College : Just Hype?

[maximus20895]

I am 20 years old and in late August I start my Sophomore year in college. I will eventually major in business, possibly get an MBA.

I have just been thinking, is it really worth it? I mean you go to college in order to prove your life later down the road. So let's see what happens after you graduate.

You now have debt (most)
You have a job you think you want
You now will be at that job M-F 40yrs.
You will probably will be in a median or possibly low upper class
You have a boss
You will spend your time in traffic going to and from work
You will not spend any nice days outside if it is M-F

That's all I can come up with.

I am probably biased, but I really don't see why college is so great, especially if you spend 40 years M-F working for a set amount of income that will never make you rich.

I am not sure if it's me or what, but it seems that college is somewhat hyped. I do agree that college will let you have the opportunity to have a better job after you are done, but at the same time you could start a business or do something creative and make much more money with not having to work 40 yrs.

I can not imaging working for 40 years M-F. This part just blows my mind. What a waste of a life. What a massive amount of life you are wasting working and blocking opportunities to experience the world and other enjoyable parts of life.


Give your take on it. :coffee:

 

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[czach41]

I'm 23, and graduated last December with a degree in History.
For me, college was a blast because I met so many great people, had great experiences, learned how to learn (sounds funny I know). Everything I took away from college has shaped me to who I am today.
Just two weeks ago I went to an entrepreneurship event with my entrep. teacher! There were VC's, angel investors, etc at this event. My point is, you can build lasting relationships which can help you after college for getting your business off the ground.... which is where me and my partners are at!
I feel where you are coming from though. For me, it was all about the people and how they shaped me.
The debt does suck though.

 

[maximus20895]

Yes, I agree that it could help if you are going to start a business, but what about those people who go just to be a teacher, accountant, engineer or whatever that do not plan on starting a business?

 

[czach41]

Yes, I agree that it could help if you are going to start a business, but what about those people who go just to be a teacher, accountant, engineer or whatever that do not plan on starting a business?

For the most part, these people live in the rat race :/

We are talking two different types of people here.

- Those who aspire to drive in the fastlane.
- Those who know of nothing else besides living in the rat race.

Whether we go to college or not has no bearing on where we will end up with regards to those two choices.

** For those people who are engineers, accountants, etc, they need the college education in order to a) land those career jobs, and b) get better pay.

On the highway that is the fastlane, college is a mere exit sign on the highway... you can take it, and hop back on, or just drive by it completely.

 

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[DiceMan]

I've always thought you don't really need to be college educated to become successful but most other people say otherwise. Most of those other people are usually poor so I just say to myself I'll create my own path.

 

[maximus20895]

Yes, it is the people who go to college just to end up in a job that they will be doing for 40 years.

Most people don't even think that there is another way. Working for 40 years after getting out of college is normal and anything else is often looked down upon. It amazes me why people think you should spend half your life working instead of enjoying life.

Most people are scared of taking risks, but it is with risks you get a higher reward.

 

[LagunaLauren]

Hey, Maximus-

Good question. I have evidence for both cases:
---1) I went to the University of Texas for my undergrad and got my Masters in California. (I racked up another $90k of debt for my Masters). I have to say in my case, it was definitely a worthwhile investment. I was able to climb the corporate ladder really quickly with the credentials from a prestigious school, the actual education and the invaluable alumni relationships. (I became a VP Creative Director for a huge international advertising agency at age 30, with 40 and 50-year old guys with lesser credentials under me.) *I became a self-made millionaire from my Real Estate investments and retired when I was 35 (2 years ago). My advice would be to stay on college, have fun, get your degree, education and valuable alumni contacts. You'll never regret it. A degree definitely opens doors. And the debt is insignificant when you're making a great salary. While you're collecting your cushy 6-figure office job, you can launch your entrepreneurial ventures or real estate investing like I did and get to your goals that much faster. (The look on everyone's faces at the ad agency when I announced my retirement at 35 was priceless!)
---2) That being said, I have to admit that most of the RIDICULOUSLY successful friends I have did not finish college. One friend dropped out of college and started a dental implant company with an idea for an invention he had. He has 2 private jets, one 140-ft. mega yacht, an estate on the ocean, etc. He's worth hundreds of Millions of dollars. Another friend I have went to college but left before graduating. He started 13 years ago buying one property with an advance from his credit card while working 2 waiter jobs. He was risky and leveraged real estate investments and started a company. He now has a $29Million house in Laguna Beach, along with 4 other private estates including an $11Million house he bought his mother. He has a private jet too. (He's my age-37).
---My friends aren't usual, though. More than likely, with no formal education/diploma, you're more likely to be a waiter than a quick self-made multi-millionaire. If I had to do it again, I would do it the same. I liked driving my convertible Mercedes from my window office to my multi-million dollar home because of a career I enjoyed because I finished college. It was easier and faster for me to build my wealth this way. Also, I find that the formal education and business education I received by having had a career have really proven to be valuable assets in my business and real estate dealings now.

