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Discussion on the value of college degrees, even in business.

NicoleMarie

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For clarification; I wasn't saying you should ditch college. I was saying that it doesn't matter to other business owners and you need to figure out what you want to do.

If your college bill isn't that big, and you still have a year or two left of college, you can substitute hanging out with friends for working on your business. I probably spent 10 hours a week in class and 50 hours a week chilling with friends when I was in college. If you want to find time to work on your business and still be in school, you can totally work 30 hours a week on your biz.

Ok, I'm still planning on going (as if I have a choice anyways lol). Awesome! I won't have friends up there anyways so I plan on doing that. :)
 
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NicoleMarie

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People who want to hire people with degrees won't take you seriously without a degree. So it's simple, if you want someone who wants to hire people with degrees to take you seriously, then you need a degree.



Of course you can. You're choosing not to. That's a perfectly fine and valid choice, but so is whatever other choice you could make. Accepting that it's YOUR decision is the first step to creating the life you want, whatever it may be.










Sorry if this quoting seems a bit blunt, but I'm trying to make a pattern obvious, in case it wasn't already.

Asking permission has never been a good way to get anything interesting done. There are always a infinite number of great reasons NOT to diverge from the status quo.

In my experience, people are FAR more likely to go along with something if you tell them what you've already decided. (and if you're not confident enough in your decision to do that, then they're probably right...)

Thank you very much for your reply. By the way, I am choosing not to because I literally have no street smarts. I don't even fully understand mortgages, lol. I'd never survive if I just moved somewhere. However, I literally just finished this book and started working on my business. I prefer the cautious route and can't help but think it's not necessary for everyone to "go move on your own and be poor while risking a business idea" in order to end up with a similar result. I have heard of many young people becoming rich simply because of good concepts and I doubt they went out and did all this complicated, risky stuff. They probably still lived at home or did it during college and then left.

I currently have a progress-type thread going, but it's only a starting point. I'm not limiting myself to art unless I can make it automated.

Thanks again!
 

AubreyJ

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I have another question for you that I as well as many others would like to know. I'd really appreciate a reply. Is being an entrepreneur really as complex and challenging as it appears? I just read the gold threads and there's all these employees, taxes, building purchases, and government stuff and whatnot. Can a simple google session or even a class prepare us for this? Can simple businesses without all this stuff still make it big? Thanks!

Honestly, I think nothing accurately prepares you as well as action does.

I am 20 years old and i didn't go to college. But, before I decided not to go to college I was accepted into SMU and I was planning on majoring in business with a specialization in entrepreneurship. I decided against going to college, because I felt like I could teach myself all that I would learn at school, but I would be able to do it at my own pace, and it wouldn't put me in a ton of debt. After I decided not to go to school, I spent the majority of my time learning everything there was to learn about running a business. I started learning how to invest in the market, I started learning about profit margins, buying property, opening a successful business...etc. I was reading everything I could get my hands on.

But, the number one thing that I learned over the last 2 years is that nothing subsitutes action. You can read 100 books, but it won't teach you as much as you would learn by just going out there and doing, and learning from your own action, and your own trial and error.

Before I started investing in the stock market, I read dozens of books about investment strategies, technical analysis, reading financials...etc but whenever I actually put my own money into the market, I learned it was really difficult for me to put actually use what I had read in books. People can tell you over and over again, "buy low, sell high" but actually doing that is much harder than reading about it. Same thing goes with all of my other ventures- I own real-estate properties, and before I bought my first property I did a ton of research about how to successfully own investment property, and what I learned was that these books didn't properly prepare me for how real-estate investment really works. I learned 100X more by actually investing my money in the real-estate and into stocks than I did in any of the books I read.

So, all I am trying to say is that, yes, classes or google (whichever you choose) can help you with learning about all the aspects of running a business, but nothing is going to substitute you going out there and physically starting a business. You will learn much more by doing as opposed to by researching about it
 
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NicoleMarie

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Honestly, I think nothing accurately prepares you as well as action does.

I am 20 years old and i didn't go to college. But, before I decided not to go to college I was accepted into SMU and I was planning on majoring in business with a specialization in entrepreneurship. I decided against going to college, because I felt like I could teach myself all that I would learn at school, but I would be able to do it at my own pace, and it wouldn't put me in a ton of debt. After I decided not to go to school, I spent the majority of my time learning everything there was to learn about running a business. I started learning how to invest in the market, I started learning about profit margins, buying property, opening a successful business...etc. I was reading everything I could get my hands on.

