Anonymous
09/22/2022 16:34
Subject: These colleges are the path to wealth
Anonymous wrote:Anonymous wrote:Anonymous wrote:Let's see a study that removes those who would have a $30M net worth regardless of whether they ever left their parents' basement.
What does this mean ? (Serious as I have no clue as to what you are trying to communicate in this post.)
DP: That they are not controlling for parental wealth in the study.
DP, this. The study counts a kid with a trust fund as a positive outcome.
Anonymous
09/22/2022 16:33
Subject: These colleges are the path to wealth
Anonymous wrote:Anonymous wrote:Let's see a study that removes those who would have a $30M net worth regardless of whether they ever left their parents' basement.
What does this mean ? (Serious as I have no clue as to what you are trying to communicate in this post.)
DP: That they are not controlling for parental wealth in the study.
Anonymous
09/22/2022 16:29
Subject: These colleges are the path to wealth
Anonymous wrote:Let's see a study that removes those who would have a $30M net worth regardless of whether they ever left their parents' basement.
What does this mean ? (Serious as I have no clue as to what you are trying to communicate in this post.)
Anonymous
09/22/2022 14:42
Subject: These colleges are the path to wealth
Let's see a study that removes those who would have a $30M net worth regardless of whether they ever left their parents' basement.
Anonymous
09/22/2022 12:42
Subject: These colleges are the path to wealth
Anonymous wrote:I mean, duh?? Wealthy, high achieving people produce wealthy, high achieving children. SHOCKER!! That has nothing to do with the college.
What's more interesting is the colleges that can take low income students and propel them into higher brackets. Here's that list.
Top performers on social mobility, per US News:
- Keiser University
- UC-Riverside
- CSU-Long Beach
- Florida International University
- UC-Merced
- University of LaVerne
- CSU Fullerton
- Oakland City University
- Rutgers University Newark
- UC Irvine
- UIC Chicao
- CUNY City College
- CSU San Bernadino
- Russell Sage College
- San Francisco State
- UC Santa Barbara
- Chatham University
- UC Santa Cruz
- UNC Greensboro
Not a single top 50 college on the list until all the way down to number 46, which is UCLA. University of Florida is #75. UC Berkeley #105.
Elite private schools? No where to be found until you scroll reaaaally far down. NYU is #140. Princeton is #186.
I mean, duh ! Poor kids go to low cost, easy admission schools, earn a college degree, and discover a way out of poverty.
Nothing interesting about this list other than the obvious fact that those with college degrees have more career opportunities than those with no college degree. Duh !
Anonymous
09/22/2022 12:08
Subject: Re:These colleges are the path to wealth
Anonymous wrote:Anonymous wrote:Anonymous wrote:Schools that take a bunch of poor kids and get them jobs by issuing them a degree is not particularly exemplary of great academics. It’s the power of a college degree.
Right. Let’s quit pretending that all the California publics of various levels and quality have amazing academics or a magic wand. They’ve admitted good, but poor students and given them a reasonable education. The result is an acceptable college degree, which gets them started with a professional salary. I doubt many of those kids are headed to top graduate schools.
THE HORRORS!!! For what is life without "a top graduate school"??
+1 LOL
"wealth" is defined differently for different people. If you come from wealth, earning a salary of $150K isn't wealthy. But, if you come from a lower to middle class background $150K is a lot. People from this background are used to living more frugally, and if they make that much and continue to live frugally, they can set themselves to become wealthy, which again, is relative.
Anonymous
09/22/2022 11:57
Subject: Re:These colleges are the path to wealth
Anonymous wrote:Anonymous wrote:Schools that take a bunch of poor kids and get them jobs by issuing them a degree is not particularly exemplary of great academics. It’s the power of a college degree.
Right. Let’s quit pretending that all the California publics of various levels and quality have amazing academics or a magic wand. They’ve admitted good, but poor students and given them a reasonable education. The result is an acceptable college degree, which gets them started with a professional salary. I doubt many of those kids are headed to top graduate schools.
THE HORRORS!!! For what is life without "a top graduate school"??
Anonymous
09/22/2022 11:51
Subject: Re:These colleges are the path to wealth
Anonymous wrote:They are probably great for low income students who get a ton of financial aid and great for wealthy students who are already connected. Not sure about the ones in the middle.
Right it's the biggest trap for middle class folks who shell out $$$ for prestige, and then major in some usesless stuff
Anonymous
09/22/2022 11:46
Subject: Re:These colleges are the path to wealth
They are probably great for low income students who get a ton of financial aid and great for wealthy students who are already connected. Not sure about the ones in the middle.
