It’s been nearly a year since Formula Capital’s James Altucher discussed his theory on why sending your kids to college is a bad idea.
The segment proved to be one of Tech Ticker’s most popular…and controversial of 2010. (See: Rethinking College as Student-Loan Burdens Rise)
More recently, a report based on the book Academically Adrift: Limited Learning on College Campuses found that after two years of college, 45% of students learned little to nothing. After four years, 36% of students learned almost nothing. (See: Brain Drain: Most College Students Learn Next to Nothing, New Study Says.)
Meanwhile, the cost of college keeps rising — 20 times the rate of inflation and much faster than say healthcare costs — and student loan debt keeps growing. As of mid-2010, U.S. student loan debt totaled $850 billion vs. $828 billion for credit card debt, according to the Federal Reserve.
So with more people coming around to the idea that maybe Altucher is onto something (vs. being on something), the money manager and author is back with a follow-up: The 8 Alternatives to College:
- — Start a business.
- — Work for a charity.
- — Travel the world.
- — Create Art.
- — Master a Sport.
- — Master a Game.
- — Write a Book.
- — Make People Laugh.
“Whenever I suggest ‘don’t send your kids to college’ a lot of very smart people invariably come back with the response, ‘well what else should they do?’,” Altucher writes on his blog. “So I figure I will help people out by coming up with a list and try to handle the criticisms that will certainly arise even before they arise. I can do this because I have a college degree. So I’ve learned how to think and engage in repartee with other intelligent people.”
In the accompanying video, Altucher “repartees” with Henry and I about his alternatives to college and addresses the most powerful thing working on behalf of higher education: The huge gap in employment between those with and without college degrees.
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