Mortgage paid off ! And a question

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skor99
Posts: 157
Joined: Mon Jun 26, 2017 5:51 pm

Mortgage paid off ! And a question

Post by skor99 » Sat Jul 21, 2018 2:58 pm

I have been following this board for a few years now and would like to share that my mortgage was paid off yestaerday. It is a relatively inexpensive ( ~ $300 K purchase price ) home, but I still consider it a small achievement as I started off 23 years ago with nothing except for a good education and have been a single income family in most part. I am in my late 40s currently and have no other debt and a decent NW but no pension.

It feels good to have a home paid off before the college expenses start for kids. I am as ordinary as it comes but have not had to work crazy hours for most of my career ( except for crunch periods obviously, as it is in the IT field during project go-lives etc. ). Hopefully this will help those of you starting off that it can be done by working honestly, treating people right ( and with a little luck) and at the same time not sacrificing family time.

My question is a general one about college. Is it always worth getting into a Ivy League or even a top 10 or 20 ranked school where one would have to pay double or even more as compared to a decent ( say 40-50 ranked ) in-state school ? I believe a decent in-state school should be good enough if the kid is willing to work hard, but have heard conflicting opinions about job opportunities available in the top schools vs the others. Any thoughts ?

Thanks

runner3081
Posts: 1491
Joined: Mon Aug 22, 2016 3:22 pm

Re: Mortgage paid off ! And a question

Post by runner3081 » Sat Jul 21, 2018 4:26 pm

skor99 wrote:
Sat Jul 21, 2018 2:58 pm
My question is a general one about college. Is it always worth getting into a Ivy League or even a top 10 or 20 ranked school where one would have to pay double or even more as compared to a decent ( say 40-50 ranked ) in-state school ? I believe a decent in-state school should be good enough if the kid is willing to work hard, but have heard conflicting opinions about job opportunities available in the top schools vs the others. Any thoughts ?

Thanks
Depends on the career they are pursuing. Some careers favor a highly rated school against others. I work in healthcare and no one cares (unless you are a physician, to some extent).

I went the cheapest possible route. Community college, state school (won't see it on rankings anywhere) and then Master's at a low tier school, mostly paid by an employer.

Not a single person in my career has cared where I received those degrees.

Now, it may be different story in law, finance, etc.

sport
Posts: 7051
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Mortgage paid off ! And a question

Post by sport » Sat Jul 21, 2018 4:30 pm

Within a given state, there may be a wide variation in the academic levels of the state schools. DS went to a state school that provided an ivy level education (or very close to it). Also, many state schools have highly respected honors programs for their better students.

Jablean
Posts: 193
Joined: Sat Jun 02, 2018 2:38 pm

Re: Mortgage paid off ! And a question

Post by Jablean » Sat Jul 21, 2018 5:26 pm

Big fish in little pond or Little fish in big pond. If Ivy league is important for anything then it's only that important for grad school and not the first four years.

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