But, the number one thing that I learned over the last 2 years is that nothing subsitutes action. You can read 100 books, but it won't teach you as much as you would learn by just going out there and doing, and learning from your own action, and your own trial and error.

Before I started investing in the stock market, I read dozens of books about investment strategies, technical analysis, reading financials...etc but whenever I actually put my own money into the market, I learned it was really difficult for me to put actually use what I had read in books. People can tell you over and over again, "buy low, sell high" but actually doing that is much harder than reading about it. Same thing goes with all of my other ventures- I own 3 real-estate properties, and before I bought my first property I did a ton of research about how to successfully own investment property, and what I learned was that these books didn't properly prepare me for how real-estate investment really works. I learned 100X more by actually investing my money in the real-estate and into stocks than I did in any of the books I read.

So, all I am trying to say is that, yes, classes or google (whichever you choose) can help you with learning about all the aspects of running a business, but nothing is going to substitute you going out there and physically starting a business. You will learn much more by doing as opposed to by researching about it

Thanks! Great insight!
 
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MJ DeMarco

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HOWEVER, everyone I know seems to think that people will not trust your business or take you seriously if you don't have a degree in modern society.

That's funny.

"Hmmm delicious, this is got to be the best steak I've ever ate. Hope the chef has a college degree..."

SAID. NO. ONE. EVER.

"Wow this product works fabulously. Hope the guy that invented it has a college degree..."


SAID. NO. ONE. EVER.

"Finally got my gizmodo from Amazon! Woo hoo! I just hope the seller had a college degree..."


SAID. NO. ONE. EVER.

"Wow you just cured my cancer with that home remedy! I just hope you have a college degree..."


SAID. NO. ONE. EVER.

"That's the most inspiring piece of art I've ever experienced. I just hope you have a college degree."


SAID. NO. ONE. EVER.

College degrees.

Another thorn amongst a long list of excuses people use to justify inaction.
 

mememan

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College is a scam, end of story. I not only got a free-ride to undergraduate and graduate school, but got PAID to go to school as well, and I would still say it was an awful deal.

The college industry is like the Titanic sinking, but rather than warning everyone, they want to keep the orchestra playing and the dining rooms open.

I've seen the most disgusting levels of dishonesty and laziness from professors and administrators making $250k-$300k. I really hope they recognize, in their private moments, that they are scam artists. They wouldn't be making even 25% of their salary in the "real world," yet still act like they are underpaid and would be making $1M+ in the private sector. Sorry bub, you can't sit bullshitting all day with your cronies and hide from work unless you have a good network to take advantage of nepotism.

It doesn't matter what the field either. Professors with PhD students underneath them are especially nefarious. Even in something as seemingly complex as vector borne pathology, they have to know that the academics they are creating will struggle to replicate even half of success and levels of compensation that they have enjoyed.
 
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NicoleMarie

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That's funny.

"Hmmm delicious, this is got to be the best steak I've ever ate. Hope the chef has a college degree..."

SAID. NO. ONE. EVER.
"Wow this product works fabulously. Hope the guy that invented it has a college degree..."

SAID. NO. ONE. EVER.
"Finally got my gizmodo from Amazon! Woo hoo! I just hope the seller had a college degree..."

SAID. NO. ONE. EVER.
"Wow you just cured my cancer with that home remedy! I just hope you have a college degree..."

SAID. NO. ONE. EVER.
"That's the most inspiring piece of art I've ever experienced. I just hope you have a college degree."

SAID. NO. ONE. EVER.

College degrees.

Another thorn amongst a long list of excuses people use to justify inaction.

Just curious, why did you mention in your book that you don't regret the college degrees you got?

Edit: And I'll have YOU know that thanks to college, I won a poster design contest and mine was used across town. Fastlane here I come! Bahaha
 
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NicoleMarie

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College is a scam, end of story. I not only got a free-ride to undergraduate and graduate school, but got PAID to go to school as well, and I would still say it was an awful deal.

The college industry is like the Titanic sinking, but rather than warning everyone, they want to keep the orchestra playing and the dining rooms open.

