2 ms·

"I also had paid internships every summer" From your family's standpoint, the pay you received was probably immaterial compared to value of the experience. Wh

"I also had paid internships every summer" From your family's standpoint, the pay you received was probably immaterial compared to value of the experience. What if you had received two internship offers one summer: (1) A boring but well-paid position, and (2) a really exciting/enriching opportunity that didn't even pay enough to cover your living expenses? Would your family have forced you into #1, or would you have been subsidized for #2? Given the time and money your parents had already invested in you during the first 20 years of your life in hopes of helping you be a happy and prosperous adult, it wouldn't be rational for them not to hand over, say, $10K to help you out given these circumstances (presuming that your family has accumulated sufficient wealth that the $10K really wouldn't make much difference in their lives). I'm not making some sort of, "Oh...your rich, so blah..." sort of comment. My family would have supported me while I pursued #2 I ended up with well-paid internships each summer, so it didn't matter anyway. And, I didn't work during the academic calender (sans a few consulting gigs here and there). Kids from poorer families often end-up taking jobs while in school which have a negative NPV for their lives. Why pay $10's of K per year to go to college and then spend 20 hours/week waiting tables instead of studying? Is it rational to graduate debt free with a 2.5 GPA? I was about to claim that these kids take such jobs because there's no way for them to borrow money for living expenses while in school, but this may not be true -- I'm not at all familiar with student loan programs. Perhaps these kids have an irrational fear of debt? Or, could their fear of debt be rational? To allow "middle class" folks to attend Harvard Business School, the school partnered with Citi to extends well over $40K/year in living expenses debt at a low interest rate. As an MBA from HBS is quite a ticket to a good income, students have little fear of going into hock. However, the poorer kids are probably more likely to be working while attending mediocre schools close to their families' homes. Will their post-college earnings be high enough to make taking on debt rational? One would hope, but I'm a believer in the "education bubble."

endtime 16y ago
>From your family's standpoint, the pay you received was probably immaterial compared to value of the experience. You seem to be laboring under the misapprehension that I have any sort of access to my parents' money. My bank account contains only what I've earned (and been given over the years at e.g. my bar mitzvah, though most of that was depleted by paying for a year of college, and that's only because of a roughly 450% return over 7 years...my dad managed my "portfolio" very well for me, which is a benefit I will admit a lot of people don't have). >What if you had received two internship offers one summer: (1) A boring but well-paid position, and (2) a really exciting/enriching opportunity that didn't even pay enough to cover your living expenses? Would your family have forced you into #1, or would you have been subsidized for #2? The situation didn't come up, so it's hard to say. I studied something with practical and relatively lucrative applications (CS) rather than stuff like classics (actually, now that I mention it a good undergrad friend of mine had a full ride scholarship because of her family's financial situation, and she majored in classics). If it had come up, well, I'm sure there's a point at which making an extra $1-2k on the summer wouldn't be worth the experiential opportunity cost, but I primarily worked to make money, and would have balked at an internship that didn't even pay my living expenses. Believe me, the educational benefit of grading 400 proofs every week, half of them written by symbolic systems sophomores, suffers from very steep diminishing returns.
lionhearted 16y ago
> Why pay $10's of K per year to go to college and then spend 20 hours/week waiting tables instead of studying? There's an assumption here that if you're working, it'll cut from your studying time and make you worse off. In reality, the more you fill up your schedule, the better off you'll be. Adding a job, sport, and club will make you better at studying and you'll have as good of a social life because your rare free time will be so precious that you'll want to plan and spend it well instead of sitting around boozing or getting high. My Mom came from nothing - like, nine kids, no money at all - and waited tables through college, kept a solid B average, I was born before her senior year (my Dad was in grad school), and they both finished up and got into good jobs. I dropped out of high school, got an almost full scholarship to university anyways, and pretty much screwed around with my free time - the only time I was ever locked in academically was when I was also training as a fencer for 20+ hours per week. Before I was a fencer, I screwed around. After I broke my hand, I screwed around some more and dropped out to start a company. A few years later I studied business with my own money, paying cash each semester while working at the same time. Then I studied a lot more seriously. Working for money is cool. Not working and pretending you're going to study in that time is delusional - the habits built from working and keeping a job is probably better than extra study time anyways at building character and making you successful.

endtime 16y ago

>From your family's standpoint, the pay you received was probably immaterial compared to value of the experience. You seem to be laboring under the misapprehension that I have any sort of access to my parents' money. My bank account contains only what I've earned (and been given over the years at e.g. my bar mitzvah, though most of that was depleted by paying for a year of college, and that's only because of a roughly 450% return over 7 years...my dad managed my "portfolio" very well for me, which is a benefit I will admit a lot of people don't have). >What if you had received two internship offers one summer: (1) A boring but well-paid position, and (2) a really exciting/enriching opportunity that didn't even pay enough to cover your living expenses? Would your family have forced you into #1, or would you have been subsidized for #2? The situation didn't come up, so it's hard to say. I studied something with practical and relatively lucrative applications (CS) rather than stuff like classics (actually, now that I mention it a good undergrad friend of mine had a full ride scholarship because of her family's financial situation, and she majored in classics). If it had come up, well, I'm sure there's a point at which making an extra $1-2k on the summer wouldn't be worth the experiential opportunity cost, but I primarily worked to make money, and would have balked at an internship that didn't even pay my living expenses. Believe me, the educational benefit of grading 400 proofs every week, half of them written by symbolic systems sophomores, suffers from very steep diminishing returns.

lionhearted 16y ago

> Why pay $10's of K per year to go to college and then spend 20 hours/week waiting tables instead of studying? There's an assumption here that if you're working, it'll cut from your studying time and make you worse off. In reality, the more you fill up your schedule, the better off you'll be. Adding a job, sport, and club will make you better at studying and you'll have as good of a social life because your rare free time will be so precious that you'll want to plan and spend it well instead of sitting around boozing or getting high. My Mom came from nothing - like, nine kids, no money at all - and waited tables through college, kept a solid B average, I was born before her senior year (my Dad was in grad school), and they both finished up and got into good jobs. I dropped out of high school, got an almost full scholarship to university anyways, and pretty much screwed around with my free time - the only time I was ever locked in academically was when I was also training as a fencer for 20+ hours per week. Before I was a fencer, I screwed around. After I broke my hand, I screwed around some more and dropped out to start a company. A few years later I studied business with my own money, paying cash each semester while working at the same time. Then I studied a lot more seriously. Working for money is cool. Not working and pretending you're going to study in that time is delusional - the habits built from working and keeping a job is probably better than extra study time anyways at building character and making you successful.