Is college worth it?

Ignoring all of the potential non-financial benefits of going to college, what does it take for college to be a smart financial decision? This is far from an easy question to answer, but we can at least do a financial spot check with a simple math equation that accounts for the opportunity cost of the dollars you would spend on education.  The estimated opportunity cost of a typical degree comes in at a whopping $10 million if you were to instead invest the average annual college cost from ages 18 to 21 until you retire at 65.

$10 million is a LOT of money by retirement, but it isn’t crazy to think you could make up that difference with a college degree. If you went to college and were able to earn an extra $14,640 per year compared to someone not attending college, and invested that amount each year, you would end up with the same $10,452,794 by age 65. College graduates earn an extra $32,112 per year on average, although they are also more likely to live in high cost of living areas and may not be able to invest the full difference in earnings each year, even if they wanted to.

This is a very simplified example. Some students will be paying much less for college and some will be paying much more. Your experience at college has value too, and your expected career earnings are not the only benefit of attending college. College graduates are 72% more likely to have a retirement plan at work, 2.2x less likely to lose their job, 44% more likely to report their health as good or excellent, participate more in their community, are happier, and live for seven years longer than those who have never gone to college. I think it’s obvious that not all of this is causation and some is correlation, but it’s clear that college does have non-financial benefits.

Your future career aspirations are significantly more important than whether or not you attend college. There are plenty of high-paying jobs available to those who do not attend college, and plenty of college degrees have low starting wages. The bottom line is that you can be successful, in life and financially, whether or not you attend college.

If you are exploring what paths are available to you without attending college, check out our list of the top-paying jobs without a degree. Since the decision to attend college can be costlier and riskier, I’ll focus on the best and top-paying college degrees in this article.

Best college degrees in 2024

The Federal Reserve compiles data on outcomes by major, which looks not only at early career wages but mid-career wages, unemployment rate, and underemployment rate. This list will consider all of these factors.

1. Engineering

Looking at the numbers, it’s hard not to consider engineering the best college major out there. The top five highest-earning jobs for mid-career workers are all engineering: chemical engineering, computer engineering, aerospace engineering, electrical engineering, and mechanical engineering (in order from highest salary mid-career, $120,000, to mechanical engineering, with $105,000). If you look at early career wages, engineering majors still hold four of the top five spots. Unemployment rates are low, coming in around 3% to 6%.

2. Computer Science

It’s no surprise that computer science is one of the best college majors out there. Early career graduates earn about $73,000, with those further along in their career making $105,000. The unemployment rate among computer science is 4.8%, so they don’t have much trouble finding a job.

3. Pharmacy

Pharmacy graduates don’t make as much money starting out in their career as some other majors, at $55,000, but earn six figures when they reach the midpoint of their career. Job prospects are good for pharmacy majors too, with an average unemployment rate of 4.8%.

4. Finance

Hey it’s us! Jobs in finance are very well-paying, with a median early career salary of $60,000 and mid-career wages of $100,000. They have an easy time finding jobs as well, with an unemployment rate of just 4.1%.

5. Nursing

Nursing isn’t as lucrative as some other fields, with early career wages of $55,000 and mid-career of $75,000, but they are in HIGH demand. Only 1.3% of those with a nursing degree are unemployed. If you are concerned about your job prospects after graduation, nursing could be a great field to investigate.

Worst college majors in 2024

The “worst” college majors aren’t always worth avoiding, but it’s important to be aware of the downsides before you go into debt to get a degree that may not have the return on investment you were expecting. It is interesting and ironic that some of the worst majors also have higher advanced degrees as a percentage. Making you wonder if employment is the objective or nudging struggling graduates into more advanced degrees and potentially even more student loan debt.

1. Fine Arts

Those with fine arts degrees unfortunately have a high unemployment rate, at 12.1%, and median early career wages of $40,000. The share of those with a graduate degree is 23.2%, which means many attend college for longer than four years and may be more likely to take on student loan debt.

2. Family and Consumer Sciences

The unemployment rate for family and consumer sciences graduates is also higher, at 8.9%, and early career wages are $37,000. 32.9% of FACS graduates have graduate degrees, which again means more time spent in school and potentially more money spent on school.

3. Social Services

Those in social services don’t have a hard time finding a job, with an unemployment rate of 3%, but early career wages are $37,000 and mid-career wages are $52,000. The majority, 52.4%, also hold a graduate degree.

