College student blows her $90K college fund and blames her parents.

That's easier said than done. 99% of people would not be accepting of their kid starting a company vs going to college. And that includes doctors, lawyers, etc.

Unless your parent is an entrepreneur, or understands how the game works, then it's doubtful that they'll encourage you to start a company.

As an example of that mindset: my friend left an Ivy League school to go to Silicon Valley two years ago. He makes $100k+ a year now, and has incredible prospects. However, he's going back to school to finish his degree. Why? Because for the past two years, his Chinese parents have been telling him to get his degree. So after 2 years of nagging he gave in.

Now imagine that your parents aren't entrepreneurs, and you get $90k for college. You want to start a business, however, everyone's telling you that you'll fail because you don't have a college education. Are you really going to risk getting ostracized by your friends and family? Or will you take the acceptable route?

Agreed. I've got a lawyer friend who has his own practice. He's training his kids to be entrepreneurs. They don't get an allowance. However, if they find something around the house that needs to be done he'll pay them. He's training them to find opportunities.

If they want to go to college, they'll have to pay for it themselves like he did. However, if they don't he'll fund 5-10k or whatever to start a small business. He'll do that as long as they learn from their failures and press on.
 


Agreed. I've got a lawyer friend who has his own practice. He's training his kids to be entrepreneurs. They don't get an allowance. However, if they find something around the house that needs to be done he'll pay them. He's training them to find opportunities.

If they want to go to college, they'll have to pay for it themselves like he did. However, if they don't he'll fund 5-10k or whatever to start a small business. He'll do that as long as they learn from their failures and press on.

Sure Archie isn't one of your friend's kids?

[ame]http://www.youtube.com/watch?v=Jcx3ioLYrbQ[/ame]
 
BTW, remind me what the VAT and income taxes in Germany are again. TANSTAAFL.

Kind of irrelevant regarding the topic unless its so deeply embedded in your brain that youd rather pay 10x with no taxes involved than 2x of which half is taxes.

vat is 19% and income tax tops out at 42%.

doesnt change the fact that you have 2x the buying power on half the salary.
 
So 90k buys you a degree, huh?

Stanford:

Yeah this chick has to go to Stanford all four years of undergrad. Excellent assumption. That's not middle-class white woman entitlement at all. What about the University of Georgia instead?

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Oh the horror.

She could cut that down tremendously by going to a solid community college her first two years and transferring in with Georgia's articulation agreement that protects students from wasted money on classes that don't transfer.

The average annual in-state two year college tuition in Georgia was $5,177 for the 2013-2014 academic year.

Well gee whiz. She can blow $90,000 on a useless communications or political science degree that she actually could actually complete all four years from if she wasn't an entitled cunt. God knows how many tens of dollars she'd be rolling in on top of that if she did the unthinkable and got a fucking job while she was in school.
 
Likewise, if you leave $90,000 to a college girl with no oversight as to how she spends the cash, you shouldn't be surprised when she spends it.

Like the pedophile, it's definitely her fault. But c'mon... if the grandparents really cared about how she spent the money, they should have put it in a trust and loaded it with contingencies.
a tough lesson her grandparents learned i guess ;). the page from the radio show mentions that the college she attends costs $10,000 per semester (so that's $20,000/yr). PT 4: She Should Have Enough Money For College
So the 90K was planned out by her grandparents to cover it all (i.e. 4yrs x 20k/yr = 80k) and she'd still have some dough left over for miscellaneous. Hindsight is 20/20 i guess, but you're right -- they should have set it up in trust, etc. Or payment going directly to college accounting dept each semester. Don't leave it in the hands of some college kid who's wet behind the ears re: money/budgeting/life.
 
I'll take it a step further....

It can be a lot cheaper than what most of you have posted. For a modern middle-class person, no one gives 2 shits what college or university you went to. NOT ONE SINGLE PERSON IN THE REAL WORLD.

Unless you went to IVY league, not one person cares if it was Georgia Tech or Alabama State.

One of the community college near me for decades was part of the University of Kentucky and if you went to this community college, you got a degree from the University of Kentucky, not a degree that said anything about a community college or an extension of it.


Break down of cost for this specific community college right now per credit hour:
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(($147+$8) X 12 hours) x 2 semesters = $3,720 for the whole year
$3,720 X 4 years = $14,880

This assumes you don't live on campus ( it's a community college guys ), in-state, and don't depend on them feeding you ( you can buy your own food, right? ).

At $90k, she could have gotten 6 degrees.

Although most community colleges don't have this situation where you get a degree from a real university like in my example, she could have still went to one for 2 years and paid $7,400 and got her associates, then transferred out to another in-state university to finish off 2 more years for a bach. At $20,000 per year at some university, she still could have gotten away with $47,400 total in this situation.



Hell, she could have even just did it entirely online at Concordia St. Paul University ( Tuition & Financial Aid - Concordia University, St. Paul Online ) for around $400 per credit hour ( averaged out ) and got:

($400 X 12 hours) x 2 semesters = $9,600 for the whole year
$3,720 X 4 years = $38,400



Also, I have a friend who is still working at the old job I left. This employer pays for, and has a special relationship with, a university where he is getting his MBA for less than $2.5k TOTAL ( not per year or semester ) COST. He already has a bach.

Many many many ways she could have saved money and got a degree.
 
A smart person would have started a company with it.

Here's a good interview with Doug Casey on education. Much of it revolves around entrepreneurship vs education.

Quotes:

I would suggest that a parent thinking of allocating $40,000 to $50,000 per year for four years of college education instead grubstake their kid with that same money. You could even make it a fraction of that, to be put into actually doing something, like starting a business or trying out different investment strategies, and get a lot more experience and knowledge for your kid as a result.

you’re not a dog or a horse, for cryin’ out loud. We don’t need pedigree papers to identify talent we can see.

There is no point at all in going to a college today, unless you’re looking to learn a trade. Or, perhaps, because the people you meet in college might be of some future benefit to you. In other words, it’s pointless unless it’s Harvard, Princeton, Yale, or the like. Because of the classes? No. It’s because the kids that go to such schools are the most intelligent and ambitious “up and comers” – so the connections you make and the patina you get at these places can open a lot of doors.

I think the latter quote touches on the reasons cardine chose to attend Carnegie Mellon. Brilliant, ambitious minds. (@cardine: forgive me if I mispeak.)
 
She should get an actual tattoo of a palm on her face. I'd pay into a kitty for that, could we start a Wickedfire Palm Tattoo Foundation for her? She gets 10K free if she tattoos a permanent palm on her face?
 
so sure she could start a business. a smart person would do that, right?

a smart person wouldnt blow a 90k fund on half a thing thats only worth something when youve got the whole thing. so lets say shes not the cream of the crop. she cant finish college. what the fuck do you think shed do with a newly formed business?

maybe she should buy 3600 copies of the lean startup so she actually gets it? great advice bois.


and no, nobody has to attend stanford. she wouldnt get admitted anyway. but i had to compare it to something and i dont exactly have a list of community colleges in buttfuck idaho next to my computer. sorry about that.
 
I think it was completely unreasonable for her to be given that $90,000 lump sum and then be expected to be responsible with it. If you have a dog that isn't house broken, and you bring it in your house, then it shits everywhere, it's like whose fault is that? It's surely not the dog's.