Franchise vs. College

One rule I strive to live by is that I try not to get old and stupid at the same time. To that end, a story:

I think many of us had a conversation something like this when our kids neared the end of high school. Johnny or Suzie, I’ve saved X amount of dollars for your college education. Where would you like to go to school? Keep in mind that these dollars will go farther if you go to a public, in-state school vs. a private school or an out-of-state school. And you will be responsible for college expenses that exceed what I have saved for you.

My daughter, in particular, had her sights set on a private school, but that changed when she saw the amount she would be responsible for. Ultimately, both kids chose a public school and graduated with little or no student loan debt. Both are working in the field of their choice, successful and independent.

Today, as we see some college graduates with loads of debt working in minimum wage jobs or otherwise underemployed, we realize that college is not for everyone. In fact, there is a shortage of workers in good-paying trade jobs, a problem that Mike Rowe has well highlighted.

If I had kids graduating from high school today, the conversation would be very different:

Johnny or Suzie, I have saved X amount of dollars to prepare you for the next phase of your life. You can be an employee or a business owner. If you choose the employee path, you will need further education, which can come from a trade school or a university.

If you want to be a business owner, I suggest buying a proven business plan from a franchisor.

What do you think? Would future generations be served better by this conversation?