No kidding! Wants to "solve wealth inequality" by becoming an elitist politician type that makes the rest of us more poor so we are more equal. Sickening, really.
I said the same thing. I think it is a joke that these people have everyone convinced that income inequality is a problem to solve. Especially now when employers will throw a job at anyone and you can get great financial advice for free on here and other places. It's also never been easier to have a side hustle I don't know how these people are retaining any credibility
While I’m sure his intention is pure, the desire to be enrolled in the most elite and economically privileged universities in the country may actually harm you in your pursuit to address wealth inequality in that you become disconnected in the communities you are setting out to help
This may be true…. But impact necessitates power and power yields to corruption. It is a sad truth, but taking power away not only reconnects you to the people you want to help, it also destroys your ability to help them.
LOL. I don't think Ramsey will ever be able to find other people to take over for him. Nobody else is as prickly as he is. Nobody else is as arrogant as he is. Nobody else is as entertaining as he is. You can tell that all of the other co-hosts he has are sort of scared of him. Whenever they talk they are very tentative and hoping that they give the "Dave approved" answer.
If I were mom and dad The only way I’d pay is if he already has his established connections and relationships both inside and outside college. Etc. if he doesn’t have his plan ready to go in motion when he first mentions/ask then my answer will be no.
Two problems: you’re not an “economist” unless you’re getting a PhD. Second, economists don’t fix anything. Politicians ^can^ but often don’t fix things either.
I was helping a friend with a dump run and their teenager was so confused it cost money "aren't we doing them a favor? "... We had to explain you also have to pay for trash pickup.
@@screwdriver_bandit no you actually don't... Not all people on the left or the right fall neatly into your stereotypes that you got from some talking head.
My thoughts exactly!! My brother went to Columbia on scholarships. My poor parents struggled to help with room and board with their factory worker incomes.
@@clarkbolding5161 There are some scholarships do not come from the schools. Quite a few scholarships are private, I received one from my community due to community service that I'd done. It wasn't much but I was still pretty grateful. I didn't even apply for it. The community looked for individuals to whom they would give a small amount based on charity work or civic involvement.
Most of the ultra-elite universities do not provide merit based scholarships. All of their students are excellent and it’s pretty much impossible to distinguish who is deserving from who isn’t since they’re all supremely qualified.
@@eileenwatt8283 literally nothing in this question suggested he's a communist. He could be a hard-core capitalist that wants to solve the issue by allowing capitalism to do its proper job.
@@saulgoodman2018 listen your immature it's ok. We were all kids at one point the difference is realizing that your elders really do know more than you and to take our advice.
@@bradleysherman4878 Whats the awakening that I'm looking for? Why are your answers so vague? Are you scared to actually put them in a sentence? I'm genuinely curious.
@@CaBdosdos they are right, nobody should have to make a long detailed list online trying to teach you lessons most of us learned by now. If you don't understand that's on you to gain more education.
@@anh7807 Sweetheart I asked that question of him because he doesn't know what he's talking about. Ali prove me wrong demonstrate how Ivy league schools are one of the if not the sole cause of wealth inequality. I'm dying to know at this point and none of you will humor me.
Connections typically come through your dissertation. Having a well known PhD advisor is of great benefit, i.e. the person you study under for your doctorate. Prestigious undergraduate programs are, in my experience, mostly a waste of money. Get your Bachelors from a solid school and choose the graduate school based on the advisor you will have. I have hired hundreds of STEM college graduates and the undergraduate program is of little consequence to the hiring decision.
If the kid wants to learn economics, he can literally watch the entire MIT Economics 101 course for free on RU-vid. EDIT: It is MIT 14.01 Microeconomics from 2018.
He could go to the cheapest accredited college possible and donate the rest of that 250k to help people get trained for well paying jobs. That would definitely help more people than whatever it is you're trying to do.
As someone who graduated from a state university, there are tons of connections and opportunities at the less expensive schools. Nobody has even asked to show my diplomas or prove where I got my degrees...they don't care. I think the parents should let the child explore the schools that are less known. If he wants to go to Harvard still, pay only what you'd pay for a state school and let him come up with the rest. Economists don't make enough on average to even pay off all that debt either.
So true. Companies pay the same salaries to new grads from state schools as they do for Ivy league. It's not where you graduated from but how you perform that matters. This kid may go to an economics class and decides he hates it. I see people who thought they were gifted for a particular field found out they are not after couple classes. The foolish ones stayed but never worked in the industry.
