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What would you pay for your education?

  • $10,000

    Votes: 0 0.0%
  • $20,000

    Votes: 2 28.6%
  • $30,000

    Votes: 4 57.1%
  • $40,000

    Votes: 1 14.3%
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Discussion Starter · #1 ·
Of course, there are some success stories where self taught people become millionaires. The rest of us mortals require some kind of education in order to make a living. What do you think is a fair price to pay for an education which will enable you to gross $75k? I'm only talking about price in $$$ so please be objective. No talk about a priceless education please :)

Kuan
 

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The thing is Kuan most schools cost in the 30k plus range and most people will never make 75k in this biz even at an exec. level more like 35-50k and that is if you get lucky. I think the price cul schools charge are totally way out of line with the reality of what you actually make in the biz don't get me wrong I have made good money at times in my career but I had to work insane hours to do so. So no I think schools have to re-evaluate themselves leaving people with 40-60k in debt making 12 bucks an hour really makes no sense. Somebody in an earlier post said they charge Ivy league money but do they give you an Ivy education and pay scale the answer is a definite no....
 

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I agree with holydiver, schools charge waaaaay too much considering the pay students receive upon graduation. It's just another case of a business charging what the market will bear. The demand is high, so the schools up their price. As long as students are willing to pay the price, I can't see it changing, though.
 

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Well said Holydiver. With the proliferation of schools and the Food Network and the whole foodie thing it's supply and demand. The demand is great for cooks/chefs but so is the supply. Too much of a supply drives down the cost of the supply. So due to the popularity and the false impression that the food network leaves, and schools that do nothing to dissuade that impression (wouldn't be good for business) a lot of people are going to get a job degree. What did you get at school? I got a degree in Job. Now I can go out and get a job!
I like Emeril. Not because of his cooking, but because with the exception of the whole tv thing he's one of us. He did the 20 hour day, 7 day a week gig for many a year. But to be as successful as him you have to be a lucky workaholic. And any workaholic can do well in any field, but at what cost? But how many of us are going to work our asses off and make that 75K very few!
So what is a school worth? These days I think a degree from the CIA, NECI, J&W, FCI is worth no more than an Associates (Job) degree from any other school that charges $30,000 less. Learn the basics like everyone else and then your performance in the kitchen (and a little luck) will determine what you get paid.
 

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I think the supply will dwindle eventually all the starry eyed people watching the food network fantasy land will realize what they got themselves into and go back to being stockbrokers and nurses lol. I totally agree on prices FCI charges like nearly 30 for what a certificate? where will that take you really? I have found a couple of community colleges I am very impressed in I am going to try to get my degree(finally) at and it cost like 15k big difference. And CIA is highly overated I know people (A lot ) who went and are now a gazillion dollars in debt and are no better then most people with no degree so go figure....
 

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You know, I don't think I shelled out more than $5000 CDN for all of my post secondary education, including books and equipment, parking, and dorm rentals during my apprenticeship.
 

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I'm still paying. I added up my reciepts from last year (for taxes) I spent $1,200. in books and equipment.
 

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What excellent points,
Geez, when I went to J&W from 78/80 It was something like $6000 a year. And believe me that was still alot of money back then. Is $30.000 a fair price for a culinary degree? I think not.
These prices put the graduate behind the eight ball for the rest of there career.What i mean by that it,like said before me, If you make 12/14 dollors an hour (without benifits) you will find yourself in a deep hole for many years. I agree with holydiver about community collages, There is one near where I work that is less then half the cost of the "big boys"
another thing I am seeing more of is deviding your education and real work. I mean, people are getting more involved with places that will offer tuitian reambersement, So they work for a year and when eligable go to school part time, if they have a passing grade you can recieve payback from where you work. Where I work we offer a $2000 annual payback program. This whole idea is a way for the student to have real life balance and not spend the rest of his/her life in dept.
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Discussion Starter · #9 ·
Here's another perspective on the value of $30,000. Bear in mind this is not adjusted for inflation so take it with a grain of salt.

$30,000 invested at a conservative 10% rate in the stock market will double every 7.2 years. This will grow to $960,000 in 36 years. Assuming you invested it at age 20, you would probably be almost a millionaire at 56. (where was financial planning when we were young?) Wait till you're 63 and you're up almost 2 million!

If you had gone to culinary school at the age of 20 and come out 30k in debt, and it took you seven years to pay off your debt, AND, you made a one time investment of 30k in the stock market at the age of 27, you would be down $480,000 at age 56, almost a million at 63. If you had worked 43 years, you would have had to make $45,714 a year to reach that goal. Imagine THAT! If you spend it all like most of us do, you'd still be in the hole when it comes time to put away your knives.

Most couselors talk about how much money one can make right out of culinary school. They fail to teach the student about financial basics such as investing and managing their money. I didn't learn about this till I was 29 and thank goodness I did. I really advocate financial planning as a supplement to ordinary student counselling.

Personally, I wouldn't pay that much for an education unless I happen to be in medical school. Even Doctors and Lawyers find it hard the first few years out of school. I personally know a few recent culinary school grads who will never, ever, get ahead of the pack due to their enormous debt burden and lack of financial know how.

Kuan
 
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