[DMCForum] Re: Paying for college

["checksix3" <jetjock11@xxxxxxxx>]

Uh Ryan, I'm not going to get into this with you because it's a 
complex subject but your position is flawed in several ways. It's 
always amazing to me how uneducated people are about accumulating 
wealth over a lifetime. This is something that should be taught in 
every public school. I'm not beating on you but your example is 
oversimplified and inaccurate. It's nowhere near what even a semi-
wise investor would do, nor does it take into account things like 
inheritance, location of employement and residence, intelligent and 
knowledgeable tax prep, the appreciation of real property, or the 
avoidance of consumer debt. 

There are things anyone can do if their willing to sacrifice, a word 
that is synonomous with investment. I'll also point out 1) You get 
rich slow, not quick and 2) The average person's salary will never do 
it for them alone. I'll be retiring well below a normal age because 
in my profession people are forced out at 60, it's the law. In fact I 
plan on retiring at 52 and aren't sweating it.

Second, there are many people who own and maintain a Delorean on far 
less than the annual salary you mention. Some even have more 
expensive toys and manage to do OK. It's all in how you approach it. 
Owning and maintaining a Delorean can (and should be) be a very cheap 
affair. It's not rocket science you know, it's just an old car and a 
simply one at that. Time and money are directly interchangable, with 
knowledge and a sound investment in yourself close behind. Frankly, 
buying something like a Delorean (it's that consumer debt thing 
again) at a young age is one of the dumbest financial decisions a 
person can make. Toys and other forms of consumer debt will be your 
undoing unless you approach their aqquistion in an educated manner.
And everything you own must be viewed as nothing more than assets, 
emotional attachments are bad. And having a family too early will do 
you in even worse. (Lol, it's ok to have an emtional attachment to 
them however).

Finally, I tend not to take financial advice with too much seriousness
unless a person is willing to reveal his or her net worth at any 
given age because it's a yardstick of their previous performance and 
savvy. The proof is in the pudding, the rest is all talk. At least 
you're discussing a good education, one of the basic building blocks 
to wealth for the average person.


> OK, let's break this down. 19 to 47 gives you 28 years to save for
> retirement.

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