College Fees - Are They Worth It?

One of the most common and demanding goals in personal financial planning is to accumulate enough money for putting the kids through college. While I don't doubt the value of education I strongly recommend serious consideration of whether a full-time college degree or diploma for your offspring is necessarily the best use of the time and money involved.

Taking a purely business perspective we ought to weigh the merits of each of the various ways that time and money could be used. For example, the tuition fees and living costs of a full-time college course would amount to a substantial deposit on a first home, or provide junior with the capital to start a business.

The three or more years spent in an academic environment could alternatively be used gaining real-world work experience in the "university of life".

You have to honestly ask whether your kids have the academic potential to benefit sufficiently from college to make the investment worthwhile. Not everyone is capable of becoming a doctor, lawyer, nuclear physicist etc. What are they planning to study? If it's medicine, law, business, IT etc at a decent institution, the best to go for it. But if it's media studies, history or sociology at a less-regarded school, perhaps you and they should think again.

There is no shame in following a less prestigious but still highly useful (and lucrative) career path. The world will always need mechanics, plumbers, technicians, retailers etc etc. And remember, lots of successful people either quit or never attended college - Bill Gates for one.

I once played a small part in the planning of an MBA course and overheard the following in the admin office:

Secretary 1 - "We'll soon be dealing with enquiries from all the successful business people."

Secretary 2 - "No, the successful ones are too busy running their businesses and making money."

Education IS very valuable, but not going to college no longer means turning one's back on education. In this, the age of lifelong learning, there are far more opportunities than ever before for part-time study and distance education courses that can be combined with gaining that all-important practical vocational experience. Plus you get to earn while you learn.

So, don't abandon the idea of sending the kids to college, but think carefully whether it's the best option for them as individuals, make your choice accordingly, and remember education is important but it now comes in all shapes and sizes so might as well choose the most appropriate.

Johnny Finnis is editor of personalmoneymanagement101.com, a simple and unbiased introduction to finance and investment for ordinary people to make the most of their money. Have your say on our blog

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