XSO (ASX) The Brains Trust

Originally posted by chipshuffler ↑

Hi PB.

You bring up University. I feel like this is one of the all-time great scams perpetrated by the government and who are the beneficiaries at the end of the day? definitely not the students.

My dad tells me stories of how he would work over the summer to pay for his university education. Imagine trying to do that today? I worked at Bunnings as my first job not too long ago and I tell you what I would not have got close to being able to pay for my education in that time period through that part-time job.

So the cost of the education has gone up exponentially in real terms (I believe the cost of going to Uni in the 60s inflation-adjusted was around $3500/yr) - but how much value has been added? Every millennial and their dog has a degree now because of the government stepping in and offering loans to anyone and everyone who wants one. If everyone has a degree what value is there in having one you don't stand out at all? Again back to my Dad, in those days you had many not finishing school and going off to be successful in a trade, meaning less people finishing their Uni degrees and hence more value in the piece of paper at the end when it's said and done.

Not only that but you have the majority who do go to Uni getting worthless arts degrees and finishing $50k in debt with very little job prospects. Whilst I was looking at uni programs a few years ago I always felt like the Uni's were trying to push me into arts degrees I would see advertising for it everywhere they were always a large part of any open days etc. much larger than any other fields. Were they trying to place me into an arts degree knowing that I'd likely finish my degree and have to restart or expand in another field? I don't know but it felt a little that way.

Further on value I have myself a commerce degree in accounting/finance and a graduate job at one of the big 4 accounting firms. I guess I am one of the lucky ones who managed to snag a job after finishing but how much did I really learn and take out of my degree? very very little. I could barely tell you what a debit and credit was on my graduation day. Granted that is almost exclusively my fault for not putting in enough effort and imprinting it on my brain, but does that sound like the type of education that should cost me upwards o $50k? I'm not sure. Almost everything I've learned so far in the field has been from being on the job, and from practicing it in real life, not from my time at uni.

It seems that any time the government gets involved in education all it really means is bigger debts for students, increasingly worthless value in the degrees, and a taxpayer on the hook for billions in unpaid HECS debts from students that finish with worthless degrees and debts that they never realised were so enormous when they first signed up to the system. It's hard to expect an 18 year old fresh out of high school to understand the enormity of the loans, and just how difficult it may one day prove to pay back...

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the biggest idiots in these markets are university educated.

who did you think they were?

and do you know why?
because they don't know how to bet properly.