September 13 - Ivy League Dilemma

       I sat down with my father again tonight and asked him the Ivy League question.  Is it worth spending the tuition fees?  Does an Ivy League diploma really help you in the long run?  My dad's opinion is that it can go either way.  He doesn't have a preference on whether or not able people should go to an Ivy League.  "It's not your college that you come from, it's your dedication and hard work that lands you a good job," says Doug Erdmann.  What is the question we are really asking for this project though?  Does attending an Ivy League determine success more than a state or private school does?  To answer this, first we need to define success.  In Finance class, success would most likely be defined as: accumulating the most wealth, so getting the highest salary.  For people like my father, success is not defined by your paycheck, but rather the difference you make in the world.  So in his opinion, going to an Ivy League doesn't determine success any more than another university would.
        http://blogs.ajc.com/momania/2010/12/01/ivy-league-or-state-school-does-your-college-determine-success/
           Here is a blog titled Ivy League or State school: Does your college determine your success?
The New York Times quoted a survey by the National Bureau of Economic Research on 6,335 college graduates.  This survey was to see how students who applied to Ivy Leagues and were either rejected or chose not to attend, stacked up against Ivy League graduates.  The results were jaw dropping.  The students who didn't go to the Ivy Leagues actually ended up generally earning higher incomes than the actual graduates.  The Bureau concluded that the real determining factor for success is "student motivation, ambition, and desire to learn."  So, this study is saying that jobs don't hire based on your college, but rather your history of hard work and ambition.  I no longer see the desire in attending say Yale or Dartmouth, than maybe impressing a few people over your life time with the fact you graduated from there; however, if you really love an Ivy League (not just for the name) then be sure to go for it!  For myself, I would rather find a college I love and work hard there to be prepared for the work force.

Here's a list of the top 10 schools with highest career median salaries.  Sure, there are three Ivy Leagues there, but don't ignore the seven NON-Ivy League schools.  This is proof that you don't need an Ivy League diploma to make a lot of money.

This is Tobin's latest blog - http://sb-sas17682.blogspot.sg/2012/09/september-4th-beating-hedge-funds.html.  In the conclusion, he talks about how his family invests.  They do not use hedge funds and invest their money through a trusted, retired investment manager.  They stocks are spread across the stock market.  They do not have bonds however.  I know the Hamby's and I know that Mr. Hamby makes a lot of money.  It shows that you can earn lots through your career, even though investing can help.