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Introduction
After listening to the Does College Matter? Podcast, I resonated with the following statements:
-Mary's statement shifted my perspective because I never looked at my knowledge as a monetary investment and that motivates me more to succeed.
-This spoke to me because I have been absent from school for a year and a half after leaving San Jose State University. I had the mindset that college will only get you a job to be someone else's means of financial success. This mindset was caused by the manipulation of a multi-level marketing business. I needed that time to find myself and believe again that college will add to my success tremendously.
Continuing my education to obtain a bachelors in business allows me to have a higher annual pay than I would in a non-degree job. Having higher pay makes it possible to provide my son with a better quality of life by living on the central coast close to family and friends.
-Unemployment: 9.9%. At Feb. 2018 the rate was 3.2% and Feb 2020 3.0%. There was miniscule rises and falls in between then, but really jumped up in April 2020 to 14% due to COVID-19.
-Bachelor Degree or higher: 34.6% and has been over 30.6% since 2010.
-Home ownership rate in 2018: 60.479%
-Disconnected youth (under 18 not in school and/or job field): 3.09%. This is important for me because I want to raise my son in SLO.
-The differences in the bls.gov and edd.gov data, I am presuming it is because they were collected on two different years.
-SLO county's median pay is higher than California and San Francisco's. There is more overall wealth in SLO and the cost of living is higher. There are also a lot of people who are or plan on being retired in this area that may need advice on how to best allocate their funds.
Breakdown: $8,937 current student loan debt
1 year at Cuesta to obtain AA-T: paid in grants
Annual cost San Diego State($6,924) minus average Pell Grant total ($5,024): $1,900 yearly. Will attend an extra semester so add $950.
8,937+1,900+950= $11,787 roughly
2019 full-time annual income X 2.5 (years of schooling I have left)= $50,877.5 roughly
11,787(DCE)+ 50,877.5(OC)= $62,664.5
Future Value: 51,924(1+0.036)^30= $2,707,842.28
Breakdown= $51,924 (10th percentile pay in San Luis Obispo)X 1.036* = $53,793.27 continued 30x
51,924+53,793.27+55,729.82+57,736.1+59,814.6+61,967.9+64,198.78+66,509.93+68,904.3+71,384.83+73,954.7+76,617.1+79,375.275+82,232.8+85,193.17+88,260.12+90,907.92+94,180.6+97,571.1+100,498.24+104,116.18+107,864.362+111,747.48+115,770.389+119,938.12+124,255.9+128,729.1+133,363.4+138,164.44+143,138.356=2,707,842.28
*The 0.036 comes from the edd.gov 2018-2028. The percentage for long term projection is 36.4% for personal financial advisers in Santa Cruz, Ca because there wasn't data for SLO. I divided the 36.4% by 10 yrs to get the 3.6% projected yearly estimate. I thought Santa Cruz would be relevant because the cost of living is similar to here.
Optimal Cost: 20,351(1+0.036)^30=$1,031,677.45
Breakdown= $20,351(optimal cost) X 1.36= $20,352.04
20,351+20,352.04+21,084.7+21,843.76+22,630.13+23,444.82+24,288.83+25,163.23+26,069.11+27,007.59+27,979.87+28,987.14+30,030.68+31,111.78+32,231.81+33,392.15+34,594.27+35,839.67+37,129.89+38,466.57+39,851.37+41,286.02+42,772.31+44,312.12+45,907.35+47,560.02+49,272.1766+51,045.97+52,883.63+54,787.44=1,031,677.45
Difference: $2,707,842.28(college degree jobs) -$1,031,677.45(OC)= $1,676,164.83
Marginal Choice: The choice of pursuing a college degree job outweighs the optimal cost by over 1.5 million dollars over 30 years. It is a choice that makes the most sense financially for my family and I am excited to take this path
Best Online Business Schools in California. (2020, August 26). Retrieved September 17, 2020, from https://www.collegechoice.net/rankings/best-online-business-schools-in-california/
Bisnoff, J. (2020, August 25). A 30-Year Financial Advisor With Over $4 Billion Says The Industry Still Has A Lot of Work To Do On Diversity Efforts. Retrieved September 17, 2020, from https://www.forbes.com/sites/jasonbisnoff/2020/08/25/a-30-year-financial-advisor-with-over-4-billion-says-the-industry-still-has-a-lot-of-work-to-do-on-diversity-efforts/
Estimated Cost of Attendance. (n.d.). Retrieved September 17, 2020, from https://admissions.sdsu.edu/about_sdsu/costs_of_attendance
Osterland, A. (2020, May 18). Financial advisors face new challenges in the way they manage workflow, communicate with co-workers and clients. Retrieved September 17, 2020, from https://www.cnbc.com/2020/05/18/financial-advisors-face-new-challenges-in-the-way-they-manage-workflow.html
Wadhwa, V. (2017, July 07). When Machines Can Do Most Jobs-Passion, Creativity, and Reinvention Rule. Retrieved September 17, 2020, from https://singularityhub.com/2015/07/27/when-machines-can-do-most-jobs-passion-creativity-and-reinvention-rule/
-Outdated document but current relative information is still applicable.