This post is more of a blog type post but I figured I'd put here because it has to do with mindset and choices. I don't want to waste anyone's time, there is not any real actionable items in this post. It's really just me writing down what I have observed.
Hopefully, if someone does read this, it gets you thinking differently about education. I'm not really debating whether or not higher education is "worth it" in this post. I happen to believe it is necessary in fields like healthcare, etc.
Six or so months ago I was in meeting where a UHNW (ultra high net worth individual - I'll classify it as having a net worth of $100m and up) was present. Before the presentations started, I overheard some chit-chat, this gentleman's child was graduating from college this past year and was naturally going to go work for their dad (a hedge fund manager).
As the conversation continued, he said something that kind of surprised me. I know he said it in joking matter but still.
He said:
"Well, you know if I blow up (meaning his fund) at least he'll have his degree to fall back on."
It's at this point, I wanted to smack to him (literally) but then I day-dreamt about a WSJ headline titled:
"Rogue analyst smacks billionaire hedge fund manager" so I held back. Apparently it was a slow news day in my day dream.
It did get me thinking, though..Could someone this successful, who owns his own business, really think that? That you need a degree to become successful? "degree to fall back on". Really?!? Is this just a common thought in the financial field?
Then it happened it again recently - actually I've had numerous conversations about education and his children with this individual (whom I do admire and learn from). This one has a high net worth (above $10m but below $100m & owns his own business). Also in the finance field. One child entered college this yr, another going next and so on..
The conversations basically go "Top Tier school or nothing - that's how they'll get a good job". JOB. Never about owning a business. It's always about getting a good JOB. I happen to know the first two kids are adamant about getting business degrees. I'm always a little confused that someone this successful, and doing so by becoming an entrepreneur continues to say this.
Maybe it is just finance field specific, I don't know?? I know people always want the best for their children, but is getting a JOB really that great?
This is how I was raised to think:
My grandpa is also in that HNW category. No college. Started his business at age 32 and sold it 22 yrs later. Not in finance. Yet he knows just as much (probably more) about the markets than I do. None of his boys (my dad and my uncles) went to college. He hired and subsequently fired them all ("when they were ready"). Each one of them are successful entrepreneurs in their own right (not HNW) but successful nonetheless AND happy.
When I was 18 and graduated high school, my dad wanted me to come work with him to learn business. I was adamant about going to college because I thought I was A) Really good at math and B) Not interested in the construction business at all. I believe I was too naive, because he didn't want to teach me construction, just business. I went to college. I've still picked up a thing or two from my dad, uncles and grandpa but overall it was dumb move on my part to go to college.
Two of my younger brothers did not go to college. I am 100% sure that they will be retired or be doing whatever they want (they basically already are) when they are my age (7 and 8 years younger than me).
Again, I'm not debating whether higher education, in particular business degrees, is worth it or not. Just thought I'd write out my thoughts and experience on this subject since it's sometimes a hot subject on this forum.
Hopefully if you did take the time to read it, it at least got you thinking.
Hopefully, if someone does read this, it gets you thinking differently about education. I'm not really debating whether or not higher education is "worth it" in this post. I happen to believe it is necessary in fields like healthcare, etc.
Six or so months ago I was in meeting where a UHNW (ultra high net worth individual - I'll classify it as having a net worth of $100m and up) was present. Before the presentations started, I overheard some chit-chat, this gentleman's child was graduating from college this past year and was naturally going to go work for their dad (a hedge fund manager).
As the conversation continued, he said something that kind of surprised me. I know he said it in joking matter but still.
He said:
"Well, you know if I blow up (meaning his fund) at least he'll have his degree to fall back on."
It's at this point, I wanted to smack to him (literally) but then I day-dreamt about a WSJ headline titled:
"Rogue analyst smacks billionaire hedge fund manager" so I held back. Apparently it was a slow news day in my day dream.
It did get me thinking, though..Could someone this successful, who owns his own business, really think that? That you need a degree to become successful? "degree to fall back on". Really?!? Is this just a common thought in the financial field?
Then it happened it again recently - actually I've had numerous conversations about education and his children with this individual (whom I do admire and learn from). This one has a high net worth (above $10m but below $100m & owns his own business). Also in the finance field. One child entered college this yr, another going next and so on..
The conversations basically go "Top Tier school or nothing - that's how they'll get a good job". JOB. Never about owning a business. It's always about getting a good JOB. I happen to know the first two kids are adamant about getting business degrees. I'm always a little confused that someone this successful, and doing so by becoming an entrepreneur continues to say this.
Maybe it is just finance field specific, I don't know?? I know people always want the best for their children, but is getting a JOB really that great?
This is how I was raised to think:
My grandpa is also in that HNW category. No college. Started his business at age 32 and sold it 22 yrs later. Not in finance. Yet he knows just as much (probably more) about the markets than I do. None of his boys (my dad and my uncles) went to college. He hired and subsequently fired them all ("when they were ready"). Each one of them are successful entrepreneurs in their own right (not HNW) but successful nonetheless AND happy.
When I was 18 and graduated high school, my dad wanted me to come work with him to learn business. I was adamant about going to college because I thought I was A) Really good at math and B) Not interested in the construction business at all. I believe I was too naive, because he didn't want to teach me construction, just business. I went to college. I've still picked up a thing or two from my dad, uncles and grandpa but overall it was dumb move on my part to go to college.
Two of my younger brothers did not go to college. I am 100% sure that they will be retired or be doing whatever they want (they basically already are) when they are my age (7 and 8 years younger than me).
Again, I'm not debating whether higher education, in particular business degrees, is worth it or not. Just thought I'd write out my thoughts and experience on this subject since it's sometimes a hot subject on this forum.
Hopefully if you did take the time to read it, it at least got you thinking.
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