Hey Guys,
This is gonna be a long post, but hopefully it can help other young people out like myself. These are solely my opinions.
I came to a realization tonight. I started to seriously question my current life path for the first time. I am currently enrolled at a business school, and finished my first year. It mostly consisted of memorizing pointless knowledge from gen eds that provide zero real world value. I did have a business course that required a start up idea, but the grade was based on a 100 page business plan. Fail.
My goal is to become financially free by 26 years old. I want to retire my family. and my worst fear is living an average life.
Tonight, I asked myself these questions; Will college help me become financially free by 26? Will help accumulate wealth at a young age?
The "back up plan" I had in my head when I enrolled in college was; get a 6 figure job, invest in real estate, get rich. The following shows why this is not a good path to depend on. (hope and time)
So I began to think about what would happen if I follow this plan;
Sophomore year- I take the rest of my gen eds, try to work on my ventures on weekends, after studying. There is little time with my school workload, part time job on weekends. (Accumulating debt, Wasting time)
Junior Year- Start taking classes related to my major (finance.) This year is when students at my school get an internship. Even less time to work on my independent projects. (Accumulating more debt, wasting more time)
Senior Year-Finish up classes. Do 2nd internship. Have job offer by the time I graduate. Little time to work on project because of job search. (More debt, more time)
21 years old; I graduate with around 30K of debt. I get a finance job, pays me around $60K.
22-24 years old; Pay off student loans. Huge liability considering payments will be around 5-600 a month. Get my own apartment. Leaves about a 1500 a month to save each year if I'm lucky. With that, I buy a three family, live in one rent out the others. Real estate is the way to go, right!?
***Some people say to work on your venture part time, while you work a full time job. This makes sense, but only with a job that doesn't require college. Why? Because if you make 60K a year but it takes 4 years of schooling and 30K of debt w. interest, is it worth it? What was the point of going to school and accruing debt if you are a committed entrepreneur looking to build wealth early in life? Why not take horrible entry level jobs "like MJ did", skip college, and self educate yourself?
25-27 years old: Move up in company- 6 figure paycheck. Making big bucks now! Taxes take a 3rd of the income. Save up enough to buy 2nd investment property. Best case scenario is it nets a G, 2Gs of passive income. Job takes up more free time, because of higher position. (dependent on job, real estate market)
27-30 years old: Say I buy a few more properties. I have a good cash flow now per month. Let's say 4, 5 Grand. (These numbers are completely hypothetical, just to prove a point..) I'm working at a six figure job which I hate. No free time.
30-40 years old: Buy a few more properties, retire in late 30s off real estate investments. (again, best case scenario.)
So I'm 40, retired, and have a six figure passive income. You settle down, get a wife, have children. You buy a brand new Mercedes, half a million dollar home. (best case scenario, based on HOPE like MJ says) Life is good, right?
I don't want this. I think every young person on here has to ask themselves the question I asked tonight: What are your goals and dreams, and is the current path you're on gonna get you there?
So with a month left until my sophomore year starts, I am seriously contemplating dropping out. I know everyone will be surprised, but I don't care what anyone thinks. Most people are average, and lead an average life. They will comment on anyone who follows their own independent path, because they were too scared to do it themselves.
If I decide to drop out, I will surround myself around real entrepreneurs, and read as many books as I can. I will take the self education route, and try to form a successful business. If I fail, I fail. At least I followed my ultimate goal. This is what MJ calls "the redline", utter commitment to your ultimate goal.
Here's the good thing; You can always return to school. But you can never erase four years of your life that you will mostly waste, and years of debt that you will accrue. its not only the debt, it is the time- the most precious resource in the world.
Bottom line- I believe that if you are committed to being young and wealthy, (I suppose most people on this forum are) college does more harm than good.
This is gonna be a long post, but hopefully it can help other young people out like myself. These are solely my opinions.
I came to a realization tonight. I started to seriously question my current life path for the first time. I am currently enrolled at a business school, and finished my first year. It mostly consisted of memorizing pointless knowledge from gen eds that provide zero real world value. I did have a business course that required a start up idea, but the grade was based on a 100 page business plan. Fail.
My goal is to become financially free by 26 years old. I want to retire my family. and my worst fear is living an average life.
Tonight, I asked myself these questions; Will college help me become financially free by 26? Will help accumulate wealth at a young age?
The "back up plan" I had in my head when I enrolled in college was; get a 6 figure job, invest in real estate, get rich. The following shows why this is not a good path to depend on. (hope and time)
So I began to think about what would happen if I follow this plan;
Sophomore year- I take the rest of my gen eds, try to work on my ventures on weekends, after studying. There is little time with my school workload, part time job on weekends. (Accumulating debt, Wasting time)
Junior Year- Start taking classes related to my major (finance.) This year is when students at my school get an internship. Even less time to work on my independent projects. (Accumulating more debt, wasting more time)
Senior Year-Finish up classes. Do 2nd internship. Have job offer by the time I graduate. Little time to work on project because of job search. (More debt, more time)
21 years old; I graduate with around 30K of debt. I get a finance job, pays me around $60K.
22-24 years old; Pay off student loans. Huge liability considering payments will be around 5-600 a month. Get my own apartment. Leaves about a 1500 a month to save each year if I'm lucky. With that, I buy a three family, live in one rent out the others. Real estate is the way to go, right!?
***Some people say to work on your venture part time, while you work a full time job. This makes sense, but only with a job that doesn't require college. Why? Because if you make 60K a year but it takes 4 years of schooling and 30K of debt w. interest, is it worth it? What was the point of going to school and accruing debt if you are a committed entrepreneur looking to build wealth early in life? Why not take horrible entry level jobs "like MJ did", skip college, and self educate yourself?
25-27 years old: Move up in company- 6 figure paycheck. Making big bucks now! Taxes take a 3rd of the income. Save up enough to buy 2nd investment property. Best case scenario is it nets a G, 2Gs of passive income. Job takes up more free time, because of higher position. (dependent on job, real estate market)
27-30 years old: Say I buy a few more properties. I have a good cash flow now per month. Let's say 4, 5 Grand. (These numbers are completely hypothetical, just to prove a point..) I'm working at a six figure job which I hate. No free time.
30-40 years old: Buy a few more properties, retire in late 30s off real estate investments. (again, best case scenario.)
So I'm 40, retired, and have a six figure passive income. You settle down, get a wife, have children. You buy a brand new Mercedes, half a million dollar home. (best case scenario, based on HOPE like MJ says) Life is good, right?
I don't want this. I think every young person on here has to ask themselves the question I asked tonight: What are your goals and dreams, and is the current path you're on gonna get you there?
So with a month left until my sophomore year starts, I am seriously contemplating dropping out. I know everyone will be surprised, but I don't care what anyone thinks. Most people are average, and lead an average life. They will comment on anyone who follows their own independent path, because they were too scared to do it themselves.
If I decide to drop out, I will surround myself around real entrepreneurs, and read as many books as I can. I will take the self education route, and try to form a successful business. If I fail, I fail. At least I followed my ultimate goal. This is what MJ calls "the redline", utter commitment to your ultimate goal.
Here's the good thing; You can always return to school. But you can never erase four years of your life that you will mostly waste, and years of debt that you will accrue. its not only the debt, it is the time- the most precious resource in the world.
Bottom line- I believe that if you are committed to being young and wealthy, (I suppose most people on this forum are) college does more harm than good.
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