Afford Anything Podcast: “Q&A: Should My Teen Go to College?”

Host: Paula Pant
Guest Co-Host: Joe Saul-Sehy
Date: February 17, 2026
Podcast Network: Cumulus Podcast Network
Episode Theme:
This episode dives deep into the value of a college degree in today’s rapidly changing landscape, how families can make sound financial decisions about higher education, and the framework for evaluating such a significant investment. Alongside, the hosts tackle questions about dividend strategies when drawing from brokerage accounts and how to select a financial planner, especially evaluating the assets under management (AUM) model versus flat-fee and hourly payment structures. Throughout, Paula and Joe bring in their trademark blend of humor, candor, and practical guidance.

Main Theme & Purpose

The central question: Is a college degree still worth it, and how can families rigorously assess the ROI (return on investment) of higher education for their children?
The hosts help listeners understand:

• The cultural shift around college’s value.
• How to analyze college decisions from financial and personal perspectives.
• Strategies for making the college or no-college decision more rational, less emotional.

The episode also covers:

• Best practices when using dividends from a brokerage account post-FI (Financial Independence) transition.
• Decoding what makes a great financial planner and whether AUM models are worth it.

Detailed Breakdown & Key Insights

1. Is College Still Worth It? (Main Q&A with Blanca)

[02:10–25:34]

Generational Attitudes & Cultural Shifts

• Paula: Points out that Millennials were raised during a time when college was an unquestionable default, often without ROI consideration.

  “When I was a child, the dominant thinking was that college degrees are necessary. They were almost sacrosanct.” [02:10]
  "The one thing that people did not previously think critically about is the value of college itself." [04:28]

• Joe: Agrees, noting it was once “a given” rather than a decision. [02:29–02:58]

How to Evaluate College ROI

Joe’s Family Examples:

• Son’s Choice: In-state public (UT Austin) vs. out-of-state private (Carnegie Mellon)—both engineering, both top-tier, but vastly different in cost (3:1).

  “My question to Nick was, if you can explain to me what is going to at least make this double… if you can articulate that, we should consider it. …He couldn’t articulate the difference, and that helped him decide to go to the University of Texas at Austin.” [06:25]

• Daughter’s Choice: Journalism vs. Neurosurgery (order-of-magnitude income difference), using Bureau of Labor Statistics (BLS) to compare median incomes and required education.

  “We went to the Bureau of Labor Statistics… What does it pay? …the difference is astronomical. It's an order of magnitude.” [07:40]

  Paula adds:

  "Journalism has a fat tail distribution … the most successful journalists are incredibly highly compensated and everybody else makes peanuts." [08:43]
  “If you are a dermatologist … there’s going to be a relatively predictable band of incomes. …Versus stand-up comedian, singer, actor, journalist: the rewards disproportionately accrue to the top 2% and then the other 98% don’t make very much.” [09:14]

Advice for Teens & Their Parents

• Step 1: Identify if the desired career requires a degree (medicine, engineering, etc.).

  • If yes, degree is non-optional.

• Step 2: If undecided at 18, consider working or obtaining certificates/associate degrees first (e.g., phlebotomist, vet tech, real estate agent).

  “I believe that it is a mistake to go to college to ‘find yourself’, because that is an incredibly expensive way to do that.” —Paula [13:18]

• Step 3: Leverage the financial aid system strategically.

  • FAFSA considers you independent at 24. If you delay college until then, your aid eligibility is based on your income, not your parents’.

  "The time that you’re solving for is the time between age 18 to the age of 24… Once you’re 24, the game changes." [16:48]

• Step 4: Consider alternate income paths and work experience before committing to college.

  “Go to makeup school and become a makeup artist. Go to H Vac school and become an H Vac technician. Go apprentice under an electrician. …Once you have a very clear idea of what you want to do, then go to college.” —Paula [19:29]

• Step 5: If you later pursue college or grad school, work experience can boost financial aid and eligibility for stipends.

