HELP! I really don't know the value of money...

[tavokeri9]

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[kyamh]

Serious?

 

[Great White Buffalo]

So, think ahead to when it is your kid, and you will contributing 25% of your income to just the tuition. That is probably before taxes. Assume they pay 40% in all taxes on $200K of income. They only have $120K left to pay $50K. You should consider taking on the loans yourself for the difference. Then you have the consequences of your decisions, not your parents (who may not be saving enough for retirement, do you want to support them in their old age??). Have them put the difference in their retirement programs.

 

[solitarius]

Don't blame OP entirely. He/she seems to be a spoiled kid, and part of that blame goes to his/her parents.

 

[PREMED1992]

You could go to college 1 and then if it causes financial strain...I think your parents will be less likely to be generous with things like a car etc....also they'll probably be less likely to contribute to your med school (we contributed so much for undergrad....youre an adult now take on some hefty loans vs he went to the cheaper undergrad lets pitch in more for med school) . As long as college 2 won't be affecting the type of education you get and because your parents seem to be hinting that they want you to go to college 2...I would say go for college 2 (and then convince them to get you something like a nice car....seeing that youre saving so much money). Be grateful that they are willing to contribute to your college education any at all....theyre not obligated to, regardless of what the expected family contribution is.

 

[Sassafrass23]

Ummmm I'm surprised you can't imagine it. No money = you can't buy anything. It's really that simple. Go to the mall without your wallet/purse and that's what it's like.

If you choose the more expensive of the two, please be extremely grateful to your parents and make sure they know it. It's asking a lot for your mother to devote her entire salary to your schooling.

 

[SN12357]

Don't blame OP entirely. He/she seems to be a spoiled kid, and part of that blame goes to his/her parents.

Seriously. My family is well off. My parents still made sure I understood the value of money.

Truthfully if the OP's parents have the income he says yet would need to pay the OP's tuition from current income, they're probably crap at managing their money. Should have been saving for OP's college education a long time ago. So there you go--parents not good at managing their money long-term results in OP with no understanding of money, either. I'd bet the OP's parents' retirement funds don't look so good either.

I'm trying to think of good advice for the OP but it's a little like trying to figure out how to explain color to a blind person.

 

[kyamh]

Serious answer: I chose to go to an expensive private school and it was the best decision for me, I got to have amazing opportunities that would have been hard to come by at my state schools. I chose to graduate with personal debt - parents could pay it wanted me to pay for half - and I don't regret my choice. That said, plenty of others on SDN will argue the opposite.

What do you mean financial implications? You will have 40k less money as a family. People tend to spend what they eat and if you are used to living on 200k then you will definitely notice not having a quarter of that income around.

Not sure what you are asking about taxes but you can easily wiki US taxes and read up.

Try the following for a summer: get a part time job and make it a point to not ask your parents for any additional money for gas, clothing, eating out with friends, movies, etc. Put away half of each pay check into a savings account and pretend you can't touch the money as though you paid it for rent and utilities. You will very quickly understand everything there is to know about financial responsibility.

 

[HelpPleaseMD]

You can't be serious....
Get a job over the summer, spend only what you earn for a few months and you will understand how lucky you are.
I think you should go to the school you want to but if the schools are as you say the same and cost a hell lot more... the choice seems obvious

This is coming from someone who made a similar choice years ago and chose the more expensive option.

 

[knv2u]

Unfortunately, I can't seem to understand the financial implications! I really wish I could go to College 1 (mainly because it's just a lot more FUN than college 2), but then a small voice keeps telling me that it is probably not worth the money.

This is not worth an extra $38k a year. You should learn to make your own fun wherever you end up. It's not fair to expect your parents to amok such a huge sacrifice so that you can have "fun."

 

[terp720]

I am very confused... You previously posted a thread saying you go to your state school and another saying you're a sophomore and plan to matriculate to med school in 2016, but this post makes it seem like you are deciding between two undergrad universities. Are you considering transferring as a junior or are you just trolling?

 

[TheWeeIceMan]

Money is what people use to buy things. If you only have a certain amount of money per year and you choose to spend more of it on college expenses, then you will have less money to spend on other things. It's kind of like those word problems you did in grade school, except for adults.

It is better to save and have more money because more is better than less. You want more, you want more, like you really like it, you want more. It's not complicated, more is better.

 

[BlackBox]

There seems to be a lot of troll-posting go'n on recently. Just group this into the "I scored a 13 on my MCAT" thread.

