Education

Thoughts On Making College Great

Tomorrow, several people that matter a lot to me are starting their college experience. Here are five things I’d like to suggest to them that they’re probably not hearing from anyone else who has been giving them advice on college over the past three months. 5 Lessons on Making the Most Out of College 1. …

Categories: Education

What Is an Education Really Worth?

Recently, I was browsing through some data from the U.S. Census when I stumbled upon a great table in the 2007 census data. On page 9 of this report, entitled Educational Attainment in the United States, one can find a very interesting table that describes the median earnings for workers aged 25 and over, sorted …

Categories: Education

What Do You Really Have to Lose?

This post goes out to all of the readers who are about to graduate from college (and from high school, for that matter) and are wondering what comes next (hopefully, you already know and have a plan for it, but if you do, you’re in the minority). A few days ago, a college student I …

Parental Responsibility and Retirement Savings

As I discussed yesterday in a pair of articles (this one and this one), I dream of a future where my children and I are completely financially independent from one another. I’m not dependent on them, nor are they dependent on me. The real question that both articles strive to answer, though, is where should …

Your Child’s College Fund vs. Your Retirement

One of the most common debates I hear about from people such as myself – twenty- and thirtysomethings with young children at home – is whether it makes more sense to save adequately for retirement or save adequately for their child’s college education. Quite often, young career folks (like myself) don’t have the means to …

Categories: Education, Retirement

The Case for Saving for Retirement Over Saving for a Child’s College Education

One of the most common debates I hear about from people such as myself – twenty- and thirtysomethings with young children at home – is whether it makes more sense to save adequately for retirement or save adequately for their child’s college education. Quite often, young career folks (like myself) don’t have the means to …

Categories: Education, Retirement

Retirement or Education?

Chris writes in: We are friends with another couple that is around our same age, income level, status, and number and age of children. When I was mentioning to them that we were planning to pay off our car this year (leaving us with our mortgage and a small student loan) and the starting to …

Categories: Education, Retirement

Trimming the Average Budget: Education

Education – $945/year Education is another expense that varies widely from family to family. Many families have no education-related expenses at all. Other families have multiple children in college or on the way and are in a much different situation. Obviously, education spending is an area where I think it’s a strong investment to spend …

Categories: Education

It’s Not the School, It’s the Student

Yesterday, I read a fascinating research paper by Stacy Berg Dale and Alan Krueger (you can read the abstract here) which offers up a surprising result. In a nutshell, once you take a student’s pre-existing talents into account (as shown by standardized test scores), the school they attend has almost no impact on their lifetime …

Categories: Education

“Eighteen and Out”

A young reader writes in: I’m a high school senior and I’m going to college next fall. When I go to college, I want to be completely independent, paying my own bills. My parents insist that this is financial suicide and that they should support me through college. What do you think is the right …

Categories: Education, Family, Money

Dorm Room Clutter: What Do You Actually Need for College

A few days ago, I stumbled across a handful of pictures from my college dorm room (I considered posting them, but there are several people depicted and I don’t post pictures of people without asking them permission and I’m not sure how to contact them). As I looked them over (and enjoyed some memories), I …

Categories: Education, Frugality

The Total Money Makeover: College Funding

This is the ninth of twelve parts of a “book club” reading and discussion of Dave Ramsey’s The Total Money Makeover, where this book on debt reduction is teased apart and looked at in detail. This entry covers the tenth chapter, finishing on page 182. The next entry, covering the eleventh chapter, will appear on …

Review: The New Global Student

Every other Sunday, The Simple Dollar reviews a personal development, personal productivity, or other book of interest. The New Global Student by Maya Frost is one of those books that takes what you think you know about a subject and flips it on its ear. This time around, it’s the standard route that most high …

The Power of Transferrable Skills

When I was in college, the vast majority of my classes were effectively training for a career in research and scientific data management. Seven years after graduation, though, I find myself drawing instead on the transferrable skills I picked up in other classes: public speaking, writing, leadership, information management, and so on. To put it …

Making Financial Literacy More Accessible

A reader that I’ll call “Maggie” writes in with an interesting question: I manage a federal TRiO grant at a community college in Arkansas. If our funding proposal is approved again next year, we are required to include programs on financial literacy, as required by the new Higher Ed Authorization Act. We currently offer a …

Categories: Education

A Graduation Gift That Matters

When I graduated from high school – and again when I graduated from college – I received quite a few gifts from friends and family members. Most of them fell into two categories: money inserted into graduation cards, or items intended to help with my life in the near future (like a gas card or …

Categories: Careers, Education

Personal Finance 101: What Is a 529?

Investing in a 529 Plan Fairly regularly on The Simple Dollar, I mention that I’m investing in 529 college savings plans for my two children. Each month, I automatically contribute $100 to each of their plans – and I’ve considered contributing more than that. But what’s a 529? Erin writes in with a typical query: …

Finding a Great Mentor in College

When I first went to college, I was lost. I had grown up in a tiny town where virtually everyone around me had started factory jobs straight out of high school. I literally knew no one (other than my teachers) who had attended college at any level. I more or less guessed at a major …

Categories: Careers, Education

Saving for College or Saving for Retirement: What’s Best for Us?

This past weekend, my wife and I were watching Clark Howard’s show on Headline News. During the program, Clark stated a canard that I’ve heard several times from personal finance “gurus” over the past couple years: instead of saving for a child’s college education, parents are better off saving for their own retirement. Clark’s main …

Categories: Education, Retirement