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Drop Out and Grow Rich : The Remix

A bunch of people e-mailed me about the Drop Out and Grow Rich article I posted yesterday. A friend of mine pointed out a few things, most importantly that I failed to give the college grad interest on his money. Fixing that (and making him pay interest if he was negative, but only after the first 4 years of college) put him very close to the high school grad with private school money. Never charging him interest for being negative got him slightly above that same person.

Then it was pointed out that the difference in earnings wasn't 900k as the college-mongers claimed. It was more like 1.3mil. I had no good data on salary increases, so I assumed the inflation rate. I guess it stands to reason that after a while job experience means more than the degree, so the gap gets smaller.

If I fudged the grad's income to equal a 900k lifetime earnings difference, the Dropout with Private School money is again the winner, but is still followed closely by the grad. If I fudge the dropout's starting income (to $29,692) to get the 900k difference, the grad still beats the dropout with public level money, but only by 300k. Also, the dropout would be beating him until age 58.

A Walk in Bali

On GlobeTrailing

Going to Bali is a rite of passage for any West Australian. It is the Cancun of Australia. People go there to party and take advantage of the ridiculously cheap way of life. It is cheaper to get to than Sydney You can rent a scooter for 5 dollars per day, my accommodation was never more than 10 dollars per night, meals were never more than 5 dollars with the cheapest and coincidently most enjoyable being the 75 cent Nasi Goreng (an Indonesian staple) purchased at a sweaty night market outside of Lovina.

But I must say, I hated Bali from the start.

On the Airplane, people were just there to party and have fun. There was total disrespect for the flight attendants and obnoxious behaviour. I was ready to get off the plane and get away from tourists.

Upon leaving the airport I was surrounded by "taxi" drivers wanting my business. A taxi driver in Bali is a guy who owns a car and hangs around at the airport for so long that he forgets where he parked his car while his family is sleeping to earn a few extra bucks. I was told to go for the "Bluebird" metered taxes because there is no arguing about the fare. They were right. I got into an argument with him because he specifically told me one price at the beginning, then changed it at the destination saying that it was his accent. The price difference was the equivalent of $2.20. This is not a significant amount of money to me but it was the principle of the matter that annoyed me. I soon learned that this is common in Bali.

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