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7 Reasons Your Kids Should Skip College

It's a four year—or more—waste of time, author says

By Evann Gastaldo,  Newser Staff

Posted Aug 8, 2010 4:16 PM CDT

(Newser) – College is a must if you want to have a real career, right? Nope, it’s “a scam, a self-perpetuating Ponzi scheme that needs to stop right now,” writes James Altucher for DailyFinance.com. Here are his seven reasons you shouldn’t send your kids:

  • It’ll cost more than you think: Thanks to the fact that more than 60% of college students will take more than 4 years to wear that cap and gown.
  • It doesn’t matter, money-wise: Yes, the difference in income between a college grad and a non-grad is approximately $800,000 over a 45-year career. But if you invest the $200,000 likely college cost in bonds yielding 3%, over those 45 years plus the 4 spent in college, you’ll end up with $851,000.

  • Your kid will end up in debt: The average college graduate leaves school with $23,000 in debt, but those with professional degrees may have more than $200,000 worth. “It's too much for young adults just starting their careers.”
  • You can retire with more: Say, “an extra $1 million to $3 million in the bank with basically no effort.”
For the complete list, including five other ways your kids can spend those 4 years, click here. Still set on sending your kids? Click here to see the colleges that pay off.

A graduate's mortarboard carries messages of love at the commencement ceremony of the UCLA College of Letters and Science on the campus in Los Angeles Friday, June 11, 2010.
A graduate's mortarboard carries messages of love at the commencement ceremony of the UCLA College of Letters and Science on the campus in Los Angeles Friday, June 11, 2010.   (AP Photo/Reed Saxon)
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COMMENTS
Showing 3 of 77 comments
MissShona
Aug 10, 2010 8:27 AM CDT
Wow, it seems as if you can write and say anything nowadays and be taken for an 'expert'. I have many issues with this article. The first is the assumption that college cost $200K over the course of 4-5 years. That is $50K per year for a 4 year degree! Most people pay no where near that. I went to a public university as an out of state student and paid about $20K per year (there is a BIG difference between $80K and $200K)! The second is the assumption that people are just paying for college with money that they have laying around. No. If you are low income, then a good amount of fianancial aid is going to come your way (besides the loans)...pushing the cost of college down further. The final issue I have with this short (and pointless) article is that it puts the national average of '$23K in debt' out there like a cancer diagnosis. $23K in debt is nothing...sorry. It's the cost of a new car, a wedding, the cost of adding a sunroom on to your house...BIG DEAL! The only premise I agree with is that a college degree is not a garuntee for success, and yes, there are a lot of very successful people out there that do not have degrees. However these are the statistical ends of the bell curve here. Those people have either many connections or a family nest egg to help spring them along. The average Joe needs to learn the ropes....play by the rules of the game. Today, those rules are to get a college degree as a prerequisite to a professional career. Case closed.
vapidvortex
Aug 10, 2010 6:38 AM CDT
Without a college degree, I worked at a top 5 brokerage firm for 21 years, became a AVP was a manager of a staff of 15 people and made way more than the national average. College is not always necessary. Additionally, when you're 45, nobody cares where you went to school 20 some years earlier.
TMZ2
Aug 9, 2010 9:31 PM CDT
Well that's all very nice and I agree with some of the reasons....But a degree is worth it to land what little jobs are left. I've been forced to go back and finish a degree because I can't find work in my area. Would have a leg up even with any degree. Plus, I jacked around enough years to have something done already the first time I went. I don't know what to add about the cost going up. Only get it now instead of waiting longer or it will be higher in cost. If you can find a good paying job in this economy without a degree then good for you. Try and do everything to keep it or get enough cred to land something else if they downsize. And if you just can't make it in school or do not want to try I get it. But I have no option up but to finish up the degree I started and it will be a good thing to add to my resume. I can't help you with any perceived bias in education. I know a lot of people on the right say there is liberal bias and it backs up by how college areas voted in 2008. But I've heard people on the left say the opposite about schools in both conservative states and with certain courses like US history. You'll just have to do the best you can on that.
 

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