It’s quite amazing that the bias in favour of college continues to survive against mounting evidence that it is a bad investment for many young people and their parents.
At the top of intelligence scale, most would-be college students would clearly be better off avoiding college in favour of joining a start up, founding their own company or simply pursuing intellectual pursuits outside of the traditional four-year college.
At the bottom of the intelligence scale, the would-be students would be far better learning a trade without accumulating tens or even hundreds of thousands of dollars of debt. Even middling students would probably be better off seeking a profession that is not irrationally closed off to those without a college degree.
“In this environment, opportunity cost trumps tradition. For many undergraduates and parents, the cost of going to college is now far greater than the supposed benefits,” a new story on Minyanville reports.
“College costs — along with living and medical costs — are rising, and salaries are going down right now,” Managing Director of Formula Capital and Wall Street Journal columnist James Altucher said. “College graduates don’t have the same benefits as they did 30 years ago.”
Parents should beware of their child’s intentions. Many students want to spend their parents’ money — it’s their last chance to go all out…
“If a student wants to go back to school in their 20s, when they’ve made some money, traveled, and matured a bit, then go ahead,” Altucher said. “But a parent shouldn’t have to spend $50,000 a year for their kid to go to frat parties all day long.”