 

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[wildambitions]

You have a job you think you want

What makes you think you'd GET the job?

I'm 23, and graduated last December with a degree in History.
For me, college was a blast because I met so many great people, had great experiences, learned how to learn (sounds funny I know). Everything I took away from college has shaped me to who I am today.
Just two weeks ago I went to an entrepreneurship event with my entrep. teacher! There were VC's, angel investors, etc at this event. My point is, you can build lasting relationships which can help you after college for getting your business off the ground.... which is where me and my partners are at!
I feel where you are coming from though. For me, it was all about the people and how they shaped me.
The debt does suck though.

Agree. Any education is only as good as the student allows it to be. I think this is true in a formal education as well as informal, street learned smarts. Education is just education and it was only education if you learned from it.

I've always thought you don't really need to be college educated to become successful but most other people say otherwise. Most of those other people are usually poor so I just say to myself I'll create my own path.

I think it is wise to evaluate where the advice you listen to is coming from.

However, one thing that has NOT been mentioned here: sometimes we all need to remind ourselves that the world needs employees as much as they need individuals in all the "Rich Dad" quadrants.

maximus20895, maybe college is not the best vehicle for YOU. (It was not for me either.) But it is NOT going to be "hype" for the right student. The choice to be an employee is just that, a choice. Be thankful you recognized (and have) the choice.

 

[maximus20895]

I find it very interesting how you, a millionaire some how are associated with other millionaires. It seems that people in the same social class are attracted to other people in the same class.

As to the college response. I do, once again agree that college will help you with success, but in order for someone to be a great success, in most cases, they will have to think outside the box, get out of their office and create a business or at least take a risk of some sort.

People are stuck on this idea that going to college and working 40yr in this safe secure box is the ONLY way to make good money, but people don't realize is that with a little bit of creativity, motivation and risk you can become successful without working for 40 years.

There are tons of ways to make money besides going to college and stay in the rat race.

 

[maximus20895]

maximus20895, maybe college is not the best vehicle for YOU. (It was not for me either.) But it is NOT going to be "hype" for the right student. The choice to be an employee is just that, a choice. Be thankful you recognized (and have) the choice.

You make a good point when you say it is their CHOICE to go to college and do the rat race. Most people just don't see it as a choice and if they do it is the choice of working as a waitress or going to college and earn more money. Most people don't think of starting a business or being creative and capitalizing as another choice.

Once again, most people like the secure box their job brings them. Which in most cases is a steady paycheck for their hours. If people had a choice of either getting paid by commission or by hour most people would choose by the hour. Simply because it is steady and there is no chance of earning less. People focus on a risk in a negative way such as earning less than a positive way such as earning more.

I really wish I could write better.

 

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[Russ H]

Maximus,

Going to college ≠ 9-5 for Life

Being in the Rat Race = 9-5 for life.

Going to college = Increased opportunities for some people

BUT- you don't need to have a college degree to be in the rat race.

********

BTW, there are a TON of people who go to college and don't do 9-5s for the rest of their lives.

You will meet a few on these forums.

I'm one of them.

-Russ H.

 

[wildambitions]

I really wish I could write better.

