In this engaging discussion, finance expert Doug Hill shares his personal journey of sending four kids to college, ultimately concluding that college may not be worth the investment. He and James Altucher tackle the staggering costs of tuition and student loans, arguing that many alternatives like trade schools offer better returns. They explore how the traditional pathway to success is evolving and dissect the predatory nature of student loan debt. Listeners are encouraged to reconsider the true value of a college degree in today's economy.
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volunteer_activism ADVICE
Avoid College Without Thought
Don't send kids to college by default as it can be a costly scam.
Carefully evaluate if college truly benefits the individual before committing.
insights INSIGHT
Government Loans Inflate Tuition
Government guarantees on student loans inflate college tuition relentlessly.
Colleges raise fees above inflation because payment risks are shouldered by the government.
question_answer ANECDOTE
Doug Hill's College Experience
Doug Hill sent four kids to college but agrees it's often a waste of money.
He feels college is valuable mainly for professions requiring extensive training like doctors.
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When I first said that college was a scam, people thought I was joking—or worse. But I wasn’t. If you’re 18 and listening to this, don’t go to college. And if you’re a parent, don’t send your kid without doing the math. College doesn’t guarantee a better life anymore. In fact, it could cost you years of freedom, tens of thousands of dollars, and saddle you with debt you can’t escape. In this episode, Doug Hill and I talk about why the traditional path of “get a degree, get a job, live happily ever after” no longer holds up.
Episode Description:
In this second installment of the Crazy Finance series, James Altucher and Doug Hill challenge another major financial assumption: that college is necessary for success. James argues that skyrocketing tuition, guaranteed student loans, and outdated curricula make college a bad financial decision for most people. Doug, who sent four kids to college, shares his own experience and ultimately agrees—except in a few key professions.
From alternative education paths to trade school opportunities, this episode breaks down the economics and psychology behind one of the most expensive decisions families ever make.
What You’ll Learn:
Why student loan debt is structurally predatory and practically inescapable
How government-backed loans have inflated tuition for decades
Which professions still require college—and which don’t
Why trade schools and alternative education may offer better returns
How personal development can happen outside the college system
The James Altucher Show 