Financial advising in relation to college has become an increasing part of my college counseling work.
We live in an affluent area. Madison, Connecticut. Guilford, Connecticut, Old Lyme, Connecticut, Essex, Connecticut, and East Lyme Connecticut, among other Shoreline, Connecticut towns are comprised of wealthy families, at least compared to the most families throughout the country (and world).
But college – particularly private colleges – are extraordinarily expensive. So, figuring out how to pay for college, whether to pay for certain colleges, and in some cases whether to go to college has become a bigger conversation during my college counseling sessions.
Since I’ve been an entrepreneur for twenty one years, I’ve been compelled to become financially savvy. I can suggest with near certainty that college is a worthwhile investment for those who are thinking of other alternatives. Unfortunately, the work world is not kind to 18-22 year olds and most usually do not flourish thereafter without a college degree.
I certainly agree that a good education at an excellent state school like UCONN makes sense compared to many pricy colleges.
But the analysis gets complicated when factoring in issues such as career choice.
Simply put, those who want the option of higher end professions might want to consider the investment in pricier elite colleges from a FINANCIAL PERSPECTIVE.
Here’s the easiest example: Barry was a student of mine from The Williams School in New London, Connecticut. He wanted to become an investment banker. His parents – despite sending him to The Williams School – did not have a ton of money for college. He ended up with a choice between UCONN and one of those top tier colleges. Given his goals, I suggested that the top tier college made sense. Last year, Barry made close to a million dollars. He noted that his firm doesn’t hire students from state colleges (usually). He called to thank me for the advice.