I can SO relate to THAT! LOL

 

[maximus20895]

OKay, I think I need to make myself more clear. I was/am mentioning college since that is the "normal" route to go. All I am basically comparing is staying in one place as an employee vs. taking risks and getting rewards.

Yes, some people do not work 9-5 after they are done with college. Once again, I am just saying that I don't understand why people work for so long when there is another option. People are scared of risks.

 

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[LagunaLauren]

You're absolutely right about having a choice to do things differently. I tried to show/teach my friends at the ad agency about the real estate investing I was doing, but because of their fear or intimidation or refusal to change or open their minds, they never acted on my advice or information. They are rat race lifers...most are stil working there. Some have been laid off.
-College is definitely not required to become a millionaire. My point earlier is that it can be a vehicle to get out of the rat race. I used my career as a tool to launch my real estate investing. Lenders wanted to see my income, assets, cash reserves, etc. and my career provided that. Traditionally, you need money to buy properties. Even with creative financing or owner carry-back downs, you still have some out-of-pocket expenses like earnest money deposits, inspections or closing costs, etc. I got slam dunk loans for dozens of properties, including jumbo loans of $1Million+ for properties that appreciated by hundreds of thousands of dollars within 2-3 years. Worked faster for me than starting out with nothing.
-And yes, it is interesting how my friends happen to be mega multi-millionaires. It is important to surround yourself with like-minded successful people who can inspire you, advise you, etc. They have stretched my mind to what is possible and what is achievable.

Trust yourself. You are already ahead of the game by realizing there are other ways to get to your goals than the "follow the herd" mentality of college/career. (However, I know people who regret never having gotten a degree. I've never met someone who said they wished they hadn't finished college and gotten a degree.) You'll be successful whichever road you choose. See you in the fast lane!

 

[neverfastenough]

Yes, some people do not work 9-5 after they are done with college. Once again, I am just saying that I don't understand why people work for so long when there is another option. People are scared of risks.

I think this stems entirely from the social norms of the majority of people. Most people just don't "get" it. They've been taught their entire lives that the path to retirement is HS --> College --> Job to pay off student loan debt --> Family --> Climb the corporate ladder to provide for said family--> Retirement. When in reality that is just not the case.

I would even go a step further and not just say that people are afraid of risks, but they're afraid of options and choices. Though most won't admit it, by sticking to that path to retirement above, their options are clearly defined. At this point in my life, there are a myriad of things that I can do moving forward, and to be honest, it scares the sh** out of me at times. At the same time though, it's what makes life exciting and interesting. I fear the day that I become complacent and satisfied with the status-quo.

 

[Salinger]

Going to college will not prevent you from becoming an entrepreneur.

You do need to consider your approach to school. Keep your goals in mind and ask yourself, "what skills do I need to acquire in order to reach my goals?" Take the classes that will give you those goals. Learn what you need to learn. If you want to do a web based business, take computer science classes. If you want to create a new product or maybe develop alternative energy solutions, you would want to take some engineering classes. If you want to create new cleaning products, take chemistry.

Business classes are good for the management skills. But if you plan on getting an MBA, don't do a business undergrad - that's too redundant. Do something different for the undergrad degree, then, if you want to, add the MBA to round out the business skills.

Don't worry about chasing a degree. Take the classes you need to make yourself good at what you want to do. Acquire the knowledge and skills. If it results in a degree, that's great. A degree does lend some credibility. If not, just take your skills and build your business. You will always have the opportunity to go to school, and you will always have the opportunity to start a business.

 

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[speed-racer]

Hello.

I answered a similar thread. Here are my two (2) responses that are applicable here, too:

http://www.thefastlanetomillions.co...24-advice-those-graduating-now.html#post98978

AND

http://www.thefastlanetomillions.co...24-advice-those-graduating-now.html#post99113

HTH

 

[LagunaLauren]

I totally agree with Jscott and Salinger. A college degree is never a waste of time or money. You get out of it what you put into it. What you learn and the mentors you meet can increase the speed of your success. Also, learning to communicate well in speaking and writing skills are incredibly important. In entrepreneurial ventures, you need to be able to present yourself and your ideas well if you want loans or funding or the ability to sell your product or service.
I was watching Chris Rock when I wrote my last post. Coincidentally, he said "dropping out of school was my biggest mistake." Then he went on to describe his job of scraping shrimp off plates at Red Lobster. Of course, he's a huge success now. Entrepreneurial fortitude will get you where you want to go no matter where you start. I just preferred to get there while in a nice office learning invaluable business lessons along the way.