  “When I went back for my master's degree… they gave me a full ride… and they paid me $6,000 a month as a living stipend.” —Paula [20:40]

The Non-Monetary Value of College

• Joe and Paula: There’s more to college than ROI—networking, clubs, self-discovery, and non-economic personal growth.

  “Life isn’t about so much what happens, it’s what you do with it. …I see these people even at 18 that go into college that clearly know why they’re there: I’m going to network, meet my professors, join clubs, become a more well-rounded individual.” —Joe [22:26]

Alternatives: GI Bill, Military, and Trades

• The military route (with GI benefits) is another debt-free college strategy.

  “If you are concerned about college costs, I think that is a wonderful way to serve your country, develop skills, get incredible work experience, get the camaraderie… and then be able to go to college, graduate without any debt, and then buy a home with a VA loan.” —Paula [23:50]

• Trades (like plumbing in the Navy): “Nothing speaks louder in the plumbing industry than the fact that I did plumbing on a nuclear submarine. …Plumbing pays really, really, really well.” —Joe [24:42]

Summary of Framework [Key Takeaways]:

• Assess career goals: Does it require a degree?
• Research expected salary and job prospects using BLS and informational interviews.
• Consider gap years, work, certifications, or associate degrees before a bachelor’s.
• Delay college to boost financial aid eligibility and better focus.
• Acknowledge and weigh non-financial benefits.
• Consider military/trade alternatives.

Memorable Quotes

• “College is a very expensive place to not have a focus.” —Paula [19:29]
• “If you don’t know what you want to do at 18, go work. Figure it out. College will be there when you’re ready.” —Joe [17:46]

2. Dividends While Drawing from a Brokerage Account — Should You Reinvest or Take Cash? (Brandon’s Q)

[29:55–35:17]

Brandon’s scenario: Coast FI, per diem work, drawing from a brokerage for ~20 years, dividends currently reinvested—should he take them as cash instead?

Key Points:

• Paula: Advises not to reinvest dividends; instead, take as cash since they'll be taxed whether reinvested or not. This provides flexibility: use for income, selective reinvestment, or asset allocation needs.

  “Dividend income in a taxable brokerage account is taxable anyway whether he harvests it or not… Harvesting dividends, I think, is the way to go.” [31:19]

• Joe: Agrees, emphasizes that if you need the cash, there's no downside. Only consider reinvestment for asset allocation purposes.

  “If you’re in a spot where you’re taking the money, there is no downside to this. I can’t think of a single downside.” [32:33]

3. Choosing a Financial Advisor – Fiduciary, Fee Models, & Accountability

[39:29–64:31]

What is a Fiduciary and Why Does It Matter?

• Paula: Explains the legal difference between the suitability standard (“suitable, not necessarily best”) and the fiduciary standard (must act in your best interest).

  “A person who is only required to reach the suitability standard… might steer you towards things that will lead to bigger commissions for themselves. …By contrast, a fiduciary… is legally and ethically required to give you advice that is in your best interest.” [41:58]

How to Vet an Advisor’s Compensation and Standards

• Joe: Enforcement of standards is poor; many claim to be fiduciaries but aren't. Best question is:

  “If I buy stuff from you, will you get a commission? If the answer is yes, the fiduciary standard goes out the window.” [42:31]

• Ask:

  • “Do you have a fiduciary duty to me at all times?” [45:45]
  • “Are you dually registered?” [46:59]

• Review the legal ADV document, which must outline compensation structure.

Fee Models – Assets Under Management (AUM) vs. Flat Fee/Hourly

• Paula (against AUM): Prefers hourly or flat-rate for transparency and to avoid performance drag.

  “I believe that it is far better to find somebody who either charges at an hourly rate or charges a flat fee, but whom you pay for their time and their expertise, not for the amount of assets that they are controlling and investing on your behalf. Because the drag on your performance… can be substantial.” [48:21]

• Joe (defends AUM for some): For some clients, recurring AUM fees actually provide accountability and get things done that otherwise languish. Know yourself!