4. Early Childhood Education

Early childhood education majors have jobs, with 3.1% unemployed, but salaries start lower and don’t have much room for growth. The early career salary is $40,000 and mid-career salaries are just $43,000.

5. Philosophy

On average, philosophy majors have a more difficult time finding a job, with a 9.1% unemployment rate. Early career salaries start at $42,000 and reach $68,000 by mid-career. However, a whopping 56.5% of philosophy majors have graduate degrees.

What are good majors that will be in-demand in the future?

Your college major won’t determine just what you are doing for the next few years, it can determine your career path for the next 40 years. With that in mind, it’s important to pick a future-proof major that will continue to be in high demand later in your career. The Bureau of Labor Statistics projects the growth rate of different career fields over the next 10 years, and predicts careers in software development and computer science to continue to grow very quickly. With our aging population, other fields expect to see a surge in growth, including actuaries, nurse practitioners, home health aides, and physical therapist assistants.

Choosing whether or not to attend college, and which college and degree program to choose, is a decision that should not be taken lightly. You can be happy and successful without attending college, but if your path leads you there, you must do it right. Choosing one of the best majors can help you ensure you have a job after graduation and earn a higher salary than your peers. The biggest takeaway is to be purposeful in your higher education decision. Around 70% of college graduates work in fields outside of their college major. As with most big decisions in life, make sure you begin with the end in mind and measure twice and cut once to ensure you are happy with the outcome and set yourself up for success.

Before making any decisions about your future plan, it may be worth sitting down to think about what you envision for your kids – pre-paid education, a house/car down payment, retirement savings, disability needs funding, etc.

Each of these goals has a different strategy, as discussed below. If you have several goals in mind, one important thing to consider is that you do not have to pick one single option and can utilize a combination of planning strategies.

We like to compare saving for your children to an oxygen mask when you are on an airplane. It is important to save for yourself first (Check out the Financial Order of Operations). Your children can always take out loans for school or save for themselves, but you cannot take out loans to fund your retirement later on. Just remember, you are actually doing them a favor this way because you will not end up living in their basement one day.

Education

There are a few tax-advantaged ways to save for your child’s education. The most popular option today is a 529 plan, which allows tax-deferred savings to be invested and used tax-free toward qualified education expenses (i.e., K-12 tuition, college tuition, room & board, books, laptops, etc.). Some states even allow a state income tax deduction for contributions to their 529 plan. Anyone can open a 529 for a beneficiary, including family friends or grandparents. For parents wanting to save for a child before they arrive, they can even open an account naming themselves as beneficiary and then update that to name their child later. If a 529 is not needed (received scholarship, did not attend college, etc.), the account beneficiary can be renamed to a qualified beneficiary. When picking where to establish a 529 plan, it is important to consider your home state’s tax advantages and the investment options (and their costs) available within the plan.

There are a few downsides to saving to a 529 plan. Tax-free withdrawals are subject to qualified withdrawal rules, which do not include travel expenses, extracurricular activities, or health insurance. Also, for those who are taking advantage of the American Opportunity Credit, you cannot “double dip” to take the tax deduction for expenses paid from a 529. Finally, if you have unused 529 funds (received scholarship, did not attend college, etc.), and you need to withdraw the savings, the earnings portion of your non-qualified withdrawal would be taxed as income, along with a potential 10% penalty (depending on your situation).

Because of the limitations of the 529 plan, some parents find that they prefer to save for college within a brokerage account, whether it be their own or a custodial account. While brokerage assets are not tax-advantaged, they are accessible at any time, and are not penalized if not used for qualified education. The downside to using brokerage assets as a savings vehicle for education is that when it comes time to file a FAFSA and qualify for financial aid, a higher proportion of the assets are included as available for education spending.

Video: The Best Ways to Save and Pay For College

Personal Goals

For more personal goals (future cars, weddings, home down payments, etc.), you may want to consider a custodial account. Custodial accounts, such as UTMAs and UGMAs, allow you to act as custodian of a brokerage account/after-tax assets for a minor child. The difference between UTMAs and UGMAs lies in what investments are available – UGMAs can hold traditional investments (cash, stocks, bonds, etc.), and UTMAs can hold traditional investments, along with real estate. Both accounts are easily accessible to investors and provide a lot of investment flexibility because there are no qualifying rules for contributions or withdrawals like there are on other accounts. Accounts can be opened at banks (similar to a savings account), but brokerage institutions, such as Schwab, Fidelity, or Vanguard, may allow you to grow savings for longer-term goals.