Anonymous
09/22/2022 11:45
Subject: These colleges are the path to wealth
Anonymous wrote:Anonymous wrote:This is such nonsense. Do they even attempt to control for family wealth of the student body. A whole lot of these would be that wealthy if they went to NO college.
You’re missing the point. There is tremendous synergy in bringing together a mix of smart, ambitious, and wealthy students. Magic is going to happen in that situation much more so than some school with mediocre, traditionally hard-working, poor kids. It’s irrelevant whether or not the school’s academics are the magic, though these schools have plenty of academic accolades.
Magic?! More like privilege and entitlement.
Anonymous
09/22/2022 11:23
Subject: These colleges are the path to wealth
Anonymous wrote:Like we need another ranking but here you go DCUM… what does this tell you?
https://www.thestreet.com/investing/dropping-out-of-harvard-may-be-the-best-path-to-unimagined-wealth.
It tells me that The Street is desperate enough for clicks that they'll trot out yet another list that ignores the work of Krueger and Dale, which showed long ago that there's correlation but not causation between colleges and future incomes. To my knowledge, no one has even tried to challenge this study b/c it's so thorough in its discrediting of the notion that one college is better than another at wealth production.
Anonymous
09/22/2022 11:20
Subject: These colleges are the path to wealth
Anonymous wrote:Anonymous wrote:This is such nonsense. Do they even attempt to control for family wealth of the student body. A whole lot of these would be that wealthy if they went to NO college.
You’re missing the point. There is tremendous synergy in bringing together a mix of smart, ambitious, and wealthy students. Magic is going to happen in that situation much more so than some school with mediocre, traditionally hard-working, poor kids. It’s irrelevant whether or not the school’s academics are the magic, though these schools have plenty of academic accolades.
You're missing the point. Nothing in the study says the magic accomplishes anything. It's entirely possible that kids enter those schools rich and well connected and leave rich and well connected. The stats on the percentage of student bodies coming from different wealth percentiles at those schools makes me think that junior getting access to their trust is more responsible for those numbers than some random middle class kid getting hired by a venture capital firm
Anonymous
09/22/2022 10:58
Subject: These colleges are the path to wealth
Anonymous wrote:This is such nonsense. Do they even attempt to control for family wealth of the student body. A whole lot of these would be that wealthy if they went to NO college.
You’re missing the point. There is tremendous synergy in bringing together a mix of smart, ambitious, and wealthy students. Magic is going to happen in that situation much more so than some school with mediocre, traditionally hard-working, poor kids. It’s irrelevant whether or not the school’s academics are the magic, though these schools have plenty of academic accolades.
Anonymous
09/22/2022 10:51
Subject: Re:These colleges are the path to wealth
Anonymous wrote:Schools that take a bunch of poor kids and get them jobs by issuing them a degree is not particularly exemplary of great academics. It’s the power of a college degree.
Right. Let’s quit pretending that all the California publics of various levels and quality have amazing academics or a magic wand. They’ve admitted good, but poor students and given them a reasonable education. The result is an acceptable college degree, which gets them started with a professional salary. I doubt many of those kids are headed to top graduate schools.
Anonymous
09/22/2022 10:47
Subject: These colleges are the path to wealth
Anonymous wrote:Anonymous wrote:I mean, duh?? Wealthy, high achieving people produce wealthy, high achieving children. SHOCKER!! That has nothing to do with the college.
What's more interesting is the colleges that can take low income students and propel them into higher brackets. Here's that list.
Top performers on social mobility, per US News:
- Keiser University
- UC-Riverside
- CSU-Long Beach
- Florida International University
- UC-Merced
- University of LaVerne
- CSU Fullerton
- Oakland City University
- Rutgers University Newark
- UC Irvine
- UIC Chicao
- CUNY City College
- CSU San Bernadino
- Russell Sage College
- San Francisco State
- UC Santa Barbara
- Chatham University
- UC Santa Cruz
- UNC Greensboro
Not a single top 50 college on the list until all the way down to number 46, which is UCLA. University of Florida is #75. UC Berkeley #105.
Elite private schools? No where to be found until you scroll reaaaally far down. NYU is #140. Princeton is #186.
So, the lesson is: low income students should not go to the elite private schools, if they want to become wealthy.
DP.. given that there are more low income students than there are seats available to low income students at elite privates, that list is useful, and I would add, also useful for MC families.
I went to one of those schools listed above. I came from a lower MC immigrant family, and started making six figures when I turned 30, and this was years ago.