Great work "poster"

[old and tired]

I've been working since I could push a lawn mower. I never really had a loan (except a house loan). If I didn't have money, I didn't buy it. I paid my way through college... and had a resume with 17 jobs which also gave me the opportunity to pick from 4 job offers once I graduated. I did borrow $1k from my grand mother for the final semester of college, first pay check, I paid her back...

The fact that people go to college and not work to pay for it... is beyond me. Did anyone check out Mike Rowe's page, I connected with his pledge: (pretty much sums up my thoughts... my family never had any money.)

 

[airbiscuit]

The GI Bill invested in education and it boosted our economy. Technology is disrupting jobs and careers, and those who don't upgrade their skills accordingly will suffer. I would love to see the number if 1,2 and 4 year first generation college graduates double in the next 10 years. It would have a profound impact for generations to come.

 

[MossRoad]

I think there is a program in Indiana (perhaps Purdue) where they "invest in students". Based on your major they will make an investment and pay for your education. If you succeed and get a good job, you pay it back with a healthy return. If you end up without a decent job, the money is considered a write-off. Essential a venture capital program for people. I understand it is quite successful.

Yes, there is something like that at Purdue. It came about right as our last kid got out of there (of course). I think they base your payback on a percentage of your income, or something like that.

We helped put both of our kids through Purdue. Purdue froze tuition in 2012 for at least 10 years. That was great, as we knew what we would have to pay and not guess how much it would be the following year.

If A Large Public Land Grant Can Freeze Tuition For 10 Years, So Can Every University

It's time for tuition freezes and cost reductions to become a goal for all colleges and universities. Doing so will usher in a dynamic new era for American higher education.

www.forbes.com

Fortunately, Purdue is a bargain. Between the 529 College Saving Plans, kids working, and kids getting scholarships, both got out of Purdue debt free. Older one went to grad school and got a master's degree. She had to borrow $30K. She's 29 years old and the debt is down to under $5K. Kid is a workhorse.

 

[Sigarms]

Ah, yes. Sunday morning devil's advocate.

Currently, and for the past umpteen decades, that contractor can write off the cost of that machine and/or declare bankruptcy and wipe all his debts, while the only loans that aren't forgivable are student loans. They follow the debtor to the grave with very, very few exceptions.

Have everyone that has used depreciation or declared bankruptcy to wipe their debt pay back all that money first.

I think you over estimate how many trade businesses declare bankruptcy. Working in the trade you need supplies, and credit when used properly is GREAT thing to have.

 

[Sigarms]

I agree one of my friend is a carpenter and created his business right after school. He didn’t play it smart in many ways but he tried to get loans for vehicles and couldn’t because of his credit. He is too high risk and his salary is not garantie so he started purchasing things cash, now 10 years later and the snow ball effect and he is still in this situation despite having an successful business but still can’t get himself a loan to purchase a house.

Something isn't adding up with your friend as far as running successful business and not being able to get a loan and being "high risk".

The bigger issue is there are some great guys who know how to work in a trade and are good at and then start their own company, but the issue is they never take a business or job costing class on how to determine what you should be charging to grow your business. I know for a fact that if you own your own business in a trade, work out of your house and own all your tools and vehicles, you're running at LEAST 15% in overhead costs running that business from the get go. Insurance, fuel and administrative costs (jobs within the company that don't produce revenue) add up quicker than you realize.

 

[workinonit]

This is pretty simple. If you have a loan or someone in your family that impacts you has a loan then you are for having them releived. If you don't then you are against it. Having a PA for a daughter with $250,000 in debt puts a different light on the situation for me. Especially when she is helping sick, contagious patients everyday in the emergency room.

 

[Sigarms]

There's no way to get out of a student loan except pay it off or die.

You go to college and take out a loan, you better understand what kind of job you're going to get to pay off that loan.

My 4 year degree from a well known decent college past 30 years ago (less room and board) cost me $49,000 today accounting for inflation. A 4 year degree from Wake Forest today will run you $59,000 less room and board, and books (I can remember those days even back when I was in school buying used books because new books were stupidly high in cost).

It seems that with the American dream today, the only way to make money is with a college education, which is where I think Mike Rowe is saying that line of thinking is horse manure.

End of the day, the one variable that can't be included in numbers is work ethic. I don't make money due to my college degree, but due to my work ethic and understand the value of saving and living within your means. I got married in 2003, total wedding bill ran us $4,500, which we paid ourselves. My cousin (who had 4 yer degree from Moravian college which was pretty pricy) got married in 2004 with a bill over $36,000, for which most was covered by her parents (and her video bill wasn't paid a year later because she asked me for a copy of the one we took that we showed at family Christmas a year later because she still didn't have hers). That same cousin with a college degree is no different than my other cousin without a college degree, in that they both have hard time with credit because they IMO don't handle their money well.

Point being, there are other factors other than a college degree that determines where you will be at later in life.

 

[workinonit]

It's more like $66K and just FYI that's for ONE year, not 4 years.

 

[Sigarms]

It's more like $66K and just FYI that's for ONE year, not 4 years.

I had to look. My wife, when graduating high school in Vermont in the 80's went to college here, moved back to Vermont after graduating going into the workforce, then 30 year laters, we're only 30 minutes from the same "college" she went to. She worked while going to college, and graduated with no debt.

Forsyth Technical Community College - Net Price, Tuition, Cost to Attend, Financial Aid and Student Loans

Discover the details of the $17,522 annual cost for Forsyth Technical Community College. How much finanancial aid can you receive and what will you really have to pay?

www.collegesimply.com

 

[MossRoad]

You go to college and take out a loan, you better understand what kind of job you're going to get to pay off that loan.

My 4 year degree from a well known decent college past 30 years ago (less room and board) cost me $49,000 today accounting for inflation. A 4 year degree from Wake Forest today will run you $59,000 less room and board, and books (I can remember those days even back when I was in school buying used books because new books were stupidly high in cost).

It seems that with the American dream today, the only way to make money is with a college education, which is where I think Mike Rowe is saying that line of thinking is horse manure.

End of the day, the one variable that can't be included in numbers is work ethic. I don't make money due to my college degree, but due to my work ethic and understand the value of saving and living within your means. I got married in 2003, total wedding bill ran us $4,500, which we paid ourselves. My cousin (who had 4 yer degree from Moravian college which was pretty pricy) got married in 2004 with a bill over $36,000, for which most was covered by her parents (and her video bill wasn't paid a year later because she asked me for a copy of the one we took that we showed at family Christmas a year later because she still didn't have hers). That same cousin with a college degree is no different than my other cousin without a college degree, in that they both have hard time with credit because they IMO don't handle their money well.

Point being, there are other factors other than a college degree that determines where you will be at later in life.

Wake Forest tuition is about $58K per year, less room and board. That's $232K for 4 years. That's a few used dump trucks.