I've seen the most disgusting levels of dishonesty and laziness from professors and administrators making $250k-$300k. I really hope they recognize, in their private moments, that they are scam artists. They wouldn't be making even 25% of their salary in the "real world," yet still act like they are underpaid and would be making $1M+ in the private sector. Sorry bub, you can't sit bullshitting all day with your cronies and hide from work unless you have a good network to take advantage of nepotism.

It doesn't matter what the field either. Professors with PhD students underneath them are especially nefarious. Even in something as seemingly complex as vector borne pathology, they have to know that the academics they are creating will struggle to replicate even half of success and levels of compensation that they have enjoyed.

Thanks for your thoughts! I agree.
 

CarrieW

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I agree with whoever said that you need to wrap your head around this first. you need to know what it is you want and then figure out how to get it...

I moved from pa to fla 2wks after I turned 18. I had no idea what I was doing. I figured it out. so can you.

you don't have to move 1k miles from home to get there, but first and foremost you have to stop with the I cant and I don't know how's. no one ever knows how until they figured it out!

you don't need to know everything. you just need to believe in yourself enough to know that you can figure it out! start! just decided what you want to do and start doing it.

I know a lot of stuff now... but the biggest thing I ever learned is this. the more I know the more I realize I have a lot more to learn... you will never ever be ready for certain things in life... its called a leap of faith for a reason :)
 

NicoleMarie

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I agree with whoever said that you need to wrap your head around this first. you need to know what it is you want and then figure out how to get it...

I moved from pa to fla 2wks after I turned 18. I had no idea what I was doing. I figured it out. so can you.

you don't have to move 1k miles from home to get there, but first and foremost you have to stop with the I cant and I don't know how's. no one ever knows how until they figured it out!

you don't need to know everything. you just need to believe in yourself enough to know that you can figure it out! start! just decided what you want to do and start doing it.

I know a lot of stuff now... but the biggest thing I ever learned is this. the more I know the more I realize I have a lot more to learn... you will never ever be ready for certain things in life... its called a leap of faith for a reason :)

Wow, that's quite the leap. Thanks for your feedback!
 
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CarrieW

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Wow, that's quite the leap. Thanks for your feedback!
it may seem like one. but in reality the process started way before I left... I had reached a point very young to where I decided to make my own way, and there was no one on this earth able to stop me or tell me what to do or how to do it... I was already on my own before that. I just wasn't "legally" old enough to leave before I turned 18... the 2week wait was to get better airfare LOL...

once you decide to make your own decisions and take care of the yourself no matter what you are free. some people never get there. others are born with it. you need to figure out where you are on that path and then make decisions to help yourself get to where you want to go...
 

loop101

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In my opinion, you need a college degree if you are going to be seeking employment. Businesses try to reduce risk, and a college degree shows you are able to finish what you start. The hiring manager also usually has a college degree, and hiring you without one - will show they made a mistake in getting one. If they do hire you, you will likely be financially penalized for not having one. I've made about 20%-30% less than my coworkers during my 25 year IT career. I've see this throughout my career, and the careers of others. If you are going to ask someone for a job, a degree will help in many ways. When you seek employment, YOU are the product.

If you plan to sell something else, then you are not the product, and nobody cares about your credentials. MJ used the chef example, but left out one part. The chef would probably not be working at a good restaurant if he had not gone to a good culinary school. If you sold food over the internet, no one cares if you went to culinary school.

I've known IT consultants who made a lot of money, but they were self-employed, and worked for clients who went by the reputation of their business. Sometimes a client would want to see the resume of the person doing the work, but those were rare.

IMHO, whether you need a degree or not, depends on whether you are the product or not. From what I understand about Fast Lane businesses, you are NOT supposed to be the product!
 

Trivium iz rC

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Here's a little clip from Dragons Den Canada (Equivalent To US Shark Tank)

None of these guys (Robert Herjavec, Kevin O'leary, Jim Treliving) have a business degree's. Yet they all have net worth's over 100m.

Associate Degree's, Bachelors Degree's, Master's Degree's & PhD's are commodities today. Look at everyone with a "Master's" that are serving tables, coffee ect like MJ said.

Check this clip out when a PhD Professor makes a fool out of himself (Wether it was just for TV or for real).