 

[ranson]

Why would you even ask this question? It's such an easy decision. Only an idiot would go to college 1 assuming it's not even a high ranked school over college 2.

 

[Plecopotamus]

Why would you even ask this question? It's such an easy decision. Only an idiot would go to college 1 assuming it's not even a high ranked school over college 2.

Did you live at home during college?

Don't get me wrong, I think the OP should be pretty embarrassed for not understanding how $50k would impact anybody (and yet given his/her past posts, I don't think this is trolling). But I can also see how at 20 years old, I'd think it worth it go live on my own and around other students, especially when they difference in cost is effectively being felt in terms of monopoly money since it's someone else's.

 

[Zelda840]

If you want to go to the "fun" school, it should be on you to take out loans for the difference. Convincing your parents to give you tens of thousands of extra dollars so that you can have fun is an incredibly selfish move, IMO.

 

[DrCharlemagne]

OP, didn't you say that transferring schools was not an option? Troll alert. Not nearly as entertaining as Streampaw.

 

[Goro]

Tell you what, join the US military, serve your country, and then go to college on the GI Bill.

My family's income is about 205K per year and my parents are willing to pay for my UG costs, and I'm sure that med school will not be pushed upon me either, unless I really start earning and they realize that I can also pitch in.

Recently, I have been pondering over two colleges that vary substantially in financial costs. College 1 costs $50,000 (includes tuition, room and board, and travel charges) per year while college 2 costs about $12,000 (only tuition-I do not need to take a room or travel here, as I will be commuting) per year.

My parents have been repeatedly telling me that College 1 is really expensive and my dad says it will effect the family. (This is because College 1 will cost about $4000 per month) They can pay for it, but it will require my mom's entire salary to be devoted to my UG education. So they're asking me why it's really worth it, as College 1 is not a very high-ranked school...

Unfortunately, I can't seem to understand the financial implications! I really wish I could go to College 1 (mainly because it's just a lot more FUN than college 2), but then a small voice keeps telling me that it is probably not worth the money.

Could someone please elaborate on the financial implications? Or what they think about this situation?? As someone who has never dealt with money before, I don't understand how the "taxing" system works or why it's important to save money. I know my family is not millionaire-rich, but I feel like I can afford anything because I have never experienced what it's like to "not" have a continuous supply of income.

 

[Beargryllz]

This is the first worldiest problem I have ever encountered

 

[HelpPleaseMD]

^ lol. Agreed.

 

[DokterMom]

So college 1 is expensive and not very highly ranked - just fun. That's expensive fun.
College 2 is State school. Local. Cheap. Not very exciting.

So what is College 3?
College 4?
College 5?
Find one that's worth the money. There are more than 3,000 to choose from.

"Fun" is a lousy reason to spend an extra $30,000 per year. But a college that inspires you to love learning, that offers research and leadership opportunities, that has small classes with lots of professor-contact, one that is well-respected by medical school or grad school admissions professionals or by prospective future employers -- THAT is worth paying for.

 

[vagitarian001]

wow

 

[masaraksh]

College 1, only if its an ivy.

With undergrads its pretty much ivy/top10 vs. 'everything else' when it comes to future employment. At least this is what I've heard from tons of people and over a broad range of fields.

Also, I don't understand how a certain college will be so much more "fun" than another. I imagine both schools will have college students. Both schools will have awesome clubs. Both schools will have beer. no?

 

[solitarius]

Also, I don't understand how a certain college will be so much more "fun" than another. I imagine both schools will have college students. Both schools will have awesome clubs. Both schools will have beer. no?

Different schools have different personalities.

 

[Mad Jack]

 

[Gene Parmesan]

Unfortunately you cannot understand the true value of money until you take an economics course in college. Classic catch-22. Best of luck with your decision!

 

[amazing tekkers]

wow

Vagitarian? Sucks if you are in obstetrics

 

[InGen]

:troll:

 

[TreadLightly]

Don't blame OP entirely. He/she seems to be a spoiled kid, and part of that blame goes to his/her parents.

Ah yes, affluenza.

 

[deleted407021]

College 1 is really expensive and my dad says it will effect the family.

 

[mgreen]

Don't blame OP entirely. He/she seems to be a spoiled kid, and part of that blame goes to his/her parents.

so he got hit with the affluenza virus oh snap! I got hit with the mesobroke-uenza virus..wonder if i can get a full ride