Why You Are Better Off Not Sending Your Children to College

James Altucher has some good advice for your parents out there: do not send your children to college. What, no college? Yes, that is exactly what he says. College (especially those liberal arts degrees) are over rated and many students who have graduated college cannot pay off their student loans because they cannot find a job in their field that pays them enough. Once considered the bastions of the very wealthy and social elite, liberal arts schools do not have any real usefulness in the modern work world.

The main reason the working class and middle class attend liberal arts colleges is to emulate what was once restricted to the wealthy and elite, while trades (once known as apprenticeships) dominated the lower social classes. Speaking as someone who has two liberal arts degrees and student debt that needs to be given attention, my second degree has been at least of some help with the educational software company I work for, which requires knowledge in linguistics and fluency in a second language. But that does not change reality: Altucher states that kids are in college for one reason and one reason only, for socialization. According to him, kids are socializing a little too much in college, which does not exactly prepare them to get a job in a Fortune 500 company. They're socialized enough to hang out on street corners for the rest of their lives. Attending a liberal arts college is very expensive (I should know), and even though I did not go for socializing (I went to class and that was it: no parties, no ball games, no sports or extracurricular on campus activities). My extracurricular activities were doing volunteer work at a local live theatre, bicycling and hiking. Luckily there are better options for these kids, especially those who are success and achievement oriented.

Teens who display unique talents in the technology industry are best off being entrepreneurs. Think Bill Gates and Steve Jobs here. Other teens can take a course in entrepreneurship, which is offered at community colleges across the nation. Lastly, trade and career schools appeal to many teens because they actually learn a trade there which can help them get a job that pays good money. Lastly, the military can be a huge benefit to teens, both male and female. I know one lady who never went to college, received her training when she was in the army, and makes very good money (a six figure a year salary).

Teach your kids to be money savvy, not to get into debt. Student debt outranks credit card debt according to the Federal Reserve. Right now, student loan debt is $850 billion: $22 billion more than the nation's credit card debt. That is not good at all and yes it hurts to be a part of that debt. Being someone who cares enough about the younger generation not digging themselves into the hole that many others including myself are in, I agree with Altucher on offering kids better alternatives on becoming financially successful and not have to deal with a lifetime of debt.

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