Is college worth it?
When considering where you have learned the most in your life so far, is a classroom the first thing that comes to mind? Or is it a sports field, an older sibling, an office, friends, traveling to a new place, parents, or mentors? Now more than ever, success in life does not require a college diploma, and if the idea of college is to help young men and women find themselves, there are certainly less expensive ways of doing so.
Animal House. Drumline. Good Will Hunting. Old School. Accepted. Water Boy. Van Wilder. Legally Blonde. Fun stories...but is college worth it?
Cinematic adventures with a hint of the truth about college
Yes, you make friends, learn how to function in a semi-structured environment, and start to really make decisions for yourself. You’re faced with opportunities to be brave (remind your kid there is a difference between brave and stupid. Stash Wealth’s advice: Choose brave and avoid stupid unless it will make a great story one day).
But let’s not forget these are dramatic stories meant for entertainment. We’re not exactly working with case studies here. READ THIS: SAVER MARRIED TO A SPENDER, CAN IT WORK? Dilapidated front porches, twelve people to one bathroom, two classes per day, corner gas stations, 50-cent hot dogs on game days, unexpected friendships, a little bit of time management, and a whole lot of themed parties. Did we just talk you into going back to school (to prove to Dad you’re not a fool)?
Excuse us while we throw a tiny question mark-shaped wrench into your nostalgia: Is college really worth it?
Seth Godin introduces the famous colleges vs good colleges debate. He says, “Parents can do their kids a favor if, from an early age, they hear them say “famous college” instead of “good college.” Because there’s very little data that shows that colleges with big football programs or lots of Nobel prize winners are actually good at doing what a college should do for an undergraduate. If you want to spend the time and the money and the debt to go to a famous college, that’s your choice. But don’t be confused into believing that a famous one is good.”
Fighting words (or Irish or Okra or Flying Squirrels).
What if the best form of education is not through a classroom but through experience? Did you want to chat about majors for a second? Raise your hand if you’re currently using any knowledge gained from your undergraduate field of study…
Next point: the cost of college
We’ve spoken about 529s and how much they can help with the higher cost of higher education, even covering the cost of K-12 private schools or trade schools, depending on state stipulations. But is the “college experience” only found on the college campus? READ THIS: THE TOP 4 TRAITS THAT MAKE PARENTS GREAT INVESTORS. When considering where you have learned the most in your life so far, is a classroom where your mind travels? Or is it a sports field, an older sibling, an office, friends, traveling to a new place, parents, or mentors?
We started this piece by asking if college was worth it
It’s easy for people with degrees to push their kids to join the club, but fortune favors the bold. We’re challenging you to question whether or not college is the best choice for your kid. And along those lines, should you start saving now (just in case) when there are opportunities for experience through internships, freelance work, and apprenticeships?
In the words of Robin Williams as Mr. Keating in Dead Poets Society, “No matter what anybody tells you, words and ideas can change the world.” It’s up to you to decide if you should save to help your kid have the chance to learn in the classroom. Here’s our breakdown on 529s in case you missed it the first time around. Carpe Diem. [PS - if you’re a HENRY and could use some help deciding or prioritizing your goals, including how to plan for your kids' college, the Stash Plan® might be right for you.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Priya Malani
Stash Wealth, Founder & CEO
Priya is a force in the personal finance space. As an industry disruptor, she specializes in bringing the unapproachable world of money to young professionals across the country.