@@elkellenhabla They will. Companies recruiters usually conduct national recruitment on all campuses before graduation. It's done on Ivy League, State Schools, Black colleges. They want a diversify work force. Starting salary is the same across the board.
That's a complete lie, let's look at an industry like Investment Banking or Corporate Law, most firms in this industry will not even take a look at your resume if it doesn't come with a transcript from an Ivy League or top 10 school. You look at Economists that work for institutions such as the Federal Reserve, The US Treasury etc. They all came from Ivy League schools, the notion that you can 'just perform' is simplistic at best.
Ask the kid to do an ROI analysis. How many years of work will it take to break even on the $250K tuition? They're not even counting room and board which will add another $80K+.
Well, if he goes to Harvard or Wharton he could very easily get a $200k+ job straight out of college, so probably 1-2 years maximum. People who say that connections from these top schools are irrelevant are either extremely misinformed at best and manipulative with the intention of spreading their agenda at worst.
Keenly motivated, even single minded, young people have a special focus that they can use to make their goals happen by finding ways to realize their goals. A kid like this can make those connections no matter where they go to school, and should be able to work on obtaining scholarships and grants. As someone who entered medical school at age 38, even I sought scholarships and was given a grant by my community who believed in me. I am now 65 with a thriving career as a physician and I did not go to Harvard.
I am an economist, and I will say that undergraduate schools do not really matter. Although I would spring for at least a 4 year state school instead of a community college, to make him more competitive for graduate school. Then study the GRE and make sure to have at least 3.75 GPA. Take extra math classes past a math minor, or consider a double major in Econ and Math. What matters is getting a good graduate program and advisor. If he is really that good he will likely get a good assistantship and/or fellowship, that pays his tuition, and living expenses in graduate school. Less than 10% of the people I went to graduate school with actually had to pay for tuition or living expenses. In fact most good undergraduate advisors will tell their students not to go to graduate school unless they get an assistantship. At least in Economics. And no, most Economists are not appointed, although many positions say one has an appointment, everyone still goes through an interview process just like any other job.
I agree in part & disagree in part: This is anecdotal but I studied business at a state university (focusing on econ). We generally placed people at fortune 500 companies but placed fewer graduates at competitive I-banking and consulting positions compared to Harvard/Wharton. So there was some competitive advantage to the good schools. I studied law at a very good law school. Three classmates have managed to clerk for various Supreme Court justices but most have had fairly standard law jobs. Ten years in, a significant portion have already left the legal profession. I don't know if my choice of schools has really made a difference for me. It certainly provided some help in getting my first job and internships. But after getting my career off the ground it mattered far less. On an everyday basis, my reputation in the community, the service I provide my clients & colleagues, and my connections among other professionals in my area of subject matter expertise have been far more important.
I think you just proved the kids point... schools and CONNECTIONS made a difference in your career. You wouldn't be able to provide such a great service to your community without that great access to opportunity
@@spatty2589 Yes, and that was sort of the point I was trying to make: There are advantages, especially in certain fields, to going to a great school. But it is also a very nuanced thing. Over time in a lot of specialties, the specific connections you maintain among the people in your area of expertise can be more important than the connections from your degree program.
Art Laffer "earned a B.A. in economics from Yale University (1963) and an M.B.A. (1965) and a Ph.D. in economics (1972) from Stanford University." Maybe the kid has a point.
I went to arizona state and between a 4.0 and internships with nobel lauriates there got a full ride w/ stipend (the standard for PhD programs in Econ) to princeton for the PhD part. You can easily go from state school to ivy league with the right work ethic, attitude etc.
Awkward moment when George is done reading and thinks he’s done and Dave will answer but then daddy Dave just gives him the look, and now he must formulate an answer on the spot
If you go to college, a good recommendation is that the amount you spend should be less than what your salary would be when you graduate. This kid has a passion, but he's still a kid, and could learn plenty at a community college or state school.
@Prey R a guy who endured far more than Thomas Sowell ever could dream of. Despite that became one of the greatest of American writers. He contributed to the freedom and liberty (spiritually, emotionally, and psychologically) of millions of black and brown people across the globe. Remember one of them isn’t fit to shine MLK or Malcolm X’s shoe. The other was close friends with both. So yes. That guy.