There are a couple things to think about when investing a custodial account. First, the account legally becomes the child’s asset once they hit the “age of majority”, usually 18 or 21 (state-specific law). Second, if income is high within the account, it could be subject to Kiddie Taxes, which are higher than standard tax rates.

Retirement

It is no secret that The Money Guy team LOVES Roth assets, so we love the use of Custodial Roth IRAs when possible. Contributions are taxed before they are invested, but continue to grow tax-free until retirement. Having the opportunity to take advantage of so much tax-free, compounding growth can be a game-changer for your children. If you think 88x over is impressive, check out this resource that shows the power of compounding growth for kids. One strategy Brian likes to use to incentivize saving is a dollar-for-dollar match with his daughter. For every dollar his daughter saves, Brian also invests a dollar (up to the eligibility limit).

To qualify for Custodial Roth IRA contributions, children must have taxable, earned income. For example, an earned paycheck from working as a lifeguard would count, but non-taxed cash earned from chores would not.

Keep in mind that Roth IRAs are intended for long-term saving and investing. If you are saving for a specific need pre-retirement, you may want to revisit your options to ensure you will have full access to your savings.

Disability Savings

If your family needs require saving for a child’s disability, you may want to investigate an ABLE account. ABLE accounts are intended for the Maintenance, Health, Education & Support of those with disabilities. If eligible, an individual can have one account (tied to their SSN) opened through a state. Contributions are limited to $15,000 annually from outside sources, but can grow tax-free if used for their intended purpose. A beneficiary with earned income can save their earned income to the account, as well.

If someone eligible for the ABLE was the beneficiary of a 529 account (intended for education expenses), and that account is no longer advantageous, 529 assets can be rolled into the ABLE. Also, ABLE accounts do not disqualify beneficiaries from governmental programs such as Medicaid and SSI. To qualify, a person must be diagnosed with a disability before age 26.

Check out Brian & Bo’s thoughts!

Video: How to Be Young Money Millionaires! (By Age)

Video: What are the Best Ways to Save Money for Kids?

You may have heard us use the analogy: paying for your children’s education is like putting on an oxygen mask on an airplane; make sure yours is secured first!

Your children have decades of compounding growth ahead of them, and will likely have extra capacity to pay that debt off later down the road. That’s not to mention scholarships and other financial aid they can receive. Make sure your financial future is on solid footing before worrying about your children. After all, your kids do not want to be your retirement plan.

We like to use the College Boards National Averages to get a figure on long-term education planning. Ultimately, a good funding goal to have is covering 50-75% of education costs due to the likelihood of additional resources from financial aid, scholarships, and student loans if needed.

You may want to analyze expected future costs as a whole and see what annual funding is adequate. As a reminder, savings for education expenses would not be included in your overall savings rate for retirement and is considered Step 8 (pre-payment of future expenses) in the Financial Order of Operations (FOO).

What is FAFSA?

Students seeking aid for college, including federal grants, loans, and work-study, are required to fill out FAFSA annually to determine eligibility. In addition to determining eligibility for federal aid, many states and colleges use FAFSA information to determine eligibility for state and school aid, and some private lenders may use FAFSA to determine eligibility for loans. Almost everyone who attends college needs to fill out a FAFSA.

When can I submit FAFSA?

The application becomes available on October 1st of every year for students attending college the following calendar year. For students attending the 2022-23 academic year, they are eligible to fill out FAFSA as early as October 1, 2021. The federal deadline for submitting the application, for students attending 2022-23, is June 30, 2023. Deadlines for states and colleges vary.

The generous timeframe doesn’t mean you should wait until the last minute to file. The earlier you file, the more grant money you or your student are likely to receive (so do it now!). It is best to file as early as possible every year, so if you have a student in college, go ahead and mark your calendar for October 1st every year.

What do I need to submit FAFSA?

Speaking from experience, the most important thing students need to complete their application are their parents. The following information must be provided, from both students and parents (independent students may file with only their own information):

• Your Social Security number (or alien registration number if not a citizen)
• Federal income tax returns and W-2s (if you have an IRS online login, you may use their data retrieval tool to transfer data automatically)
• Bank statements and records of investments
• Records of untaxed income
• An FSA ID to electronically sign the application

What are the different types of need-based financial aid?

