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HOT TOPIC Opinion: Skipping college is not going to make you fastlane

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Sethamus

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Over the last 6 months I have read a lot of comments condemning college and associating it with the slow lane mentality. Why is this?

I understand the hate for college debt and the increasing cost of education. Is it the systems fault though for these kids to take out huge loans on shitty degrees with no future planned or their own fault with maybe some help from their parents?

My education helped put me where I am today and without it I probably wouldn't be where I am or even the fast lane mindset. I learned responsibility without the high cost of losing a business, effective communication, general problem solving, and countless more. I partied with the best of them, and actually learned early that alcohol and calculus doesn't mix well Monday- Thursday lol. However I had a plan and intentionally chose engineering for the career options and typically higher income. I chose the petroleum industry, specifically field based, so I could earn much more and work less days than a typical 9-5 job. Some of this was probably my upbringing and my parents do earn a lot of credit in this, but they are 100% slow lane and that is fine. I surely do not hate them for this and seeing their missed opportunities for businesses that they backed out on set a fire under me to be different.

For the "seasoned " members of this forum. What is your advice for all of the young new entrepreneurs joining the forum?
 

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Morgan77

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It's more that needlessly going to college / university is following the script. If there's something you want to do at Uni and you actually get something out of it then go for it. Nothing wrong with that for me.
 
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Sethamus

Sethamus

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It's more that needlessly going to college / university is following the script. If there's something you want to do at Uni and you actually get something out of it then go for it. Nothing wrong with that for me.
What is the script? Working 40 yrs at $60k and investing a 401k? You do not have to go to college for that.

If I went back to college it would be for my same degree or whatever I need to work in a VC to learn those skills and buy a business in 2-5 years out of college. That surely isn't part of the script.

What for the kids that do not know what they want to do and have very limited skills graduating from high school? What is more forgiving, going to college (hopefully with a plan) or starting a business they randomly read about?
I believe 100% you can get rich in the fast lane and never go to college. What about the ones that fail those first two or three businesses and have nothing to fall back on besides a $15/hr or less job?
 

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fastlanedoll

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Agree.
It's not that black and white.
I agree that a fallback plan is essential. Entrepreneurship is just too unpredictable and.. turbulent.
If you want to live comfortably (whilst you're failing), you need a relatively high paying job which USUALLY requires a college degree.
Those who make 100k a month on youtube without a college degree like Graham Stephan are the exception, lol.
Needless to say, a high paying job also allows you to invest more, risk more, and having specialised knowledge in an area paves (and funds) the way for the damn business in the first place. If you don't have the funds you miss the opportunity to capitalize on opportunities.
You can argue that you can 'learn to code' instead and find a remote job, but honestly, the easier to obtain your skill is, the more replaceable you are, which destabilises your income when your entrepreneurship journey is not yet successful.

I think the real question is how to shorten that college degree.
Google may have an answer. Aren't they promoting some diploma which are touted to be as valuable as a degree?
SOME form of education is always useful.
 

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Retired teacher... The issue for me is the lack of personal responsibility no matter which path one chooses. Also, the lack of vision.

The populace has been groomed to believe someone will always take care of us and our happiness is guaranteed. That is the script MJ has written about. If I follow the rules that everything will fall into place. Over time the cost of following those rules has risen substantially and the reward has fallen. Higher education was a part of that process and it worked for a while in the 1950's.

Education is not a solution but a tool, one of many tools in life. Education is formal and informal and both are valuable. Not going to college does not guarantee anything just as going to college does not guarantee anything. Staying debt free doesn't guarantee anything and going into debt does not guarantee anything. We have been led to believe that if we give up certain things that there will be the pot of gold at the end of the rainbow and it is increasingly turning out to not be true. The populace has bought into this and coupled it with not having to work hard because, everything is guaranteed anyway.

If you benefited from your formal education that is excellent for you. However, all of your classmates had the same opportunities and many will not turn out so fortunate. Life is not guaranteed by anyone. Comfort, health, happiness nope. It is all up to the individual.

