Is college really a waste of money?

It Doesn't Make Cents

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Is college really a waste of money?

Who's right: your parents who tell you to get a degree, or the finance bros who tell you to skip it?

Sarah Li-Cain

and

Sarah and Miranda

Oct 08, 2024

Transcript

As Gen Xers and millennials, we’re used to hearing that college is the way to success in jobs and life. But is a “traditional” four-year degree the way forward? We tackle the idea of college and whether it makes sense for you.

Topics covered in this episode on higher education

Cost of college vs. lifetime earnings
Trade school vs. “traditional” four-year degree
Careers that pay more
How to decide which path to take for you
Should you take a gap year first?

Sources used for this episode

We mention Steve Jobs, who received help from his family who made sacrifices to move across the country to give him a leg up, and Jeff Bezos, who received an investment from his parents.
We touch on the book The Millionaire Next Door.
Student loan debt statistics and how people are impacted.
Our Season 1 student loan debt episode.
NPR and the New York Times have stories on the impact of debt on those who don’t finish college.
We mention the SAVE plan, but it’s important to note that it has been put on hold since recording this episode.
Georgetown University’s study on how much degrees are “worth.”
Forbes offers insight on why Ivy Leagues are considered valuable. Additionally, the NIH has an article from the Journal of Graduate Medicine focused on networking.
Indeed offers a list of the highest-paying trade jobs.
- We mention tool and die makers, welders, and quality assurance.
Check out this information from the New York Fed on the most profitable bachelor’s degree.
We cite information on taking a gap year from the NOLS Blog, Wall Street Journal, and Gap Year Association.
Some companies support gap years, and some schools provide resources for taking a gap year.

Our financial resource

Struggling to figure out what to do next with your life? Consider using the My Next Move Interest Profiler. We love how it asks questions, helps you figure out potential careers, and then goes into how much preparation you need for them.

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Discussion about this podcast

It Doesn't Make Cents

Are you REALLY doing money wrong? Good news: you aren’t doomed to a lifetime of financial failure because you aren’t saving to buy a house, buy a TV with a credit card, or have student loan debt. Get away from all the “supposed-tos” and stop beating yourself up over perceived mistakes. Sarah Li-Cain, AFC® and Miranda Marquit, MBA, are ready to debunk prescriptive money rules and inject a little nuance into your financial life.

This season, we’re talking about the common misconception that debt is ALWAYS bad. We’ll dive into ALL THE THINGS. You don’t have to pay that mortgage off early. Go ahead and finance that car. We’ll also tackle the controversial aspects of debt. How much social debt are you carrying around? Are you really immoral if you have your student loan debt forgiven? We promise corny jokes alongside a whole lotta facts. We might even rant a little. Plus, we’ll show you how to use what you’ve learned to get your money to work best for YOU—no matter what some finance bro says.

Let’s talk about how money might not be what you think—and how you can use it to create the life you want.

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