I went to college. My twin sister did not.
Today we are partners in a real estate business.
She is happy to point out that she earns the same as I do on our respective investments.

So maybe going to college didn’t make the difference. Hard work, good luck, the ability to understand the long term potential of real estate, and investing instead of spending our money was key to us both becoming financially successful.

With a side note: the couple in this case study earns a lot, and also pays a lot of taxes. Sometimes it’s better to earn less, spend less, and pay less in taxes.

Yes! In state tuition & fees at the University of MA (a realistic in-state option for Matt’s kids) are about $17,000 a year, not including room and board. This also doesn’t include fees for the School of Engineering, the Business School or lab fees for science courses which could be about another $1000 a year. This would be about 24 hours a work of week at $15/hour (very reasonable here in Mass) to pay *just* tuition and fees without considering any housing, cost of living etc. I understand both Kate & Matt’s perspectives – it certainly isn’t a requirement that parents pay for their kids education, but if they are able to afford it without compromising their own future, as this couple is, it is such a great way to help them get a great start on their future.

I didn’t qualify for work study aid so jobs on campus were limited as you mentioned. I was able to work as a swim instructor (wasn’t limited to work study students as the lesson fees paid for instructors and also they needed folks qualified to teach), I then became an RA which was also not limited to work study students – I didn’t get directly paid but did receive free housing, a free parking pass and a discount towards my meal plan, some schools pay directly. I also found an off-campus job that was within walking distance of my school – I ended up working there all through school as well as a summer in between jobs. For the most part though I worked VERY part time during the semester (less than 10 hours a week) and made up for it by working a LOT during the summer (at least one usually two jobs anywhere from 35 – 60 hours a week.)

Yes, i use and like mint mobile. You need to be careful about your usage if you’re not on wifi because they throttle data – homestly between home and work I’m on wifi most of the time so it’s a non issue.

Am pretty sure you have to pay regular interest on the 529 gain if you don’t use if for education. My older son got much more scholarship money than my younger, so I plan on using what was left in older son’s 529 for younger son’s education and then gifting the amount that was left in his 529 to my older son, but taking it from another account.

As to being a bargain – yes, but now I’m paying the taxes! But I like our system better as progressive income tax seems like a much more equitable way to fund education than private debt. As to alum networks, it’s true that this isn’t really a thing in Canada, and while McGill would like to sell itself an Ivy of the North, there really is no such thing. Most Canadian universities are about equally good, unless you’re looking at a specific graduate or professional program.

I recently bought a condo in a pricey Boston suburb off the T. Interest rates are very low right now. If you opt against paying off your mortgage (and based on above I would pay it off in your shoes), I’d look into refinancing.

As Matt noted in state schooling in MA is around 31K, but it is important to note that it is VERY COMPETITIVE. One of my kids who had a 3.9 GPA was not accepted to the main campus, so not only are MA state school expensive -m they are also competitive!

I’m with JessMarie on this one. I have several friends and relatives who are multi-millionaires with liberal arts degrees. My best friend has an anthropology degree and has worked in finance all her life; she jokes that it gave her a good understanding of primate behaviour in brokers. She’s the VP of sales right now in a big multinational. My old boss, also a multi, has a film degree; my cousin, who until recently was CFO at a housing organisation in the UK, has a degree in old Norse (nope, I’m not making that up people!). And my oldest brother, by far the richest one of them all, has a year and a half of college under his belt, before deciding it wasn’t for him. And I’m very proud of my English degrees, but then I knew I wasn’t gong to be rich, ever; I just loved doing them for their own sake. And I’m not even remotely a trust fund baby either!

Got it – thanks again!