 
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NicoleMarie

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In my opinion, you need a college degree if you are going to be seeking employment. Businesses try to reduce risk, and a college degree shows you are able to finish what you start. The hiring manager also usually has a college degree, and hiring you without one - will show they made a mistake in getting one. If they do hire you, you will likely be financially penalized for not having one. I've made about 20%-30% less than my coworkers during my 25 year IT career. I've see this throughout my career, and the careers of others. If you are going to ask someone for a job, a degree will help in many ways. When you seek employment, YOU are the product.

If you plan to sell something else, then you are not the product, and nobody cares about your credentials. MJ used the chef example, but left out one part. The chef would probably not be working at a good restaurant if he had not gone to a good culinary school. If you sold food over the internet, no one cares if you went to culinary school.

I've known IT consultants who made a lot of money, but they were self-employed, and worked for clients who went by the reputation of their business. Sometimes a client would want to see the resume of the person doing the work, but those were rare.

IMHO, whether you need a degree or not, depends on whether you are the product or not. From what I understand about Fast Lane businesses, you are NOT supposed to be the product!

This is definitely all true. I guess I kinda visualize someone going to a website like Angie's list or something and picking the person with the degree simply because the rest of America doesn't think like you guys do. :p all the 5 star reviews might change their mind though...
 

NicoleMarie

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Here's a little clip from Dragons Den Canada (Equivalent To US Shark Tank)

None of these guys (Robert Herjavec, Kevin O'leary, Jim Treliving) have a business degree's. Yet they all have net worth's over 100m.

Associate Degree's, Bachelors Degree's, Master's Degree's & PhD's are commodities today. Look at everyone with a "Master's" that are serving tables, coffee ect like MJ said.

Check this clip out when a PhD Professor makes a fool out of himself (Wether it was just for TV or for real).


Great video!
 

mememan

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In my opinion, you need a college degree if you are going to be seeking employment. Businesses try to reduce risk, and a college degree shows you are able to finish what you start.

A college degree shows that you are willing to shell out money to take up a warm seat and go with the flow.

I didn't go to Harvard or anything like that for grad school, but it was a flagship state school ranked in the top 50 in business. I have literally watched people come to class and sit on their iPad playing dumbass mobile games the whole time, but who are too scared to "skip" class since they think the professor may notice. I have also noticed the extremely laughable trend of having attendance (not participation mind you, just being there), constitute a large part of your grade in a class.

Let me just provide two examples.

I had a class that had every assignment and test available online at the start. Since the class had historically been taught as an online class, I sat down and completed every tedious, inane assignment over a weekend as well as all the tests. I'll be honest, I was a commuter who didn't want to waste time showing up for class two times a week on days when I had no other classes. The professor refused to accept my assignments all at once, and required that I show up for the tests. I ended up paying a student in class to hand in the assignments I had already completed (since they were exactly the same) as they came due, and I came for the tests (which were also the same ones I had taken online).

In another class, they actually used the same book I used in undergrad for a similar course. We were allowed to use computers on exams and did not have to physically be in the room, again, since this was another class that was pretty much an online one. I had had this professor for one time before, and I noticed that over time, attendance dwindled. When I took another class with him, I missed every Friday class since it was the only class I had during that day. I completed all assignments and work on time.

For whatever reason, the professor counted attendance the 2nd time. This was not listed in the syllabus or anything like that. Oh, and it operated as 1% off of your total grade for each day missed. I ended up with a C in a class I had an A in. One student, who was actually a computer science undergrad who had been recruited into the program and had a full-ride due to his high GMAT, ended up with a D in the course due to attendance and was kicked out :D

If an employer values this sort of "experience," do you really want to work there?
 
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loop101

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If an employer values this sort of "experience," do you really want to work there?

When you apply for a job, do you remove all references to your graduate degree? If not, and you get a job somewhere, aren't you by definition working at a place that values that very education?
 

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Just curious, why did you mention in your book that you don't regret the college degrees you got?

I'm not MJ of course, but for whatever it's worth, I have 3 degrees that I regret getting, even though they helped me to land my "dream job" as well as my followup to it which is actually a pretty great job. I definitely learned a ton and gained some considerable benefit from college. But was it worth the time and money spent?

It sure doesn't feel like it to me.

