Don Kassner, President of Andrew Jackson University writes:
“Former lifelong educator and business guru Peter Drucker, quoted in Forbes several years ago, said “Today’s buildings [college facilities] are hopelessly unsuited and totally unneeded.” He further commented, “colleges won’t survive as residential institutions.” Drucker predicted the Internet would change the way students learned, and the evidence continues to build that Drucker was right.”
I agree with Don and, of course, Peter Drucker is right, again.
Digital classrooms are more efficient forms of knowledge distribution. Check it out
“The purpose of a business is to create a customer” -Drucker
What if Universities switched from Ivory Towers to Salt and Pepper Towers? The perfect place for boomers to get out of the way, live cheap, start new careers, launch new social enterprises.. all born in the dorms, by us darn boomers.
via Open Letter to President-Elect Obama from a University President.
Retooling for encore careers
via Retooling for encore careers.
Our growing education gap.
We continue to work hard at correcting the wrong thing. We ask “who will provide the necessary tax base to care for an aging population?” Baby boomers need to take care of themselves, preventing the social burden, by retooling in relevant occupations, and working longer. The already well educated, intelligent, baby boomers(1946-1964), need to remain functional in today’s economy of knowledge work. The myth of retirement at 65, was made when people were only expected to live to 62. If we live to 90, retirement should be at begin at 88. At 51, with an engineering degree and an MBA and 30 years of manufacturing experience, I am totally obsolete, “but I’m not dead yet”, and I need to retool, in an industry, at a the competitive employment cost, in location where I am needed. A university lifestyle, teaches people to live frugally, and boomers need to do so now, rather than “vote” for a handout from the next generation. https://universitylifestyle.wordpress.com/
Many would like to do good work, something meaningful, that has an impact on their special cause, but can’t figure out how to afford it. Many delay getting on with it, because they can’t figure out how to get their. Try this out:
- Figure out your net worth (for example, $500,000) Home equity, savings, garage sales, extra vehicles.
- Guess at an inflation rate. ( for example, 3%)
- Guess at a safe rate of return on your assets ( for example, 7%)
- Subtract the inflation rate from your safe rate of return on your assets. (for example, 7%-3%=4%)
- Multiply the result x your net worth. (for example, 4% x $500,000=$20,000)
- Figure out a meaningful lifestyle, that costs less than $20,000 per year)
Some will think there is no way to live for $20,000, but what about life on a university campus?
Trends in college pricing 2008 shows the average in state, undergraduate budgets at public universities for 2008-2009 of $18,326. This includes housing and food of $7748, transportation of $1010, and other expenses of $9568 (for tuition, books, supplies and other). Add in $2,000 per year for student group rate insurance, and you you end up with just over your target of $20, 326. It is not unusual for students to work 15 hours per week, 40 weeks a year, at minimum wage to add a cushion. (15 x 40 x $8=$4800/yr)
Here’s the simplistic spreadsheet to change some variables. Please share a link if you have a spreadsheet that has greater flexibility for adjusting variables:
- Variable income tax rates for different years. (Tax rates, if you use 401K rollovers for college)
- Variable income for different years. Will you earn a different income after 4 or 6 years?
- Variable inflation rates for different years.
- Variable investment returns for future years.
- Projected social security income.
- Variable inflation rates for categories like tuition, housing and food, transportation, student health care.