Education is a tool to be used for the benefit of the individual and that individual can use their tools for the benefit of themselves and society. All education gives the learner more choices and opportunities in life.

Ironic thing is, individuals that are not working hard and are waiting on someone to deliver their guarantees are also learning as well. They are just ignoring the lessons that life is teaching them.
 

Morgan77

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What is the script? Working 40 yrs at $60k and investing a 401k?
The script is other peoples thinking. I'd say going to college / uni is part of the script, the idea that to get a high paying job you need to go through university.

If I went back to college it would be for my same degree or whatever I need to work in a VC to learn those skills and buy a business in 2-5 years out of college. That surely isn't part of the script.
That's your script. That's how you're going about life. Some people will go to uni just because it seemed the right thing to do, and then have the same boring old career the rest of life.

What about the ones that fail those first two or three businesses and have nothing to fall back on besides a $15/hr or less job?
Then so be it. What was MJ's list of jobs he had before he moved out to Arizona?

Sometimes having nothing to fall back on works out for the best, and sometimes it wont. I will only ever say if you want to go to uni, and it will actually help you get to where you want to be, then go. I personally didn't see the point in me going. I did well in school and would have gone to do some business course, but what would that do for me? My cousin did excellent at a good Uni and got a good degree, masters or whatever you call it. He works in a restaurant and has been completely broke for years. That turned me off Uni before I even had to think about it.

PS. I'm saying university because I live in the UK and I'm pretty sure college here is different.
 
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Sethamus

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Retired teacher... The issue for me is the lack of personal responsibility no matter which path one chooses. Also, the lack of vision.

The populace has been groomed to believe someone will always take care of us and our happiness is guaranteed. That is the script MJ has written about. If I follow the rules that everything will fall into place. Over time the cost of following those rules has risen substantially and the reward has fallen. Higher education was a part of that process and it worked for a while in the 1950's.

Education is not a solution but a tool, one of many tools in life. Education is formal and informal and both are valuable. Not going to college does not guarantee anything just as going to college does not guarantee anything. Staying debt free doesn't guarantee anything and going into debt does not guarantee anything. We have been led to believe that if we give up certain things that there will be the pot of gold at the end of the rainbow and it is increasingly turning out to not be true. The populace has bought into this and coupled it with not having to work hard because, everything is guaranteed anyway.

If you benefited from your formal education that is excellent for you. However, all of your classmates had the same opportunities and many will not turn out so fortunate. Life is not guaranteed by anyone. Comfort, health, happiness nope. It is all up to the individual.

Education is a tool to be used for the benefit of the individual and that individual can use their tools for the benefit of themselves and society. All education gives the learner more choices and opportunities in life.

Ironic thing is, individuals that are not working hard and are waiting on someone to deliver their guarantees are also learning as well. They are just ignoring the lessons that life is teaching them.
Great response
 

Kevin88660

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It depends on the circumstances.

If someone has been hustling since high school and found an opportunity to start a good business or project to do it is probably a good choice.

Just hating classes and examination is not a good excuse to quit school and declare yourself an entrepreneur.

While there are many super capable 18 years olds but that is really a minority. Most people get mature after four years in college and two years working for a job, before they become “mentally fit” for business which is far more challenging.
 

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fastlanedoll

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Agree high school is THE time to start. High school is typically more chill than college. You have no debt, and IF you're successful, you can then really forget about college, lol.
 

humananalytics

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Personally, I found this research study quite insightful: https://www.kellogg.northwestern.edu/faculty/jones-ben/htm/Age and High Growth Entrepreneurship.pdf


TLDR;

  • Majority of top 1% high growth business/start-up founders come from people with high end careers/high earning careers prior to starting their business
  • Age where businesses seem to achieve the highest growth is with founders who are 40-50 years old

I've found other studies that suggest similar - the peak age for entrepreneurship tends to be around 40. This doesn't mean you need college, but it suggests that patience (not procrastination) and taking time to develop as a person is not such a bad thing.

