Opportunity cost of college

[Colten Powell]

I am 21 years old and currently taking online classes at a tech school to earn an associates in business/leadership. At the same time I am working full-time and I pay all the bills, while my fiancé uses her income towards savings. I will be finished with this degree in May and considering going to school in August to obtain a bachelors in finance. I wanted some different viewpoints/opinions on my dilemma. If I go to school in August I will not be able to work full time anymore and we would most likely dip into the savings and possibly school debt. In the long run I would be earning a higher salary, so I could potentially invest more, but I would also be starting over/later. If I do not go to school then I could potentially buy my first rental next year and be on track to owning a portfolio of rentals. The only problem is that my salary isn’t very high ($45k), so the process would be a slow one. Do I go to college, or do I start investing?

[Damaso Bautista]

@Colten Powell

There is no right or wrong answer.  Answers will be different depending on what perspective the person is answering from.  

I am answering from the point of view of a 48 year old man with a masters degree and a nice paying W-2 job.  I am not a full time investor and do not make my living from it. This is my perspective:

I am 100% sold on getting a getting a university education.  I am 100% committed to giving my kids (18 and 19 years old) the opportunity to being employable at the highest income levels upon graduating.  I am committed to giving my kids financial literacy which includes saving money, living within their means, making diversified investments including mutual funds and real estate.  I am committed to making sure they don't graduate with any school debt or school loans.  I also know that life is a marathon and not a sprint and that whatever path you choose now at 21 is not the end all be all.  There is no fatal flaw in either path.

This is the advice I am giving my kids so if you were my kid I would tell you the same thing.

In life you will have many perspectives and this is mine.  Good luck kid! 

Bottom line is if you believe in yourself, work hard and follow some basic principles you will be successful.