Quote from oldtime:
I have a couple of kids with masters degrees and I can tell you how it works. Very little of the student loan goes to the university, the rest goes so they can go to school without having a real job, or even a partime job delivering pizza or waiting tables.
They get a bachelors degree and don't like the pay so they go back and take out a loan to get a masters. The problem is, even with a masters the best job they can get is their old job but now with a whole lot more debt.
The whole lure of student loans is another couple of years without working a real job (or even a part time job.)
yeah well, for a brief time people got to experience what it was like to be richQuote from Zr1Trader:
This is a great explanation of pretty much how it is.^^^
This is similar to housing bubble, and easy credit that led up to it. Has the bubble essentially already crashed via sallie mea since they own most of the debt or do we have yet to see the worst of it? It's basically all on the US taxpayers back right? Since the gov't owns almost all student loan debt.
Quote from sle:
I have yet to see an unemployed actuary, or an unemployed programmer with a degree from a good school, or an unemployed anyone who actually learned something useful in school. Good education is still the best investment a young person can make. So yes, taking out student loans for Columbia, Duke or MIT is a great idea and it will achieve a great ROI.
Somehow, when a loser with a degree in Film Studies from Marylou Valley College can't find a job it's the fault of the system. Own up, people - if you actually worked for a change, you can be the part of the very same 1% that you despise.
and then I have another one with a degree in Psychology. The best I could tell her was, "Well, maybe a job in the Human Resource Department."Quote from sle:
I have yet to see an unemployed actuary, or an unemployed programmer with a degree from a good school, or an unemployed anyone who actually learned something useful in school. Good education is still the best investment a young person can make. So yes, taking out student loans for Columbia, Duke or MIT is a great idea and it will achieve a great ROI.
Somehow, when a loser with a degree in Film Studies from Marylou Valley College can't find a job it's the fault of the system. Own up, people - if you actually worked for a change, you can be the part of the very same 1% that you despise.
Sure, you can become a day-trader at the age of 19 and pretend that you are super-rich on the internet. The reality is, however, that your best way to become a millionaire is to get a highly paid professional job (doctor, actuary, corporate law etc) and and start your own business when you have a nice cushion to lean upon.Quote from Zr1Trader:
If you want to make lower 6 figures a year, go to a high end college and hope you can work your way up the corporate ladder. If you want to be a millionaire and are willing to stop at nothing short of your goal, college is just a waste of time.
if all you want to be is a millionaire your best bet is to get a job the day you graduate from high school and to max out your 401k and IRA.Quote from sle:
Sure, you can become a day-trader at the age of 19 and pretend that you are super-rich on the internet. The reality is, however, that your best way to become a millionaire is to get a highly paid professional job (doctor, actuary, corporate law etc) and and start your own business when you have a nice cushion to lean upon.
PS. Have you even heard of survivorship bias?
Out of all non-numeric and non-business degrees, Psychology is (maybe) the only one that has value, under assumption you went to good school. I used to see a therapist, she graduated from the H school (same year as yours truly) and after getting a PhD in clinical psychology, was doing pretty well for herself. I would imagine industrial psychology and other stuff is out there too...Quote from oldtime:
and then I have another one with a degree in Psychology. The best I could tell her was, "Well, maybe a job in the Human Resource Department."
Quote from sle:
Sure, you can become a day-trader at the age of 19 and pretend that you are super-rich on the internet. The reality is, however, that your best way to become a millionaire is to get a highly paid professional job (doctor, actuary, corporate law etc) and and start your own business when you have a nice cushion to lean upon.
PS. Have you even heard of survivorship bias?
Ha, is that so? You graduate at the age of 18 and work to the age of 65, so thats 47 years (564 months). I think for someone without any financial knowledge, 5% per year is as good as you can get it in terms of reliable returns (even that is pretty hard). So, to be a millionaire by the time you retire you have to set aside 400 dollars a month, assuming monthly compounding. Not a small feat if you are making 25-35 grand a year.Quote from oldtime:
if all you want to be is a millionaire your best bet is to get a job the day you graduate from high school and to max out your 401k and IRA.