Money

Why I do what I do

Why I do what I do

Last weekend I was fortunate to be one of the presenters at a college access workshop presented by Wonderworks, an enrichment program sponsored by Rice and the University of Houston. The pre-written text of my talk, called “Temporary Insanity: College Admission, American Style” is below. I welcome your comments and questions!

Summer homework

Summer homework

A few years ago The Atlantic published this article by Joe Pinsker titled "Rich Kids Study English." It's a really fascinating piece that I hope you'll take the time to read, but here's the main idea: "the amount of money a college student’s parents make does correlate with what that person studies. Kids from lower-income families tend toward 'useful' majors, such as computer science, math, and physics. Those whose parents make more money flock to history, English, and performing arts." Hence the title. Pinsker looks at several explanations and unanswered questions about this connection with having wealthier parents and choosing lower-paying career paths. "It’s speculative," he says, "but richer students might be going on to take lower-paying jobs because they have the knowledge that their parents’ money will arrive eventually."

While the premise makes sense--if your family has more money and support then you can afford not to worry about paychecks as much when choosing your college classes--it's not the full picture.

Some fun financial exercises

Some fun financial exercises

Everyone knows that college is expensive. There are plenty of universities whose full published price is higher than the median family income in America. The numbers can be so big that they're hard to imagine and even harder to make realistic decisions about. So here's an exercise I do with most of my consulting clients. You can do this at home with your family.

A summer homework assignment

A summer homework assignment

Last week The Atlantic published this article by Joe Pinsker titled "Rich Kids Study English." It's a really fascinating piece that I hope you'll take the time to read, but here's the main idea: "the amount of money a college student’s parents make does correlate with what that person studies. Kids from lower-income families tend toward 'useful' majors, such as computer science, math, and physics. Those whose parents make more money flock to history, English, and performing arts."

Halloween Special

Halloween Special

Whatever college you end up attending...won't ever stop asking you for money.

I mean, never. It won't always be a straight-up ask for money, it will often come couched in "alumni news" or "college updates," but there's always an "opportunity" to donate. And it never ends.

Why do they do this? Why does an institution that charges you thousands of dollars, sums so big you'll likely take out loans to pay for it, then ask you for more money once you've graduated (or even before you've graduated)?