Anecdotally, and I'm in NYC for reference, I've found most start-up founders here come from very traditional backgrounds. Ivy league college -> prestigious law/bank/consulting firm -> maybe ivy league MBA/JD -> startup-founder, raising huge capital in seed funding/series A. Keep in mind, these are the unicorn type start-ups that you do when you really want to make it big. They aren't necessary to be fastlane. Also, I work in the biotech space, my clients here are all 40-50 year old start-up founders, which makes sense since they all at least have MD/PHDs (sometimes both, and even MBAs). My last client raised 70M Series A, pre-revenue by about 6 years. Prior to founding this business, she was C-Suite exec earning 2M/year. Even in the West Coast, where people pretend to be more open-minded, majority of VCs and the firms they start are all from Stanford (Stanford's graduating MBA class raised 1B last year).
  • This route does take a lot of patience, and I'm not saying its optimal, but it is the most common one I've found for the hyper success start-ups. Majority of billionaire unicorn founders have this type of background.

Honestly - I think college is the right call for most people as long as it is in something practical, the cost is reasonable, and there isn't a great alternative.
 

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Once upon a time I created a national shit storm on this topic. I think it is time to resurrect the shit storm.


 
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Sethamus

Sethamus

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Are you currently a millionaire? Are you fastlane?
I'm currently unemployed chilling at the house playing daddy daycare to my 8 month old son and loving it. Not sure what this has to do with the overall discussion of the original post.
 

Andy Black

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kelvinfernandezm

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I'm currently unemployed chilling at the house playing daddy daycare to my 8 month old son and loving it. Not sure what this has to do with the overall discussion of the original post.
So you're neither a millionaire nor have a fastlane business. That should give you the answer wether college degrees make you a millionaire or give you a fastlane business.
 

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Yes, it technically is the systems fault.

When you government back student loans you give schools the untempered power to continue increasing the cost of tuition. 18 year olds are just uneducated in general and they sign on the dotted line for 50k in debt and think they will deal with it later.

School is a business and the propaganda runs deep.

Sure, if you dont go into debt and can get into an ivy league school you are setting yourself up to really advance and get ahead. But the vast majority simply doing it because of FOMO are actually going backwards.

It took me 8 years to get my bachelors but I did it with no debt. By the time I graduated I had a 7 figure business and investment properties - I gave my 2 week notice to my job the month after i graduated.

You don't need a degree to be successful. You do however need an education.

Use Youtube, this forum, mentors and anything else you can find.
 

Photool

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Over the last 6 months I have read a lot of comments condemning college and associating it with the slow lane mentality.
I can only speak from my own experience in regards to my mentality and what I actually did and what I observed. This is applied towards the specific field I pursued "Film" and I believe it can apply to many ( not a blanket statement for all such as doctors, lawyers etc). I also understand that college is a choice and isn't a cookie cutter situation. That being said I have observed a majority of the students who were practicing/applying the craft on their own prior to entering college tend to be the most successful % who come out college. I also find most who don't have clarity tend to use college as a experimenting ground rather than experimenting outside of it. They get in , barrow money (achieve or quit) - try a new thing (Repeat) .

My Mentality :
Instead of borrowing $89,500 to go to Full Sail or Vancouver film school and going in debt , take the $89,500 and buy the equipment yourself, use it and learn through experience. If you decide it isn't for you and your not into it , well then you can sell the equipment and make all your money back. Debt you cannot. While I am not condoning debt, I am condoning application & a more purposeful approach of self education. The difference - freedom, responsibility, choice and you now have an "asset" rather than a liability that you have to use/take action with.

