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
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)

(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.

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