Need-based financial aid includes the following:

• Federal Pell Grants
• Direct Subsidized Loans
• Federal Perkins Loans
• Federal Work-Study
• Federal Supplemental Educational Opportunity Grant (FSEOG)

How is aid calculated?

The formula for determining the amount of need-based financial aid a student is eligible for is Cost of Attendance (COA) ? Expected Family Contribution (EFC) = Financial Need. The cost of attendance is provided by the college you or your child will attend, and the expected family contribution (EFC) is the mysterious variable that not many families understand completely.

What is EFC (expected family contribution) and how is it calculated?

The EFC determines how much need-based financial aid you or your child will receive, or if you will receive any at all. For dependent students, the expected family contribution is how much the students and parent(s) are expected to be able to contribute towards college costs. The Department of Education releases a detailed breakdown of the EFC formula every year (it can change slightly from year-to-year, but usually doesn’t change much). The formula to determine the parents’ contribution (the parental half of the EFC number) is Adjusted Available Income (AAI) ÷ Number of Children in College = Parents’ Contribution. 

The simple formula for determining the student’s contribution is Available Income + Contribution from Assets = Student’s Contribution. To get the EFC, you simply add up the parents’ contribution and student’s contribution. Like an onion or an ogre, the FAFSA formula has many different layers, and right now we’ve only scratched the surface. The next layer down is available income.

How is available income determined?

Parents’ total income includes taxable income, untaxed income, and benefits. If the parents’ taxable income is less than $27,000 (2021), and they meet one of three conditions (filed taxes, eligible to file taxes, or not required to file taxes), the EFC is automatically $0. Allowances against parents’ income include federal income tax paid, state and other taxes, Social Security tax allowance, income protection allowance, and employment expense allowance. Total Income – Total Allowances = Available Income. To get adjusted available income (AAI), just add the parents’ contributions from assets to their available income.

The student’s total income includes taxable income, untaxed income, and benefits. The student allowances include federal income tax paid, state and other taxes, Social Security tax allowance, income protection allowance, and an allowance for parents’ negative AGI. Total Income – Total Allowances = Available Income.

What assets are included in the “contribution from assets” number?

The big question that everyone wants to know: what assets are included in calculating the parents’ contribution from assets? Assets included are:

• Cash, checking, and savings accounts
• Net worth of investments*
• Adjusted net worth of business/farm

*Investments include but are not limited to real estate (excluding primary residence), trust funds, mutual funds, CDs, stocks, bonds, and commodities. 529 plans and Coverdell savings accounts are included in investments. Life insurance, pension funds, annuities, and non-education IRAs do not count as investments.

The formula for determining parents’ contribution from assets is Discretionary Net Worth × 0.12 = Contribution from Assets, where Discretionary Net Worth = Included Assets – Education Savings and Asset Protection Allowance.

The student’s contribution from assets is determined using the same formula, with a few minor differences:

• The student can not take an education savings and asset protection allowance, and
• The asset conversion multiplier is 0.20 instead of 0.12.

The following illustration shows how FAFSA and the EFC is calculated. If you’re a visual learner, this illustration will be much easier to understand than the paragraphs above.

Other factors that affect need-based financial aid

Enrollment status, maintaining satisfactory academic progress, and year in school also affect need-based financial aid. Students must be enrolled or accepted into an eligible degree or certificate program, and for direct loans students must be enrolled at least half-time. Other conditions may apply in different states or at different colleges.

Knowing exactly how FAFSA is calculated, what documents you need, and when deadlines are should make applying to college and for financial aid that much less stressful and scary. Remember, apply as early as possible every year to get the best chance at receiving more aid. For more information about how to best save for college, check out this article: “The Best Ways To Save for Kids” and this episode of the show: “The Best Ways to Save and Pay For College.”

If you have children or you’re thinking about funding any kind of future education, this episode is your new best friend! We’re breaking down the best ways to save and pay for college, plus giving you hard numbers that will help you make the best decision on where to get your education.

