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Old 10-10-2017, 12:20 PM
 
3,483 posts, read 1,700,663 times
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Quote:
Originally Posted by MinivanDriver View Post
Are you going to an elite school to learn arbitrage? Then it's worth it. Are you going to an elite school to become a social worker? Then you're out of your mind.

Likewise, are your parents farting $100 bills? Then go wherever they feel comfortable paying. But if you're having to pony up your own money, then no.

The biggest problem? Universities have utterly failed to control their costs. In the past seventeen years, the ratio of administrators per 100 students has risen something like 65%.

Heck, my wife and I constitute the top 5% for combined household income. But even we were loath to send our kids to private school. My daughter wanted to go to Tulane, with a tuition of more than $50,000. That's the equivalent of a BMW for four years.
Sticker price is hardly reflective of what most students actually pay. Even at $50k/year, an elite education is much more valuable in the long run than 4 premium mass market sedans. The elite education (paired with a young adult with work ethic) will grow in value over time. The 4 premium sedans will decline, and will be scrap metal in 20 years or so.
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Old 10-10-2017, 12:50 PM
 
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Originally Posted by rarog View Post
But what kind of money do people make working at a museum? If they're making $40k, taking on 6 figures worth of debt just isn't worth it. Which is why I say it depends on major and career choice.
For me, what you learn would be the deciding factor.

I'd be much more likely to spend 50K a year to send my kid to Julliard over some mediocre music school than I would to send him to say ... UPenn over Rutgers to study business.
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Old 10-10-2017, 12:58 PM
 
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Quote:
Originally Posted by TheCityTheBridge View Post
Sticker price is hardly reflective of what most students actually pay. Even at $50k/year, an elite education is much more valuable in the long run than 4 premium mass market sedans. The elite education (paired with a young adult with work ethic) will grow in value over time. The 4 premium sedans will decline, and will be scrap metal in 20 years or so.
I disagree.

I might even be inclined to say "I'll take the difference that I saved by sending you to Rutgers instead of say ... Boston College and put it in a bank, and when you're 40 years old, I'll give you that $ and you'll be glad that I did."
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Old 10-10-2017, 01:06 PM
 
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I got into an "elite" school. It wasn't going to cost any more than the other schools I had applied to so the choice was easy. I'm sure thats not always the case but I think it is difficult to make broad conclusions.
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Old 10-10-2017, 02:53 PM
 
Location: NY/LA
3,088 posts, read 2,555,921 times
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Originally Posted by jobaba View Post
For me, what you learn would be the deciding factor.

I'd be much more likely to spend 50K a year to send my kid to Julliard over some mediocre music school than I would to send him to say ... UPenn over Rutgers to study business.
You don't think the networking advantages at Penn/Wharton are worth it?
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Old 10-10-2017, 03:08 PM
 
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Originally Posted by Mr. Zero View Post
You don't think the networking advantages at Penn/Wharton are worth it?
If my kid really wanted to make $, then I'd tell him/her to be a doctor.

If, for some strange reason, they were passionate about microeconomics, then yea, I'd consider it.

Personally, I don't think that's a good route to make a lot of $. But TBH, I just picked a random major, I probably shouldn't have named Wharton Undergrad Business school, lol.

Last edited by jobaba; 10-10-2017 at 03:16 PM..
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Old 10-10-2017, 03:53 PM
 
Location: Fairfax County, VA
1,387 posts, read 602,948 times
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There is competition is every field. It's the ones who enjoy or are challenged and fulfilled by their studies and work who will in the end be able to cut the mustard and excel.
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Old 10-10-2017, 06:37 PM
 
Location: WI
2,820 posts, read 3,066,220 times
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Quote:
Originally Posted by jobaba View Post
If my kid really wanted to make $, then I'd tell him/her to be a doctor.

If, for some strange reason, they were passionate about microeconomics, then yea, I'd consider it.

Personally, I don't think that's a good route to make a lot of $. But TBH, I just picked a random major, I probably shouldn't have named Wharton Undergrad Business school, lol.
Medicine isn't really a good field if you want to make lots and lots of money. Better off to get into investment banking, management consulting, etc. - aka the kinds of fields where a Wharton degree is very much worth it.
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Old 10-10-2017, 06:42 PM
 
Location: Raleigh
8,007 posts, read 5,304,066 times
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Quote:
Originally Posted by survivingearth View Post
Schools are getting more and more expensive, but it is worth the extra tag. Are elite schools in specific really worth the high costs?
I believe that we need more students to learn a useful skilled trade like carpentry, plumbing, or electrical work. Some of these fields can be earning $60,000 with just a few years of training and apprenticeship, and avoid a ridiculous debt load for a degree in philosophy of eastern religions, or underwater basket weaving.
If you want a liberal arts education after that, join a book club.
https://en.wikipedia.org/wiki/Harvard_Classics
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Old 10-10-2017, 08:26 PM
 
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Originally Posted by strawflower View Post
Medicine isn't really a good field if you want to make lots and lots of money. Better off to get into investment banking, management consulting, etc. - aka the kinds of fields where a Wharton degree is very much worth it.
There's so many factors out of your control if you go into the high corporate world ... investment banking, corporate law, Big 4, consulting.

Hard work and intelligence is just one factor. Your personal skills, leadership skills, and really luck of the draw are going to mean a lot.

Trust me when I say that of every 5 people I know who started out in the high corporate world, only 1 is still in it. I'm in my 40s.

OTOH, if you're a doctor, and you work hard and are diligent, you'll make a lot of $, and you'll always have a job. It's a safer bet.
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