@@chewiyminecraft1495 he is trying to say going to the elite university isn't worth it but then goes on to describe his friends career and education which is the exact path the kid wants to go down. He doesn't do a good job of talking him out of the high-priced education. 🤣
@@chewiyminecraft1495 I see Dave’s point and the kids point. If the family can pay for the kid to go to an elite college, go for it. It's up to them. Personally, I agree with Dave and wouldn't send my kids to get a $250k bachelor's degree, but others have a different opinion.
The CEO stat changes dramatically when you consider the fact that 0.4% of undergraduates attended an Ivy league school. Dave just admitted that 0.4% of graduates make up 20% of CEOs.
I experience the Laffer Curve because near the end of the year I get rewarded less for my work due to a large chunk going to taxes and I'm more likely to not be motivated to do it. A lot of people scoff at the Laffer Curve but it's a real thing and the psychological effects of getting less for your work does demotivate people.
First off - you have about a 1% chance of getting admitted into Harvard or UPenn… you first have to gain admission into those colleges Secondly - Ramsy, your info is skewed a bit and you’re missing key information.. n yes, there is data (reliability is questionable) comparing ROI of Ivy League versus state schools…. -> if you do get admitted into an Ivy League school, then YES, statistically, people who go to Ivy League schools earn the HIGHEST ROI’s in their college investment compared to students who go to state universities Lastly - it’s not just the connections, it’s about how well you perform inside & outside of the classroom
It’s so true that when you’re young you literally have no clue. It sucks because they don’t have the experience to understand that they just don’t have the experience.
If 2/10 executives are from top schools that is in support of the opposite of what Dave is saying because less than 2/10 people go to top schools so the chance of getting that kind of job if you go to one of those schools is higher.
Doing away with wealth inequality would take away incentives and innovations. Example: Why become an engineer or doctor if working as a Walmart greeter makes the same?
Right. Trying to force an unnatural wealth equality is so dangerous and takes away people’s agency. Some people like to work hard and live luxurious. Some people like basic work and living a common life.
Education is vital to success. Schools have little to nothing to do with education. It's the individual's ability and drive to learn that determines their education.
Why speak down to younger people? I was once their age. I had a mentor who believed in me and listened to me. THAT gave me confidence. Not someone telling me I don’t know anything. At least hear the kid out and ask them questions as to why they think a certain way. Putting them down gets nobody anywhere
I agree with you, putting someone down only wants them to make the decision so much more. People always think that reverse psychology helps, but it’s different on the person.
@@georgewashingmachine1 I’m 62. And if I had someone who always shot my ideas down I wouldn’t be who I am today. Kids aren’t dumb. It’s the parents who instill the values in them. Kids never change.
The former senior director of the department at a hospital I formally worked for graduated with a Masters degree from the Wharton School of Business, and guess what? He didn't have a large office with the most fanciest office decor, and, he was let go.
I'm a Chief Digital Architect for a big company. I went to a state school and got my master's at a prestigious private school. Company paid for it, and I'd be lying if I told you I didn't rise quickly after my master's.
My cousin told me his granddaughter got into Michigan but she's going to Wisconsin because that's where she lives. After her first job nobody will care where she went.
“They don’t provide better connections.” This is quite literally a lie, but go off I guess. Unfortunately, prestige does matter for many careers, particular economics, banking, and legal careers. It’s not just about what you learn. It’s about networking and the top paying and most reputable firms recruit out of elite institutions. These schools are known as feeder schools. To pretend they don’t exist is to deny reality. A kid who goes to Harvard is going to have a much easier time getting a job in economics than a kid who goes to Middle Tennessee. It sucks that there is that elitism and classism, but if they have the money to do it, why not?
I agree 100% when it comes to under graduate degrees. It starts to matter more for PHD work. Even then, it would surprise you which schools are ranked the best depending on area of study.
I'm a young parent and really glad I found Dave and his team earlier on. I'm on the preventive side😁🙏☝️This young fella needs guidance as I need guidance in my parenting 😊
study what you like to doing...your field of interest is your ambition. ...the more you know, the better. think vertical not horizontal. (horizontal is from the past) ...become the best in your vertical branch, and keep studie and read new books about this topic... thats te best way to become the best in your field now days = pays more .... just pic a topic/branch ...and if you go apply at company - learn something about the company before you go inside to talk to them .
I hate to point it out but Art Laffer did go to Stanford and Yale...not Cambridge as Dave mentioned. The kids ideals are just that, but for him to push his parents into paying the way for an elitist education shows he's not the mature young man he needs to be.