Cognitive dissonance keeps most people from admitting that they wasted huge amounts of time and/or money, so most people with degrees can't or won't admit that it was a bad choice, even if it was. This tendency makes it really tricky when considering the opinions of others about their past experiences. (Of course, to be fair, you should also consider confirmation bias when looking at success stories too. You only really hear about the winners.)

I don't want to say that college is bad for you though. We're in a bit of a bizzaro-world here on this forum. Everyone here wants to have their own business, and college doesn't really help you with that (there are exceptions of course, but they're just that, exceptions). However, the vast majority of people out there just want a nice job with a nice salary, doing work they find interesting. The people searching for that outcome are probably very well advised to go to college (though they should probably major in something reasonably marketable and try to do it without loans).
 

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School isn't necessarily a waste. It's picking the right degree that counts. Not everyone is built to own a business and there are several degrees which can fetch high salaries. Most people who have degrees and wait tables have degrees which don't apply to anything. It's very foolish to think that a degree in anything will lead to a better life however it is also foolish to say some degrees don't have a decent career path for those who don't have the want to own their own business. There has to be losers to be winners. Just like anything in life nothing is black and white.
 
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NicoleMarie

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Thanks so much for all your replies. I just kinda went into panic mode today after the heated discussion with my mom and I wanted to maintain my open mind and get opposing opinions. I just couldn't explain to her that this book wasn't some guy saying random nonsense to make money off me. I'm just going to leave her out of it and continue on. I already have made strides in just a week.
 

NicoleMarie

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I'm not MJ of course, but for whatever it's worth, I have 3 degrees that I regret getting, even though they helped me to land my "dream job" as well as my followup to it which is actually a pretty great job. I definitely learned a ton and gained some considerable benefit from college. But was it worth the time and money spent?

It sure doesn't feel like it to me.

Cognitive dissonance keeps most people from admitting that they wasted huge amounts of time and/or money, so most people with degrees can't or won't admit that it was a bad choice, even if it was. This tendency makes it really tricky when considering the opinions of others about their past experiences. (Of course, to be fair, you should also consider confirmation bias when looking at success stories too. You only really hear about the winners.)

I don't want to say that college is bad for you though. We're in a bit of a bizzaro-world here on this forum. Everyone here wants to have their own business, and college doesn't really help you with that (there are exceptions of course, but they're just that, exceptions). However, the vast majority of people out there just want a nice job with a nice salary, doing work they find interesting. The people searching for that outcome are probably very well advised to go to college (though they should probably major in something reasonably marketable and try to do it without loans).

I agree. I can't help but think that the people who didn't succeed on here, had that happen because they forgot about 1 or more of MJ's concepts and didn't realize it, or maybe something unpredictable happened out of their control. People see these overnight success stories as luck, but really they were unknowingly implementing these concepts all along and maybe a little luck. Would MJ have had the same success, after all, if some random thing banning limos occurred right after he started his business? Sorry for going off topic lol.
 

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When I was 20 I was probably too timid and shy to even think about not going to college and going out on my own first. One thing college did is that it brought me out of that funk and gave me a different outlook on everything. Without college for me, I would never even think of the fastlane because of the mindset I was in after high school would have had me working as a landscaper or something like that after high school forever.

I have said this in other posts and will reiterate it here. I have a degree in Electrical Engineering in a bachelors and Masters in Engineering. I am trying to use the information I learned to add to a fastlane business. Just make sure you use your time wisely in college as you have a lot of free time. I was always hustling trying to find things to sell on ebay and learn the skills of selling on there.

I still have a slowlane job as an electrical engineer, but trying to use autocad and engineering as part of my fastlane software plan so that college was not a complete waste for me, which it definitely was not. My fastlane would never be going on now with friends who are traveling the country with an app that they are creating. My college friends will be friends for life, and most of my friends thought the same thing about college as I did. They realized the system is broken so did not waste time in college just kind of hanging out and waiting for a job. We all figured spending 5 years for that piece of paper wasn't going to be enough, that we had to really work at everything and work to get out of the job that none of us wanted for the next 40 years. We knew at the end of college, we would take the jobs, and use money from that to fund fast lane ventures. I am still doing that to this day.

My current fastlane is a few people that I met in college, and I also have a friend that is building an app and starting to be successful with it, so its a great learning experience for all of it. I would never have come to any of this without my college experience, so I can't say something bad about it. Mine is probably a little different than most because I went to a strictly engineering school, where everyone goes there dreaming of working for an engineering firm, and eventually opening their own engineering firm. Everyone is very entrepreneurial who goes there.