In this episode, you’ll learn:

• Where saving for college falls in The Money Guy Order of Operations
• What money conversation every parent should have with their kids
• How much each type of college costs and what you need to save each month to get there
• What a 529 is and why it’s such a powerful tool for college savings
• Other great ways to use 529 assets (besides just paying for college)
• How to choose a 529 plan (and avoid getting ripped off)
• Whether or not tools like Roth IRAs, life insurance, and student loans are viable options for funding education
• Where to find FREE money that will help you pay for college
• How to choose the best type of education for you

Resources and Research from this episode:

• The Money Guy Order of Operations
• How Parents Are Paying for Their Kid’s College (CNBC)
• Most Parents Don’t Discuss College Costs with Their Children – Why That’s a Problem (Nitro)
• Average Estimated Undergraduate Budgets 2018-2019 (CollegeBoard)
• Morningstar Names Best 529 College Savings Plans for 2018 (Morningstar)
• Companies That Offer Tuition Reimbursement Programs (The Balance Careers)

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In this show, we address many of the important questions parents have about how they should save toward their children’s future education costs. Which tools are available? Which ones are the best for your situation? Don’t go anywhere, because we cover that and a whole lot more in this week’s installment of The Money Guy Show.

Tune in to find out:

• Some interesting facts about college that you probably didn’t know (like 75 percent of high school seniors are accepted to their first-choice colleges, but less than 57 percent can afford to attend!)
• All your options when it comes to saving for college: savings bonds vs Coverdell Education Savings Accounts vs Roth IRAs vs Life Insurance vs 529 plans
• The different types of 529 plans (prepay tuition vs savings account)
• What makes a 529 plan such an amazing financial tool for saving for education
• What you probably didn’t realize you could use unused 529 savings towards
• How to carefully understand the coordination of 529 Plan assets with tax credits and scholarships
• What is AOTC, and why you need to know about it (and talk to your tax adviser about it)
• The nitty gritty details of education tax credits – calculations, limits, eligible expenses, and rules
• 2017’s MorningStar’s Annual 529 Ratings: what they are, what they mean, and how you can use this information
• What you should know about 529 fees, and the difference between Direct-Sold 529 Plans and Advisor-Sold 529 Plans

Resources mentioned in this episode:

• Interesting facts about college: https://www.teenlife.com/blogs/10-surprising-facts-about-college> https://www.teenlife.com/blogs/10-surprising-facts-about-college
• Morningstar’s Annual 529 Ratings: http://news.morningstar.com/articlenet/article.aspx?id=830917
• Fees for 529 Plans: http://news.morningstar.com/articlenet/article.aspx?id=810327
• Improving Trend for 529 Plans: http://news.morningstar.com/articlenet/article.aspx?id=831727

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: brian@moneyguy.com and bo@moneyguy.com. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll get immediate access to 15 of our most recent shows, plus you’ll get future podcasts delivered straight to your inbox so you can get in on the action right away.

What’s your biggest question or concern when it comes to saving money for your child’s education? When life is happening, being able to save extra towards education can be challenging enough. Compound that challenge to save with the common stress most parents feel about the path their children will take in five, ten, or even twenty years from now.

Culture has, for right or wrong, steered most students towards the 4-year college degree. But what if your child wants to pursue a skilled trade or the military after high school? In this week’s episode of The Money Guy Show, we talk about all the ways you can plan for your child’s education and which tools will be most flexible for you no matter what path your child takes.

Helping to save money towards your child’s education is a tremendous step in setting them up for financial independence. Here’s what you can look forward to in this episode:

• Learn the basics of education planning
• Find out what a 529 Plan is and why it’s good
• Find out what a Coverdell Plan is and why it’s also good
• Understand the difference between education savings accounts
• Know what your options are if your child doesn’t need the money you saved for them in a 529 Plan (scholarship or military)
• Know what types of post-secondary education you can use a 529 Plan for
• Learn what you can do with a 529 Plan if your child doesn’t pursue post-secondary education
• Prioritize education planning and retirement planning
• Discover ways you can help save financial assets for your children towards other goals (i.e. weddings, home purchase, their own financial independence)

Resources we mentioned on the show:

• Morningstar’s top rated 529 Plans
• SavingForCollege.com

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: brian@moneyguy.com and bo@moneyguy.com. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll get immediate access to 15 of our most recent shows, plus you’ll get future podcasts delivered straight to your inbox so you can get in on the action right away.

Brian and Bo discuss the strategy behind asset location and give you a breakdown of their thoughts when designing investment portfolios. The guys give you the rundown on tax-efficiency and cover the three “pots” of money in the investing world 1) Taxable 2) Tax-Deferred 3) Tax Free.

