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  #31 (permalink)  
Old June 10th, 2012, 12:32 PM
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Talk about right on topic! If you haven't seen today's (Sunday) Doonesbury, check it out here. . .

Doonesbury Strip
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  #32 (permalink)  
Old June 10th, 2012, 01:21 PM
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Outstanding thread AR and some wonderful and insightful comments from so many individuals. When I graduated from High School UT tuition was if I'm not mistaken, free for a Tennessee resident (exclusive of books, etc.).

Mike hit a huge nail on the head. Maybe they don't wear ties and upgraded suits to work but I'll tell you right now that the door-to-door hourly rate for a plumber in Poughkeepsie, NY was $89.00 with a one hour minimum and that was all the way back in 1996! I know that for a fact because they were on the Answering Service my wife managed!

I wouldn't even guess what it is today. Same way with a well trained mechanic. Almost ten years ago in California Dealerships were buying houses for well trained automobile mechanics! My own step-son in Staten Island was making $3,000 per week ten years ago but he was considered exceptional and specialized on expensive cars and engines.
Still, I don't know of any low paid really good mechanics.
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  #33 (permalink)  
Old June 10th, 2012, 02:08 PM
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I retired from TVA and have access to the current salaries for trades and labor. The base salary for a journeyman craftsmen is $67,620 currently. That is pipefitters, machinists, electricians, etc. Plus overtime and benefits. Most of them make around $100k per year with overtime and holidays figured in.

My son is entering his final year of high school and doesn't know what he wants to do. A few years ago I put $50k into a 529 plan. Thanks to the 2008 crash on ongoing economic woes it hasn't grown at all. So now I am starting to worry about college costs. College isn't too expensive in Alabama except for some notable private schools, and there are several colleges within driving distance, so he can live with us. But if he wants to go to a trade school he might be making the better decision career wise. I don't see too many HVAC or automotive technicians driving junk cars or living in trailer parks.
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  #34 (permalink)  
Old June 10th, 2012, 08:58 PM
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I retired from TVA and have access to the current salaries for trades and labor. The base salary for a journeyman craftsmen is $67,620 currently. That is pipefitters, machinists, electricians, etc. Plus overtime and benefits. Most of them make around $100k per year with overtime and holidays figured in.

My son is entering his final year of high school and doesn't know what he wants to do. A few years ago I put $50k into a 529 plan. Thanks to the 2008 crash on ongoing economic woes it hasn't grown at all. So now I am starting to worry about college costs. College isn't too expensive in Alabama except for some notable private schools, and there are several colleges within driving distance, so he can live with us. But if he wants to go to a trade school he might be making the better decision career wise. I don't see too many HVAC or automotive technicians driving junk cars or living in trailer parks.
Right, if you have the aptitude to become a journeyman in those trades, you can make good money. I'd be curious to know how long ago you started putting money into the 529 plan. From what you say I imagine it was shortly before the 08 crash, from which, as you also say, most portfolios have barely gotten back to even. Another good argument for starting the saving as soon as they're born and taking advantage of dollar cost averaging in order to gain a significant time horizon.

But given the realities of the current situation, the one thing you need to remember is that your overall time horizon now isn't one year, it's on average three years, because you don't need to cash out completely the day he enters school. That extra time may not bring significant gains, but it might help.

And of course if your son has dreams of getting into a particular field, that fact obviously should be a prime consideration, at least in my opinion.
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Old June 10th, 2012, 09:21 PM
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AR,

You are correct about when I got into the 529. I retired from TVA in January 2008 and moved $50k in a lump sum to the 529 plan at that time, when the market was booming. Then, 10 months later the bottom fell out.
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Old June 11th, 2012, 12:29 PM
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Then of course there's my favorite TV commercial. . .the one with a bunch of yuppies sitting around a coffee table. . .

"Has anyone started saving for college?"

Turns out one of them has, to the abject amazement of the others. Turns out she's investing with a baby food company that also tosses in a life insurance policy for the kid.

Never mind that the purpose of life insurance is to indemnify others--usually family members--against the loss of your income should you die. Kids have no income so there's no need for life insurance.

I won't buy baby food from financial managers, and I hope nobody buys investments and insurance from baby food companies.
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Old June 11th, 2012, 01:40 PM
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I guess the profits from pureed peas and carrots isn't what it used to be. Our son turns 18 soon and we still get junk mail from Gerber about their financial planning programs.
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Old June 11th, 2012, 09:42 PM
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Thought this one would entertain you guys....

Students have been rioting in Montreal, Quebec, Canada, for a couple of weeks now protesting the rising tuition rates at universities in the province.

The annual rate is currently $2200, and the proposed increase is to $2500 per year, not per semester.
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Last edited by Kuki; June 12th, 2012 at 01:06 AM. Reason: correct typos
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Old June 12th, 2012, 01:11 PM
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Kuki,

I heard about the student protests when I was watching practice for last week's F1 race in Montreal. I guess they didn't like Jacques Villeneuve's remarks which were not in support of the protests. $300 is worth protesting about in such a protracted and annoying manner? I suppose if it were $500 they would be torching buildings and be in a tear gas battle with police?

Just yesterday the college our son will likely attend (University of North Alabama) raised their rates by 9% for next year. This is close to $600 more, and they will likely raise it by that amount for the following year, which will be his freshman year. The new rate is $6700 per year for the typical undergraduate.
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Last edited by Dave Beers; June 12th, 2012 at 01:11 PM. Reason: spelling
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Old June 12th, 2012, 01:31 PM
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Wow.. guess I'm luckier than i realized... I graduated in 2008 from an Arkansas public university with my nursing degree. Tuition was about 1500 per semester - Now I'm considering entering an MBA/MSN dual program but each class is around 1200-1300. With my bills I'm not able to pay tuition myself so this will mean additional student loans - Trying to weigh it out and see if the additional loans would be worth it. Not too sure what I'd do with the MBA/MSN anyway -I'm relatively young for administration (32) so it'd be tough to make that jump. I'm not too sure why the grad classes are so expensive when both programs are moved online for working nurses.
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Old June 13th, 2012, 02:14 AM
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Wow.. guess I'm luckier than i realized... I graduated in 2008 from an Arkansas public university with my nursing degree. Tuition was about 1500 per semester - Now I'm considering entering an MBA/MSN dual program but each class is around 1200-1300. With my bills I'm not able to pay tuition myself so this will mean additional student loans - Trying to weigh it out and see if the additional loans would be worth it. Not too sure what I'd do with the MBA/MSN anyway -I'm relatively young for administration (32) so it'd be tough to make that jump. I'm not too sure why the grad classes are so expensive when both programs are moved online for working nurses.
Not sure about where you work, but in the hospital sytem I work in, you have to have your Masters to become a Senior Clinical Manager or Nursing Director. Our company also offers tuition assistance though, so that helps.
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Old June 13th, 2012, 11:40 AM
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Not sure about where you work, but in the hospital sytem I work in, you have to have your Masters to become a Senior Clinical Manager or Nursing Director. Our company also offers tuition assistance though, so that helps.

In NYS you need a Masters degree for any senior nursing position in a private hospital .
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