  “The only reason [some clients] got a return was because they paid that fee. So I think the whole drag on returns thing is overplayed. …The fee isn’t your enemy. Getting nowhere is your enemy.” [49:03] “I pay extra to have a trainer at the gym… I know me. And I know the only reason I show up is because the trainer’s waiting on me.” [52:04]

• Paula (counters): With truly passive investing, there’s little ongoing work—AUM is less justified than with active services like personal training or property management.

  “Investing is such a passive endeavor, or at least it should be, that… if you are really executing a passive strategy, then there’s nothing to do.” [61:40]

How to Find a Good Advisor

• Focus on individuals, not firms: “It’s far more individual… there’s people at the company I was with where I go, I would hire that person. I wouldn’t hire that one in a million years.” —Joe [57:03]
• Interview for fit, not just credentials.
• Use platforms like XY Planning Network, Nectarine, Facet, or listen to trusted financial podcasts and see who appears as experts.

  "Spend your time trying to find the best people, the wisest, the sharpest, the most forward thinking, to be on your personal board of directors..." —Paula [59:30]

Notable Quotes

• “Stop doing the ROI on them and how much money they’re making, and think about what you would do in the absence of this person… you’re actually getting stuff done.” —Joe [54:21]
• “The fee isn’t your enemy. Getting nowhere is your enemy.” —Joe [49:03]
• “Joe and I disagree. But also, Joe is not wrong… As always, why I love it when we disagree is we present the arguments. You decide.” —Paula [64:40]

Notable Moments & Memorable Quotes

• Paula: “College is a very expensive place to not have a focus.” [19:29]
• Joe: "Plumbing pays really, really, really well. …Colin is a fantastic plumber. Nuclear submarine is not where you want a leak." [24:43]
• Joe (on trainers/AUM/parallels): “The only reason I show up at the damn gym is because the trainer’s waiting on me and it’s going to give me hell.” [52:04]
• Paula (on property management): “As we’ve been recording, I got a text from my property manager… Is it approved? I just texted back, yes… That’s the value in having a property manager.” [55:37]
• Joe (on disagreement): “We can disagree without wanting to choke each other.” [65:24]
• Paula: “Thank you, Blanca, for the question. Thank you for inspiring that discussion.” [25:34]

Timestamps for Major Segments

• [02:10] – Main question: Should my teen go to college?
• [06:25] – Joe’s son: comparing engineering programs, cost & value.
• [07:40] – Joe’s daughter: journalism vs. neurosurgery, BLS data.
• [13:18] – Paula: College to “find yourself” is costly; alternatives.
• [16:48] – FAFSA independence at age 24.
• [19:29] – The case for alternate skill building before college.
• [24:43] – Military/trade alternatives, plumbing on a nuclear sub.
• [29:55] – Brandon’s dividend strategy question.
• [39:29] – Choosing a fiduciary financial advisor.
• [48:21] – AUM vs. flat fee (disagreement segment).
• [61:40] – Passive investing & when AUM might (not) be justified.

Conclusion & Final Wisdom

1. Think Critically: Don’t take default paths for granted—“what college are you going to?” isn’t as useful as “what do you want to do?”
2. Be Strategic: Consider career requirements, data-driven research, and creative/alternate paths like trades or military service.
3. Know Yourself: When choosing advisors, accountability is sometimes worth paying for; but if you do operate best with autonomy, flat or hourly fee may be best.
4. Choose Your Team Wisely: Invest time in finding your “personal board of directors”—the right people can accelerate your life.

Resources Mentioned

• Bureau of Labor Statistics (www.bls.gov)
• XY Planning Network
• Nectarine
• Facet
• Podcasts: Afford Anything, Stacking Benjamins

This episode is rich in actionable strategies, blends personal anecdotes with data, and encourages a reflective, intentional approach to one of life’s biggest decisions: the college question.

For detailed exploration of real-world college ROI analysis, alternative career paths, and a refreshing model of constructive disagreement, this is a must-listen episode of Afford Anything!