Well, I had this way of thinking around 15 when I decided I really wanted to pursue something in film and was thinking about film school. I started dabbling in video, music, acting, synthesizers, animation, 3D modeling, the internet etc... Which constantly kept me thinking about forging my own life and how to improve. Worked a few technical jobs, gained experience , and eventually left 9-5 and figured out whatever I could to be self employed. When the time came I did exactly what I had "as a flash of insight" . Bought all my equipment, opened a creative studio and had control of my own thing. Despite its challenges and it was one of the best decisions to lead me down the road of "the unscripted" and being in control of my life. Now I have reached a part of my life where I intent to make a bigger impact while living the purist form of fastlane . The fact for me remains - I spent zero days in college - I love learning and always have - for me life literally became my school that day I had that insight.

"Over the last 6 months I have read a lot of comments condemning college and associating it with the slow lane mentality. Why is this? "

Conclusion : To Answer your question - I don't think learning or education is the issue (in regards to the slowlane/fastlane), Its more so the system itself facilitating that education ; which is designed to perpetuate being in the system or as @MJ DeMarco calls it "scripted vs unscripted". We can call this the matrix for symbolic purposes. It's evident when you start to see the FACTS through the results of people lives & results as well as the way things are setup in the system around us. There are so many vital things left out of middle/high school purposely which is almost shocking that it isn't taught on a basic level - like financial aptitude, life management, mind management, creative living, entrepreneurship etc. (A part of the system straying from control & independence ).

The truth is the overarching vehicle & purpose of college/university is its a "wheel or pulley" in a system / machine and a majority of people unaware of that , turn into the "pulley belts" without realizing it. I think once you become aware or awake you begin to create almost like your own system in a way, through your own choices, beliefs, & actions either working with the knowledge or ignoring it . That's my two "cents"
 
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socaldude

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Dont confuse education with modern academia.

Our current higher academic model is one based on debt backed by tax payers, marxist ideology and fake high hope economics.

Its all about getting more money, building more buildings, having a monopoly on knowledge and promoting entitlement. Its a system that has deviated tremendously from the best interests of the student.

Yes doctors and attorneys need degrees. Education is great. But not under the current model we have in america.
 
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Sethamus

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So you're neither a millionaire nor have a fastlane business. That should give you the answer wether college degrees make you a millionaire or give you a fastlane business.
I mean, this is the perfect example by what I was talking about....
After some time I made the decision to move to the city and start new. So here I am working as a valet at a hotel working for seven dollars an hour plus tips renting an apartment. Since I moved here I'm stuck in a rut. I'm 26 with no skills whatsoever. I see other people my age making more than 50k a month because they followed the script and went to college. I dropped out of college to follow the path of being an entrepreneur but so far things have not worked out. I'm also in debt from credits cards.
Are you a millionaire yet?
 

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Yzn

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My cousin lives in the ghettos of the ghettos in a third world country.

Getting a scholarship to become a doctor, like he did, is the quickest way out.

So..... these questions depend on so many factors man.
 

fastlanedoll

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I do believe some people have a 'knack' for entrepreneurship though. If you have it then go ahead and skip college if it puts you in debt as a result.
 

Kevin88660

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Personally, I found this research study quite insightful: https://www.kellogg.northwestern.edu/faculty/jones-ben/htm/Age and High Growth Entrepreneurship.pdf


TLDR;

  • Majority of top 1% high growth business/start-up founders come from people with high end careers/high earning careers prior to starting their business
  • Age where businesses seem to achieve the highest growth is with founders who are 40-50 years old

I've found other studies that suggest similar - the peak age for entrepreneurship tends to be around 40. This doesn't mean you need college, but it suggests that patience (not procrastination) and taking time to develop as a person is not such a bad thing.