 

[Bobo]

I come from an education family - my Dad was my department chair for both my majors.
So - I have a bias.

I got my MS and halfway to a PhD before I decided that life on a graduate assistant's salary wasn't gonna support a baby very well.

My thinking: It isn't what you learn in college (facts, formulas etcetera) it's about learning how to think. I think that's the real benefit. The degrees are fine, I have a drawer full if you want to buy one cheap They do help you in life if you don't become an immediate success as an entrepreneur. If you do become an entrepreneur and are successful they give you some cred - investors feel better about putting their money with someone who has an MBA.

Here's the best advice I can give you about college: Don't focus solely on your area of study. I finished with enough philosophy credits to get a minor to go along with a Math/CompSci double major. I use the philosophy more.

History is worth reading and learning from.

Take an art class - not for the nude models

Study something off the wall.

Yes, do concentrate on your major but you are there to think, there to learn to think, May as well expose yourself to some things you haven't thought about before.

 

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[CoMp1eX]

I am not sure if it's me or what, but it seems that college is somewhat hyped. I do agree that college will let you have the opportunity to have a better job after you are done, but at the same time you could start a business or do something creative and make much more money with not having to work 40 yrs.

But what are you doing while building your business to cover all your expenses?
- Working at a $10-15/hr job with no potential?

And what if your businesses fail the first few times?
- How would you pay off your debt or get back capital to go at it again?

Why can't you do both at the same time?

I'm in the same situation after taking a few years off and even though I'm gaining traction on my business... I'm leaning towards challenging myself to do both.

I'll find a way to make things happen. If business gets bigger, I'll adapt and do what I have to do. If it doesn't, I'm still moving forward.

 

[wesrosstx]

Having a 4 year degree is far better then not having one. What if all your business ideas fail and you need to get a job to support yourself? You have a much better chance with a degree.

 

[theBiz]

College has been an excellent experience, although if i never went to college i know i could own two homes right now being rented, paying IO increasing my net worth i still would not take it back(no money out of pocket besides down payment,closing costs). The reason is i have had plenty of thinking time and learned how to invest money, so once my income starts growing watch out because my net worth will grow faster.

 

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[NoMoneyDown]

My thinking: It isn't what you learn in college (facts, formulas etcetera) it's about learning how to think. I think that's the real benefit.

Study something off the wall.

I couldn't agree more. It was almost like a veil had been lifted about midway through my Sophomore year. I have degree in Computer Science with a minor in Math, but my favorite course was a freshman Philosophy class.

 

[JThompson]

Maximus, I know exactly what you mean. Back in my freshmen year I had just gotten into RK and the whole new world that had been opened up to me as a result of his material. At one point I wanted to drop out to start my own endeavors, but 3 years later as a senior I am glad that I didn't. I found my own reasons for staying, some of which have been: 1.) Making connections wherever I can 2.) Learning how to read numbers like every entrepreneur should know how to 3.) Taking my thinking to new heights

Its true that in most business schools (mine incuded) they are training you to be nothing more than an employee. SO many people are stuck in the "graduate, get a job, work forever" route that its sickening. On the flip side, it is what you make of it. They're are organizations and classes for people that want to be entrepreneurs/investors, such as Students in Free Enterprise, you just have to keep your eyes open for it.

One thing my school has is an actual student ran business that myself and 4 other students operate along with two instructors (who also own businesses). Jerry Jones started it when he went to school here. You get credit hours for learning the ins and outs of real business. I would post the link to the website, but my post count is too low. PM me if you want to check it out.

See if your school has anything similiar, and if not then call up local business owners and offer your services. I've done it, and most are very impressed with your initiative. Just keep learning and working toward your goals anyway you can. It will pay off