluted. Most everyone would be better of not attending college today. You want an education, read a few books and start experiencing things in the real world.

Now there are some jobs, some professions that require advanced education. That is fine to pursue, but it isn't an investment. It is a lifestyle choice, no different than your house. I wear a suit to work and drive a nice car. I have my "education" to thank for that. Learned nothing, but they ave me a piece of paper that said I paid them money. Six digit debt and I,m a slave no different than anyone else. Just have nicer toys. But I get up and work everyday, I have to. No getting off this wheel. If ICANN save one person this fate it be the best thing I've ever done.

The debt owns you. They own you. The govt handling ALL student loans now. It is one more method of control. Oh you 100k, you go work here and we,ll forgive that. You accept this job at a cut-rate wage and we,ll forgive that debt. They don't have to you use force they own you already and you will be grateful for your merciful overlords. How magnanimous!

Don,t worry about confiscations of your precious and 401k. They,ll simply tax your pm transactions at 90%. Can't prove your basis? No problem we,ll assign you one, prove us wrong. They will crash the market and take it so low you will be begging them to replce it with treasuries.

No it's all crooked. College nonsense. Let them ave it. Never did me one bit if good.

TheGoodDoctor
TheGoodDoctor's picture
Offline
Joined: 06/14/2011
Hat Tips: 11941
Posts: 1286
College is a lot like

College is a lot like fractional reserve banking. The secondary educational institutions flood the economy with graduates but instead of causing wage inflation you have malinvestment by the students themselves who thought there would be a specific number of jobs in that field only to find out there are not as many jobs in their chosen field. Debt slaves they become.

It's sad really since this version of the American Dream goes along with perpetual growth equaling perpetual taxation. Meaning that the reason the government overspends is because they think population growth is infinite so taxation should be infinite. No one planned for weakened growth!

__________________

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz

maravich44
maravich44's picture
Offline
Joined: 06/22/2011
Posts: 1221
Finite World

Saw a movie recently and the question was posed by an old school farmer, How can there be infinite supplies/quantities in a finite world?

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Topic locked
Syndicate contentComments for " My degree isn't worth the debt!"