82gradDLSdad said:
Pittstop said:
82gradDLSdad said:
Econ141 said:
Don't really know what these guys will make in NIL but say this kid gets $300,000 in the 4 years. 30 years in the S&P could get him 3 million. My Cal degree didn't get me that. Go transfer kids.
I'm calling bs on this. As a [recently] retired civil servant [in San Francisco, granted] who DOES NOT hold a highly esteemed degree from Cal, i earned more than $4M over my 25 yr career prior to retiring in June of 2023. And that was only from salary earnings. My maxed out 457 added an additional 7 figures. So IMAGINE (although I suspect that most of you have no need to just "imagine") what economic wonders will come with the benefit of a Cal degree for these young men who are discarding that very available 'bird-in-the-hand' for immediate, short-term financial gratification via the transfer portal.
BS on what? I just plugged 300000 into a financial calculator. I have a BA from Cal. I didn't make 3 million. I made less but putting as much as I could into a 401k over 30 years got me to 2 million which goes far enough in Bay Point. What are you disputing? My dropout BIL from WSU just retired as CMO of Nordstrom. He has a lot more than me. What are you calling BS on? Lots of ways to earn money and gain happiness. Can't believe people at Cal don't understand this. I'm all for a great kid going to Cal but there are many roads.
If you earn [less than] $200,000/yr for 25 yrs that alone would be $5M. Maxing out my 457 over 25 yrs (including the IRS Special Catchup provision for employees over 50, which allows employees over 50 to now contribute $40,000/yr to the 457) yielded $1.2M. For most of my career, following my first promotion in 2006, I was able to routinely earn an average of, approximately, $190,000/yr - some years would be more, some less, depending on what, or how much i was willing to take on. Maybe your numbers are different somehow. But it was easily more than $4M over 25 years. Deferred compensation savings plans are more about how much an employee is willing to sacrifice in the present toward a pre-established retirement goal. Additionally, my government defined benefit retirement plan + social security retirement benefit combined pays another $115,000/yr. But none of that trumps what I would have been able to earn, or my current retirement income and savings, than if I had earned a degree from Cal. I'm not confused about that.