I’ve heard this though from elites, that they are taught that attending an elite school will help them be more successful. But if you don’t attend an elite school, you might be successful but not guaranteed.
If he can do undergrad cheaper and the grad after that will be easier. Where you go to school may not matter as highly as people hold it but it matters some. Also connections definitely matter.
As Judge Judy would say, at that age they're not fully cooked. And there is nothing wrong with going the community college route, just make sure your credits all transfer. It would also help him to tub elbows with all the walks of life, that he probably wouldn't meet at an ivy-league school. I was happy to go to a community college and a state school. My degree in Agriculture is from one of THE best agriculture schools in the nation, definitely one of the top schools in my specific degree, Agricultural Communications. My subsequent MBA and my certificate in Graphic Design. I now work with AI and help develop the Google algorithm and work to keep my kids safe online.
Show me a member of the Federal Reserve Board of Governors who went to Middle Tennessee State University or insert other cheap school and I'll eat my hat
There are many connections you can make in these schools, I’ve seen it for decades in the financial industry. You have to weigh the risk reward. However, there are plenty of people who go to cheap colleges and just have to work harder to make those connections.
This is bad advice. These people are rich. Maybe this person will end up at a corporation and it won't have mattered but also maybe he's got a shot at being one of the three and if you can afford to give him that, why wouldn't you? Mocking that idea makes you look foolish.
If the kid's parents can afford to spend $250K for Harvard, then this kid probably really does understand "wealth inequality"..... (from the Top down!)
I think Dave was just trying to be nice by calling this 16 year old "smart" for wanting to spend a quarter of a million dollars on himself to solve the mindset of other people's poverty.
"Will my parents buy my way into the elite of this country" isn't as dumb a question as it sounds. Buy his way in -- but only if he's smart enough to not waste that golden ticket. And then sit back as your kid becomes a billionaire because you bought him the golden goose.
First, they might be missing one thing. Has the kid been accepted to Harvard or Penn state, Warton School of Business? That might be an obstacle that he might not be able to surmount. Those schools reject High honors students in the thousands. So great, you have the money, and if he is accepted, then it might be a good idea. My degree gave me the base that gave me everything that I have today. So not everything is about the cost. It's about the base education and who you are. And no, I decided to go to a private college because of the limited classes and personal instruction. We also raised $180K for our child to go to any college that she wanted. If she was accepted to Yale she would have gone. She was not accepted. But she is still getting a good education at the University of Waterloo at a fraction of the cost.
Most people aren’t paying full price. If you are really paying the $250k, it probably isn’t worth it. Go somewhere cheaper for undergrad. Prestigious grad school is cheaper than prestigious undergrad, and has the same prestige.
Also something that happens… my law school professors went to and taught at the “prestigious schools” before they came home and taught at state run school. So I got lower tuition for connections 🤷🏼♀️ But it’s more how you apply yourself. Harvard Law has actually lower bar pass rate so you can argue they aren’t teaching students as well at least by that metric.
I think this kid should go to a state school for undergrad, getting his degree, growing up and learning more about himself. If the kid is serious about education and still has the same ideologies, then I would start applying to Harvard or any Ivy League school for a Master’s degree. If he gets in and wants to continue education to grow as an Economist, by spending lots of money and trying to make connections, then I see no problem of him moving on. I just hope this kid gets to become the economist he wants to be one day.
I hate it when people say that someone is wrong simply because of their age. Old people can be wrong and young people can be wrong. Stop with this age nonsense and focus on the arguments instead.
I completely agree! Age gives you nothing more than time. Age doesn't make you smarter, more right, or have any benefits against someone is younger. The kid who can go to Harvard is probably extremely smart, and has the intellectual ability far beyond what most people would. The mental state of teenagers can also be higher than adults. Dave believes himself to know everything, therefore his opinion is right, and a child is never right.
@@chewiyminecraft1495 The world is also progressing and changing at the fastest rate ever. The world our parents grew up in is not the same at all. I think older people underestimate how much younger people know because they don't understand how powerful it is to grow up with the internet. Access to information has never been more accessible and for the first time in history a lot of parents are raising kids that are more knowledgeable and smarter than themselves. It's hard to be a parent and give advice to children on how to live their lives when all you know has changed and no longer apply.
That’s the thinking of the parents of college admissions scandals…many in those groups believe their kids will have better opportunities if they are in those schools vs those attending “average schools”.
Nowadays you don't need an expensive degree just get the education and experience. If you can stay in community college and they have a program for something would want just stay there.