Thats my take on all this. Just make sure to use your time in college wisely and use it to build connections with friends and professors who may be able to help you later on. College is also a good place to find programmers and web designers and graphic designers who are willing to work for cheap at that time.
 
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When I was 20 I was probably too timid and shy to even think about not going to college and going out on my own first. One thing college did is that it brought me out of that funk and gave me a different outlook on everything. Without college for me, I would never even think of the fastlane because of the mindset I was in after high school would have had me working as a landscaper or something like that after high school forever.

I have said this in other posts and will reiterate it here. I have a degree in Electrical Engineering in a bachelors and Masters in Engineering. I am trying to use the information I learned to add to a fastlane business. Just make sure you use your time wisely in college as you have a lot of free time. I was always hustling trying to find things to sell on ebay and learn the skills of selling on there.

I still have a slowlane job as an electrical engineer, but trying to use autocad and engineering as part of my fastlane software plan so that college was not a complete waste for me, which it definitely was not. My fastlane would never be going on now with friends who are traveling the country with an app that they are creating. My college friends will be friends for life, and most of my friends thought the same thing about college as I did. They realized the system is broken so did not waste time in college just kind of hanging out and waiting for a job. We all figured spending 5 years for that piece of paper wasn't going to be enough, that we had to really work at everything and work to get out of the job that none of us wanted for the next 40 years. We knew at the end of college, we would take the jobs, and use money from that to fund fast lane ventures. I am still doing that to this day.

My current fastlane is a few people that I met in college, and I also have a friend that is building an app and starting to be successful with it, so its a great learning experience for all of it. I would never have come to any of this without my college experience, so I can't say something bad about it. Mine is probably a little different than most because I went to a strictly engineering school, where everyone goes there dreaming of working for an engineering firm, and eventually opening their own engineering firm. Everyone is very entrepreneurial who goes there.

Thats my take on all this. Just make sure to use your time in college wisely and use it to build connections with friends and professors who may be able to help you later on. College is also a good place to find programmers and web designers and graphic designers who are willing to work for cheap at that time.

Same here, college forced me to talk more and have a "go getter" attitude, but my goal was still mediocrity until I happened upon the book. After all, I only had my family as direct role models. You are right that college has other things to offer besides just "learning."

Congrats! It also makes me feel better knowing that a fastlane business would pay any college loans in a fraction of the time. We'll see if my mom is laughing then! Hahaha.
 
D

DeletedUser2

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everyone I know seems to think that people will not trust your business or take you seriously if you don't have a degree in modern society.

biggest pile of bullshit.

2 attorneys were arguing back and forth, one went to Harvard one went to Duke, both were bragging about their school. this went on for 10 min.
I Finally said shut up, you both work for me, and your wasting my time and money.

I never got a college degree.

Z
 
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Yankee427

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Yeah, one thing that forever changed my life that I would have never done without college and would never dream of doing it when I was in high school, was that the first week of school all freshman just had their doors propped open. I would just walk into rooms and start talking to everyone who had their door open. This quickly got rid of that funk of an attitude I was in.
 

NicoleMarie

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biggest pile of bullshit.

2 attorneys were arguing back and forth, one went to Harvard one went to Duke, both were bragging about their school. this went on for 10 min.
I Finally said shut up, you both work for me, and your wasting my time and money.

I never got a college degree.

Z

Interesting, what is your business?
 

NicoleMarie

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Yeah, one thing that forever changed my life that I would have never done without college and would never dream of doing it when I was in high school, was that the first week of school all freshman just had their doors propped open. I would just walk into rooms and start talking to everyone who had their door open. This quickly got rid of that funk of an attitude I was in.

Hahah I probably still wouldn't do that. I still prefer solitude most of the time and find I can't relate to most people. I'm glad you had this success!
 

NicoleMarie

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which time?

at that time I was the CEO of a public company, that I took public, after starting it in my garage...
I ran it for 5 yrs.
we had 6 attys on staff.

so ya, I have proof you don't need a college education to get anywhere.

Z

I think I worded that wrong haha. Oh ok, that's some serious success. I always like to see success stories of everyday people who made it without college. Did you liquidate the company?
 

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