Rising College Costs: Is It Worth It?
October 22nd, 2007 by The Money Moose
The average cost of a private four-year college has risen to a substantial $32,307, according to some new findings by the College Board
“Excluding room and board costs, average published tuition fees at a private four-year college in 2007-08 climbed 6.3 percent year over year to $23,712, according to the College Board, a non-profit association of more than 5,200 schools, colleges and universities.”
6.3% per year. That’s a HUGE INCREASE! My portfolio only gains me around 2 cents a year - a modest 1% increase. Just think of what you could do with all of that money instead of spending it on school. Who needs an edumacation anyway?
Lets say you want to go to Harvard. Trust me, you don’t. You’ve gotta do these things called tests and listen to teachers talk about stuff like why George Washington was such an important part of America. I didn’t get it. Seriously, who is this Washington dude anyway? They also tried to teach me something about eekonamics. Had something to do with numbers, but I really didn’t get it. That’s why I’m publishing a blog based on economics and business - way easier than eekonamics.
Away from that tangent, though. Say you want to go to Harvard. That’ll run you about $40,000 including boarding there and fees. Lets say you get a job at McDonalds instead, keep your 40,000 dollars, and continue living in your parents basement. Your annual salary that you’re going to keep is going to be about $15,000. If you can manage to get a decent portfolio that accrues 10% per year (just listen to Jim Cramer or something. He seems like a smart dude). Think about that. In fact, here’s a very fun graphic that’ll show your career in the food service industry…
See how great life will be? Assuming you purchase nearly nothing and steal your food from your workplace, by age 24 you’ll have a networth of $200,000!
Don’t you guys regret going to college?
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This entry was posted on Monday, October 22nd, 2007 at 5:52 pm and is filed under Financial Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
October 23rd, 2007 at 2:56 pm
I love your post Moose. As always you leave me smiling, even though you tackle an important subject. I think there are alot of young adults out there debating work or college, and this gives them something to think about.
October 23rd, 2007 at 3:03 pm
yah edumakation IS 4 lozers se how wall i teep witout collage?
Hopefully I have helped someone, somewhere make a positive change in their life. Isn’t that the real reason for me writing this post?
That and making some big moolah.
October 23rd, 2007 at 6:17 pm
You neglected to mention the interest rate on the loan and how that will eat away at your ‘profits’
October 23rd, 2007 at 6:24 pm
Good point!
This is a fantastic post!
October 23rd, 2007 at 6:34 pm
Nate - Loans for what? For college? Yeah. Those things aren’t very fun. Not fun at all, in fact.
Brad - That’s what I’m here for.
October 23rd, 2007 at 8:23 pm
boy do i regret it
not for the cost (i had army money, grants, workstudy) only had like $13,000 in loans
but i think it was just a waste of time not to mention all the money i coulda been making while going to college
October 23rd, 2007 at 8:33 pm
Exactly.
And, anyway, lots of people that are millionaires dropped out. Like rock stars.
And we all know that we all have 100% chances of becoming musicians when we drop out. Right?
October 24th, 2007 at 4:04 pm
I’m thinking reform school HAS to be cheaper!
October 24th, 2007 at 5:10 pm
Yeah my college ed got me nowhere but married, barefoot and preggo.
Mickey D’s managers on the other hand make a mint I hear.
~Signed: Solicity Sock Monkey
November 9th, 2007 at 9:09 pm
Investing requires so much discipline though, not sure if the average student can handle loosing money short term, and having faith in their portfolio, etc etc… All in all, students should be smarter about everything in this day ‘n age: Planning out their routes so they don’t drive as much, making lunch at home, cutting out starbucks, using book sites such as Pazap.com to shop for the best prices on expensive textbook using their cell phones, etc…It’s a tough world nowadays.