Anecdotally, and I'm in NYC for reference, I've found most start-up founders here come from very traditional backgrounds. Ivy league college -> prestigious law/bank/consulting firm -> maybe ivy league MBA/JD -> startup-founder, raising huge capital in seed funding/series A. Keep in mind, these are the unicorn type start-ups that you do when you really want to make it big. They aren't necessary to be fastlane. Also, I work in the biotech space, my clients here are all 40-50 year old start-up founders, which makes sense since they all at least have MD/PHDs (sometimes both, and even MBAs). My last client raised 70M Series A, pre-revenue by about 6 years. Prior to founding this business, she was C-Suite exec earning 2M/year. Even in the West Coast, where people pretend to be more open-minded, majority of VCs and the firms they start are all from Stanford (Stanford's graduating MBA class raised 1B last year).
  • This route does take a lot of patience, and I'm not saying its optimal, but it is the most common one I've found for the hyper success start-ups. Majority of billionaire unicorn founders have this type of background.

Honestly - I think college is the right call for most people as long as it is in something practical, the cost is reasonable, and there isn't a great alternative.
If you look at the people who are at the pinnacles of success in slowlane they delayed start-ups into their 40s and 50s as a natural consequence of rationale choice.

When they were younger the opportunity cost of start-up is too high. Why risk When you can play safe to Make 2 million by age 45. So When they achieved financial freedom there is little incentive to work like a dog for another 4 millions for the rest of their lives. Trying to raise fund from VC to shoot for the star is the rationale ch

There is always two ways of looking at it. My take is if you can get into harvard and then into top law firm or Goldman Sachs, you are much better off working for yourself because no matter how people talk about 90 percent of business die in the first 3 years, the odds of the former is still much lower. Trying to succeed in business is something statistically easier and offer a higher reward. If you have the iq, talent and 100 hour workweek work ethic I don’t think you have to delay working for yourself until 40 plus.

The choice is even easier if you are NOT seating at the top pinnacle of your slow lane career in. If what you are doing is a soul destroying job capped at 50k a year, and the next fives it is either going to be outsourced to India or replaced by AI software then I would argue working for yourself is probably a MUST for survival.

In this era the opening for good slowlane job is probably a lot less than 20 years ago (when the clients you mentioned just started working and they are in their 40s and 50s now).

I really have a scary hunch that working for yourself is not really Just “an upgrade into wealth acceleration and personal freedom” like what is advocated in the fastlane spirit. As the world is changing rapidly for most slowlaners Will get screwed very badly very soon. The writings have been on the wall since global financial crisis in 2008. It is actually “work for yourself or get slaughtered soon” for a lot of people. I don’t really have the research or numbers to really back this wild claim but it does seem that things are happening this way.
 

Kevin88660

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I'm not a millionaire yet. But that still doesn't negate the fact that college won't make you a millionaire or fastlane either.
Too many kids just want to skip schools because they hate schools and think they are smarter than that. We just feel thats a wrong approach.

Going to school and getting good grades and then working for a company for two years is an excellent road for humility and work ethic training for most young people.

Are you really a hustler who saw a big opportunity and can work on it or you just hate school? People need to be honest with themselves and it is hard for an 18 year old to see it.
 

fastlanedoll

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Agree. Its this hedonistic, instant gratification society we live in as well.
Ppl want to GET.RICH.NOW.
 
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juresesko

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Well there is no right recipe for success.
I'm 17 and I have more work experience than some 25 year olds.
I didn't finish highschool yet but I could still go to work in Switzerland and make just shy of 4k per month easy.

Yes, you don't loose anything if you go to college. But maybe I don't have good enough grades or you just simply hate writing essays every single week.

The lack of a degree shouldn't keep you away from starting a business.
 

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I think most people are better off going to college than not.

The two basic rules are: don't graduate with a ton of debt (less than 10-15k, preferably 0 if possible) and major in something useful.

In the long game, 4 years is not much - time you get to develop as a person at an accelerated rate, learn new skills, constantly be surrounded by your peers, develop your interpersonal skills, etc.

A caveat to that is you have to make the most of it and put yourself out there to reap the rewards.

College is not always relevant to a fastlane plan but is always relevant to you as a person. For a lot of people, it provides a 4-year escape from home which could be key to developing as a person during that time and eventually moving out for good at 22/23.
 

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