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Ep 129: From College Student to Millionaire, Robert Farrington, The College Investor
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summary
In this episode, Tony Bradshaw speaks with Robert Farrington, known as the College Investor, about the complexities of college investing, student loans, and personal finance.
They discuss the evolution of student loans, the value of a college degree today, and alternative paths to education and career. Robert shares strategies for managing student loan debt, the importance of financial literacy for parents, and the pros and cons of different college savings plans.
The conversation emphasizes the need for realistic expectations regarding earnings after graduation and the importance of investing wisely to build wealth.
HIGHLIGHTS
- Robert Farrington started writing about student loans in 2009, addressing a growing issue that was largely ignored.
- The cost of college has significantly increased since the 1990s, leading to a student loan crisis.
- Only 30% of graduates use their degree in their field after five years.
- It's crucial to borrow no more than what you expect to earn in your first year after graduation.
- Many large employers offer to pay for college education, providing a cost-effective path for students.
- Vocational training and trades can offer lucrative career options without the need for a four-year degree.
- 529 plans are a tax-efficient way to save for education, but there are other investment options available.
- Financial literacy is essential for parents to guide their children in making informed decisions about education and debt.
- Investing in real estate can be a viable alternative to traditional college savings plans.
- Education can be pursued at any age, and there are many resources available for lifelong learning.
Connect with Robert Farrington, The College Investor at thecollegeinvestor.com
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