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He clarified this point it a bit in the second paragraph: "Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land
by jobu 8y ago
He clarified this point it a bit in the second paragraph:
"Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. “If a young man,” he says, “will only get in debt for some land and then get married, these two things will keep him straight, or nothing will.” This may be safe to a limited extent, but getting in debt for what you eat and drink and wear is to be avoided"
In some ways, student debt is similar to land in that it can provide a return on investment that allows for paying off the debt over time. The main difference being that land is tangible and can be sold to pay off the debt completely.
Borrowing for food, clothing, and other items that tend to be used up or worn out before they're paid off does seem like a terrible idea.
- DougWebb 8y agoBuying the wrong land, or overpaying for it, will still get you into trouble. You might be able to sell it, but not for as much as you paid for it. Student debt has the same problem: get the wrong degree, or overpay for the degree you've gotten, and you'll lose in the long run.
- pseudoanonymity 8y agoMany full-time students use their loan funds to pay for food and clothing, in addition to tuition and housing.
- monocasa 8y agoYou can lose access to grants if you work enough to support yourself.
- astura 8y agoSo? In my case the choice was use student loan money to pay for living expenses (which were extremely meager) while in college or not go to college at all. It was part of my educational investment. It was totally worth it, the loans are long paid off, and the investment has paid untold dividends in the form of a salary I wouldn't have the chance at if I didn't go to school.
- swagasaurus-rex 8y agoI recently discovered a co-worker of mine who did not attend university for programming is paid nearly the same wage as myself, with $40,000 in debt due to higher education. He went to a several month long intensive coding bootcamp, with tuition fees for the entire course is between $10-15k For comparison, I am paid $58/hr with benefits, my co worker is paid $50. Higher education is vastly overcharged and overrated.
- virtuexru 8y ago> In some ways, student debt is similar to land in that it can provide a return on investment that allows for paying off the debt over time. Comparing student debt to buying land is funny. At least with land you are guaranteed to be the owner of an asset. Something physical, a location, that other folks might at some point pay a price for (regardless of what you paid). Student loans don't guarantee anything. :)
- tonyedgecombe 8y ago>Student loans don't guarantee anything. :) No, not even a pass.