Here is the overview of how the tax game works across the different investment accounts:

Taxable Accounts – Traditional brokerage accounts (Individual, Joint, Tenants in Common, Tenants by the Entirety, and certain Trusts). This is where you see short-term and long-term capital gains taxation as well as special tax treatment for qualified dividends. We like to see long-term investments, muni bonds, and holdings that generate qualified dividends in these accounts.

Tax Deferred Accounts – This is your 401k, 403b, other employer sponsored retirement plans, and non-Roth IRA’s. When contributions are made into these accounts you get an income tax deduction, and the assets grow tax deferred until you pay ordinary income tax upon taking distributions. The best holdings for these accounts are investments that generate income, like bond holdings, certain MLP’s, REITS, and hedged securities.

Tax Free Accounts – These are the Roth accounts that you are probably continuously hearing about. Assets go into these accounts after tax and grow completely tax free if certain qualifications are met. This is where you want to hold highly appreciable assets so that you never have to pay tax on the substantial gains that you hopefully make.

Along with this topic we feel it is absolutely necessary to cover what-not-to do in these investment accounts:

First, try not to over-complicate your situation. If you need to go back to school to understand an investment, it is most likely an investment that you do not need to make.

Second, if you are already benefiting from preferential taxation inside of a retirement account, it does not make sense to hold investments that have equally preferential treatment in that same account. We often see this when people hold annuities within their IRAs.

Third, be wary of off-shore investments and private placements. Not only do you need to be considered a qualified investor, these investments are often very illiquid and can be hard to find an exact valuation. These types of investments can often be rewarding in the right situation, but generally carry more risk than your more traditional investments. This goes back to our first word of caution; do not get sold on an investment that you do not understand.

Georgia Education Update:
If you are a Georgia listener then Christmas has come early this year. As of December 11th the GA 529 plan has been drastically improved (probably because of the pressure of competition between the different 529 plans). The big improvements included:

** Georgia state income tax deduction update – For tax years beginning on or after January 1, 2007, contributions to an account are deductible up to $2,000 on behalf of any Beneficiary for Georgia income tax purposes. A Georgia taxpayer is not required to itemize his or her deductions to make this adjustment to income. Furthermore, there are no longer annual income limitations to claim this deduction.

** New Investment Options – Effective December 11, 2007, the Path2College 529 Plan will add the 100% Fixed-Income Option. Effective March 10, 2008, the Plan will also add the Money Market Option.

** Lower Fees – Total annual asset-based fees for each of the previously available Investment Options have decreased from .78% to:
** .65% for the Managed Allocation and Aggressive Managed Allocation Options
** .50% for the 100% Equity Option
** .71% for the Balanced Fund Option

I have also covered in today’s show “10 Little Expenses that add up fast” according to Bankrate.com (click here for the link) This is probably a great time to have this discussion since the Holiday season can lead to some run away expenditures. Remember with money especially, you have to sweat the small stuff.

Great news out there in the world of mutual funds. Fund companies are starting to move away from redemption fees that were implemented to stop the institutional trading scandals that occurred back in 2004. Fund companies have found other ways to stop these bad practices without penalizing the masses. Check out the full article in InvestmentNews by Ilana Plyak (click here for link)

Remember there are quite a few Snake Oil salesmen out their, so be very careful when you get lunch and dinner invitations in the mail for financial seminars. Check out the article in InvestmentNews by Joseph Borg titled “Remember, there’s no such thing as a free lunch” (click here for link)

Also covered from InvestmentNews by Sara Hansard titled “401(k)s not enough for young workers” (click here for link)

The last article from today’s show came from reading Boston Gal’s Open Wallet Blog (click here for link). Boston Gal had an entry titled "Sex, drugs, hedge funds, and outrageous cable bill?!?". The entry linked to an article that appeared in the New York Times about the death of Seth Tobias titled "A Lurid Aftermath to a Hedge Fund Manager’s Life" by Andrew Ross Sorkin. I was shocked by his cable bill just like the Boston Gal, but I think that this also shows that you need to pay attention to who you are working with. If the excesses of the investment industry lead to more individuals like Mr. Tobias it will not be long before we have shows titled "Behind the Money" similar to the "Behind the Music" episodes on VH1.

One small request…. If you like the content of the Money Guy show please let your friends and family know about us and also feel free to leave a positive comment on iTunes. I believe that much of our success has come from our prominent location on iTunes and your positive comments. Thank you for your support and for being an active audience!