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I'll go you one better....if parent's had the forethought to invest $6250 on the their Child's first Birthday...(assuming market return of 10% over 70 years), you would also be giving your child approximately $6.4 million when they reach 71 years old.

 

One thing I see is that many young people don't have much money to invest but I see many of them with tattoos...they must be giving those away.

 

Saving/investing is boring...but my Dad always said....your weath is not what people see you spend, but what they don't see you save.

 

 

 

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2 hours ago, Blindcheck said:

You might make $2.3 million more with a college degree than without....however

 

If you took $50,000 and invested it at age 22 instead of spending roughly $50.000 on an education at age 22.....you would have about $6.4 million at age 71 if invested in the broad market and achieved a 10% return over those 49 years.

 

Youth is wasted on the Young.

 

 

 

It takes a little luck in timing as well.

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9 hours ago, HuskerFever said:

 

It takes a little luck in timing as well.

On that long of time horizon, timing isn't going to be significant....as long as the market performs as it has throughout its history (now this is not guarantee, as past performance has no bearing on future performance)

 

 

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13 hours ago, aphilso1 said:

As a guy in my early 30's who graduated college at the start of the great recession, I've found that many acquaintances my age are a decade behind in their careers.  Those were generally the same people that graduated with communications and sociology-types of degrees, or graduated with a more career-specific degree but with poor grades.  Those of us that achieved academic success in a career-specific major (finance, engineering, actuarial science, nursing, etc.) still found good jobs right away, regardless of the recession.  Granted, the economy has stabilized a lot in the past nine years, but at least in my anecdotal experience there is a giant gap in demand among different majors.

 

Regarding the thought that a college education should be viewed as something other than what it is--- a prerequisite and training for your future job---I could not disagree more.  I had lots of friends in college that wandered from major to major wasting their parents' money and/or accumulating debt.  They all had this point of view in common, and it drove me bonkers.  For some people, college is about finding yourself and enlightenment.  That amounts to one very expensive hobby if you're going to college without some specific career opportunities in mind.  

 

 

Thorstein Veblen would appreciate your sense of practicality. 

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1 hour ago, jimmykc said:

Isn't Veblen a power forward on the Norwegian 17 and under team?

He was Norwegian. He’s dead now and he thought sports were an example of conspicuous leasure and should be ended. Nothing but the practical was worth doing or preserving. 

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On 6/29/2018 at 9:44 AM, Dean Smith said:

Thorstein Veblen would appreciate your sense of practicality. 

 

First of all, solid reference.  Veblen isn't a name that comes up in most casual dinner conversations.  Second, while I'm sure the Veblen comparison was meant to be insulting, it's hard for me to take it that way.  The dude was a genius even if he was a little odd.  And he didn't live in an era of post-USSR 20/20 hindsight.  Some of his thoughts were pretty revolutionary and had yet to be proven wrong via the actual application of socialism.

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On 6/28/2018 at 2:29 PM, Dean Smith said:

About what aspect? 

All the statistics belay your assertion that college doesn't provide as many advantages as it used to. The data shows it is more important today then it had been in the past. And there is empirical data including many universities openly stating that the reduced government support directly lead to the rising cost of tuition and fees. 

 

Are you able to factor ambition out of the equation?

 

Ambitious people probably do better than non-ambitious people.  Ambitious people are probably also more likely to go to college.  But ambitious people who don't go to college probably do better than their non-ambitious peers.

 

And what is it about college grads that they're more likely to be married?  Did going to college do that?  Or is there something else about them that explains both their propensity to graduate from college AND their propensity to get married?

 

Or are you saying that the FACT of going to college makes one more likely to get married?

 

Hence my comment that you're mistaking correlation for causation.

Edited by Norm Peterson

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3 hours ago, aphilso1 said:

 

First of all, solid reference.  Veblen isn't a name that comes up in most casual dinner conversations.  Second, while I'm sure the Veblen comparison was meant to be insulting, it's hard for me to take it that way.  The dude was a genius even if he was a little odd.  And he didn't live in an era of post-USSR 20/20 hindsight.  Some of his thoughts were pretty revolutionary and had yet to be proven wrong via the actual application of socialism.

It wasn’t meant to be an insult. Your comment reminded me of Veblen. He wasn’t a fan of the gilded age version of capitalism but disagrees with Marx on many points. 

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1 hour ago, Norm Peterson said:

 

Are you able to factor ambition out of the equation?

 

Ambitious people probably do better than non-ambitious people.  Ambitious people are probably also more likely to go to college.  But ambitious people who don't go to college probably do better than their non-ambitious peers.

