4 ms·

I have no mustache and was born with no silver spoon, Had to work my way through college. This approach to building wealth worked for me.

falcolas 8y ago
> I have no mustache and was born with no silver spoon, Had to work my way through college. My parents said this quite a bit. Of course, my dad did blue collar labor for an inflation-adjusted $30 per hour (the same position today pays around $11 an hour), plus overtime and a pension. My mom was a part time waitress to pay her way through 4 years of college. It was surprising how quickly they stopped saying that when they looked at the cost of a new house because they had to move. Or when they looked at what it would cost to put their granddaughter through the same college my mom went to.
- gascan 8y ago
  There is a certain amount of inflating expectations going on, IMO. I'd bet a lot of the people who worked their way through college, went to community college. Also, even comparing like for like- my father attended Berkeley in the 60's. I think he'd be one of the first to tell you it wasn't quite the same world-famous ultra-elite school kids are applying to today. Similar to complaints about how one's parents were able to afford a house in Silicon Valley, why can't I? Well, gee, fifty years ago Silicon Valley was an orchard.
  - dgacmu 8y ago
    It's also generational because of the increasing costs of college, not just the reputation of certain schools. I started college in about 1992. My in-state tuition at the University of Utah -- a major university, not elite, but not community college -- was, I think ( * ), less than about $1500, which is about $2700 in today's dollars. In-state tuition today is $8,824, reflecting a substantial reduction in state support -- a 3.2x real dollar increase. People in my generation and older who say "work your way through college", or "don't take out loans" need to make sure they've updated their mental model of the cost of college. (*) I can't find historical data going back to '92; In '98 it was $2711: https://www.chronicle.com/interactives/tuition-and-fees https://www.chronicle.com/interactives/tuition-and-fees which is $4203 in today's dollars.
wtvanhest 8y ago
It is impossible to 'work your way through college' now unless you are making $50k/year part-time. State schools start around $10k/year just for tuition. All in costs are $30k/year+. I'm so glad I went to school 15 years ago. Students today are totally screwed.
- tudelo 8y ago
  If in-state tuition is 11k (my case), you don't think you can make that while going to school? Granted, I worked and of course, there were other expenses, so I didn't get out loan free. But it's possible if you're some sort of penny-pinching masochist...
  - wtvanhest 8y ago
    The math is very simple, you need about $30k/year which is $50k pre-tax. That is 50 hours a week at $20/hour with no weeks of vacation + school. It is extremely difficult to make $50k/year with no degree or experience. That is almost the house hold median income in the US (2 people working). (Currently: $59k/year)
    - snark42 8y ago
      > The math is very simple, you need about $30k/year which is $50k pre-tax. This is wrong. $30k - $12k standard deduction = 18k taxable, 0% tax on 0-$10k, 12% tax on $10k-$18k = -960 taxes owed, then you get 2500 American Opportunity Credit or $2000 Life Long Learning Credit. So if you earn 30k as a "full time student" you would take home ~$31k less 0-10% state income tax on $18k
      - wtvanhest 8y ago
        Good point. I can no longer edit my post. Even still, $30k per year is too much for the majority of people.
- muzz 8y ago
  College tuition has sort of switched to "sliding scale". For example, 40% of UC Berkeley undergraduate students pay zero in tuition despite the sticker price.

falcolas 8y ago

> I have no mustache and was born with no silver spoon, Had to work my way through college. My parents said this quite a bit. Of course, my dad did blue collar labor for an inflation-adjusted $30 per hour (the same position today pays around $11 an hour), plus overtime and a pension. My mom was a part time waitress to pay her way through 4 years of college. It was surprising how quickly they stopped saying that when they looked at the cost of a new house because they had to move. Or when they looked at what it would cost to put their granddaughter through the same college my mom went to.

gascan 8y ago
There is a certain amount of inflating expectations going on, IMO. I'd bet a lot of the people who worked their way through college, went to community college. Also, even comparing like for like- my father attended Berkeley in the 60's. I think he'd be one of the first to tell you it wasn't quite the same world-famous ultra-elite school kids are applying to today. Similar to complaints about how one's parents were able to afford a house in Silicon Valley, why can't I? Well, gee, fifty years ago Silicon Valley was an orchard.
- dgacmu 8y ago
  It's also generational because of the increasing costs of college, not just the reputation of certain schools. I started college in about 1992. My in-state tuition at the University of Utah -- a major university, not elite, but not community college -- was, I think ( * ), less than about $1500, which is about $2700 in today's dollars. In-state tuition today is $8,824, reflecting a substantial reduction in state support -- a 3.2x real dollar increase. People in my generation and older who say "work your way through college", or "don't take out loans" need to make sure they've updated their mental model of the cost of college. (*) I can't find historical data going back to '92; In '98 it was $2711: https://www.chronicle.com/interactives/tuition-and-fees https://www.chronicle.com/interactives/tuition-and-fees which is $4203 in today's dollars.

wtvanhest 8y ago

It is impossible to 'work your way through college' now unless you are making $50k/year part-time. State schools start around $10k/year just for tuition. All in costs are $30k/year+. I'm so glad I went to school 15 years ago. Students today are totally screwed.

tudelo 8y ago
If in-state tuition is 11k (my case), you don't think you can make that while going to school? Granted, I worked and of course, there were other expenses, so I didn't get out loan free. But it's possible if you're some sort of penny-pinching masochist...
- wtvanhest 8y ago
  The math is very simple, you need about $30k/year which is $50k pre-tax. That is 50 hours a week at $20/hour with no weeks of vacation + school. It is extremely difficult to make $50k/year with no degree or experience. That is almost the house hold median income in the US (2 people working). (Currently: $59k/year)
  - snark42 8y ago
    > The math is very simple, you need about $30k/year which is $50k pre-tax. This is wrong. $30k - $12k standard deduction = 18k taxable, 0% tax on 0-$10k, 12% tax on $10k-$18k = -960 taxes owed, then you get 2500 American Opportunity Credit or $2000 Life Long Learning Credit. So if you earn 30k as a "full time student" you would take home ~$31k less 0-10% state income tax on $18k
    - wtvanhest 8y ago
      Good point. I can no longer edit my post. Even still, $30k per year is too much for the majority of people.
muzz 8y ago
College tuition has sort of switched to "sliding scale". For example, 40% of UC Berkeley undergraduate students pay zero in tuition despite the sticker price.