In this environment, opportunity cost trumps tradition. For many undergraduates and parents, the cost of going to college is now far greater than the supposed benefits.

“College costs – along with living and medical costs – are rising, and salaries are going down right now,” Managing Director of Formula Capital and Wall Street Journal columnist James Altucher said. “College graduates don’t have the same benefits as they did 30 years ago.”

No Sucker Left Behind:... Scheer, Marc Best Price: $1.53 Buy New $11.59 (as of 03:15 UTC - Details)

Parents should beware of their child’s intentions. Many students want to spend their parents’ money – it’s their last chance to go all out.

Now is the time to reflect on prospects.

When potential students think about college, they should ask themselves what they’re hoping to get out of it. Analyze their life. Assess their majors. This is a major investment decision. Discuss possible returns, separating anticipation from reality.

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“If a student wants to go back to school in their 20s, when they’ve made some money, traveled, and matured a bit, then go ahead,” Altucher said. “But a parent shouldn’t have to spend $50,000 a year for their kid to go to frat parties all day long.”

An alternative to college is becoming an expert at one area and offering your services. The best university in the world is called Google (GOOG). You can learn anything you want on the Internet, free of charge.

Why don’t parents give a quarter of the amount they would have spent on an education to their kid to invest? The cost of starting a business is next to zero. Not everyone is an entrepreneur, but there’s no harm in trying to be one.

“Critical thinking shouldn’t cost $200,000,” Altucher said. “There are other ways to learn that while kids can make money and get experience. Lay your own track. Become an artist, entrepreneur, investor.”

One of the real benefits of a college education is developing a good network.

Read the rest of the article

November 25, 2009

The Best of Naresh Vissa

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