 

And what is it about college grads that they're more likely to be married?  Did going to college do that?  Or is there something else about them that explains both their propensity to graduate from college AND their propensity to get married?

 

Or are you saying that the FACT of going to college makes one more likely to get married?

 

Hence my comment that you're mistaking correlation for causation.

You use the word “probably.” Science doesn’t work with probablies. Trying to measure ambition and it’s effects on society would be something a sociologist would try to study, which was my point to begin with. It is a very useful field. Many in law enforcement have sociology degrees. If more did we might avoid much of the events that land them on the local news. 

 

College puts people in close contact with others of the same age and interests that makes marriage more likely. Opposites may attract but they rarely get married and if the do, it is even rarer that they stay married. Money is a large factor in people getting and even more important in staying married. 

 

Lack of ambition (which we could debate what is meant by ambition as well) is surely a large factor in people not going to or graduating college but it is not the most important. I can find the study if you need me to but the number one factor in if you go to college, what type of college you go to and do you graduate is parents income. The US is at the bottom of economic mobility when looking at developed nations. It is possible to move up but ambition and hard work is no guarantee of that happening. I will concede that lack of ambition and hard work is a pretty good guarantee of it not happening. The American Dream is alive but it’s in Denmark now.

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I know many wealthy people. Half graduated from college, half didn't. Ambition, drive, consistency and handling tough moments is what made all of them money. How do you explain going to 3 different colleges in a job interview. That makes it hard to get an interview let alone a job. Hope he likes selling insurance in Louisville

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1 hour ago, DOATHLON said:

I know many wealthy people. Half graduated from college, half didn't. Ambition, drive, consistency and handling tough moments is what made all of them money. How do you explain going to 3 different colleges in a job interview. That makes it hard to get an interview let alone a job. Hope he likes selling insurance in Louisville

He tells them I played D1 basketball. Studies have also show when most other things are equal, taller people get the job. 

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7 hours ago, Dean Smith said:

He tells them I played D1 basketball. Studies have also show when most other things are equal, taller people get the job. 

 

Ain't that the truth!

 

 

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The funny thing is....we define wealth by what we see...but I would venture to bet that some the wealthiest person in your neighborhood is not the person you would pick if given a chance to determine who it is.

 

Wealth is accumulated by saving and investing and those that make a lot of money, often spend a lot of money.....

 

 

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I don't define wealth by what I see..........some of the wealthiest people I know look like they have nothing. They don't care about possessions. My quote above is true. Ambition, Drive AND consistency. Lots have ambition and or drive. Consistency and staying at the top is the hardest thing to do. That's where Akoy made his mistakes. However, he is soon young that he will likely learn from it. But I'm telling you, that many schools on a resume is a huge red flag. Most people doing the hiring aren't jock sniffers. 

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9 hours ago, Blindcheck said:

The funny thing is....we define wealth by what we see...but I would venture to bet that some the wealthiest person in your neighborhood is not the person you would pick if given a chance to determine who it is.

 

Wealth is accumulated by saving and investing and those that make a lot of money, often spend a lot of money.....

 

 

The wealthiest people in your neighborhood might be wealthy in comparison to the rest of us but they aren’t really wealthy in the big picture. I suppose you might see Warren Buffet somewhere in Omaha but you and I don’t get to go anywhere near where the 1% lives and hangs out. The real wealth in this country is inherited and that doesn’t take that much ambition. 

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27 minutes ago, Dean Smith said:

The wealthiest people in your neighborhood might be wealthy in comparison to the rest of us but they aren’t really wealthy in the big picture. I suppose you might see Warren Buffet somewhere in Omaha but you and I don’t get to go anywhere near where the 1% lives and hangs out. The real wealth in this country is inherited and that doesn’t take that much ambition. 

 

You're really trying to take this off the rails, huh?

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5 minutes ago, Norm Peterson said:

 

You're really trying to take this off the rails, huh?

No, what I meant to say is I hope Jordy shows the ambition and consistency to develops a consistent post game. 

Edited by Dean Smith

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Just now, Dean Smith said:

No, what I meant to say is I hope Jordy show he ambition and consistency to develops a consistent post game. 

 

Agreed 100%.  I think he has the potential.  It's just someone showing him the right way to do things and then just repetition from there.

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10 minutes ago, Norm Peterson said:

 

Agreed 100%.  I think he has the potential.  It's just someone showing him the right way to do things and then just repetition from there.

Surely someone has showed him how to not bring the ball down below his waist when he is in the post by now 😂

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