Vitaliy Katsenelson’s Contrarian Edge: Biden’s student debt forgiveness is a slippery slope that will make tuition inflation worse and hurt the U.S. economy

by | Sep 12, 2022 | Stock Market

My wife Rachel and I had our son Jonah in 2001. I was 28 and she was 23. Rachel quit her job and became a stay-at-home mom and part-time student at CU Denver, where she was finishing her bachelor’s degree. Both Rachel and I had immigrated to the U.S. 10 years earlier from the former Soviet Union. I had a master’s degree in finance and a CFA license but was just a few years into my career as an analyst. I was working for a small investment firm, IMA, making $40,000 a year. As soon as Jonah was born, we opened a custodial educational account and started saving $2,000 a year for Jonah’s future education.

For us, $2,000 was then an enormous amount of money — around 7% of my after-tax income. We lived an extremely modest lifestyle. We were still paying off our college debt. This education money could have let us afford restaurants, a daily trip to Starbucks, or another vacation or two. We bought used cars and drove them for years. A friend of mine gave us budgeting advice that changed our lives. We felt it was our responsibility as parent …

Article Attribution | Read More at Article Source

Share This