Here are two life savers to always keep in mind:
Remember that nothing lasts forever and the only person you should be dependent on is yourself.
Eventually we all learn these two truth bombs the hard way, usually when we need to get out of our own mess. Thatâs why things happen for us not to us!Â
Thereâs always a hidden reason why we went through something.Â
Be grateful.Â
At least it happened earlier than later, especially in the portfolio.
In the last 20 years, the price of higher-education has ballooned ~150%. Some argue as the price of higher education has risen, the quality decreased based on an elitist rejectionist system.
When quality is mentioned, what does it mean?
Every industry could use a little fine-tuning and modernization, especially the chalk board and printers. I believe the education system should prioritize affordability and accessibility, assisting the bottom 90% to become millionaires not the top 1% into billionaires. As the most subsidized system, real improvement can be made but this generation isnât willing to wait for it and have become extra lucky in the process.
As a student myself, I believe what we put in, is what we get out. Success begets success. No matter what fancy school you go to and pay ~$75k out of pocket annually to attend, if you arenât willing to put in the work, strive to see what you are capable of and make good use of the free limited opportunities that you only get for 4 years, Iâm worried for you.
On the other hand, if you attend a less âreputable schoolâ because you cannot afford it, not because you arenât talented since real talent is found everywhere not just on the East and West coasts, and you take advantage of what you are offered, explore new activities, roles, meet different people, and focus on the work outside of the classroom, then youâve got yourself a high ROI.
I find far too many students rely on a title, position or brand name to dictate who they are. They assume, since they played 6 sports, obtained a spectacular SAT score paying tutors for $300 per hour for 3 years, and now in a brand-name institution thanks to daddyâs legacy, theyâll be cruising.
Younger generations are attached to brand equity. Once they see a shimmering logo, they judge a book by its cover and assume itâs special. Brand recognition is all they got to make decisions not realizing no matter where one works, attends, learns, they still have to put in as much, even more work to stay there. No one will do it for you. You are there for a reason after all. Prove it. Although this generation is the brightest and most socially conscious, they also have the shortest attention spans glued to social media and are known as rebels, fueled by the Great Realignment and self-help age.
Entrepreneurialism is crazy hot but not accurately depicted. Kids these days want to forge their own path and those whoâve stuck with it have become widely successful and earned more in their first year than a graduate could within decades yet it isnât always a reliable indicator or message to show the rest of their peers. As within the markets, a black or white approach isnât always prudent. Having a mix of both-side-hustles and education is more strategic to fall back on when the going gets tough.
Within anything, you have to put in the work for the work to work for you and the pressure still stays, in fact tends to rise 2â10-fold once you rise up the ranks. What looks easy, is 10x harder and fun is painful behind the scenes. Look at Olympians as examples. Prioritize impact and value over flashiness everywhere and anywhere in life for your sanity and security.
School is so much more than the classroom. The pandemic has proved anyone can learn anything online for free but school will always be in demand since a degree is an economic premium that cannot be replaced. Foreigners are willing to pay top-dollar with no financial aid to attend schools in the U.S. driving up prices and further demand to work in the states. Yet due to the sky-high prices, rising interest rates on student loan repayments, and flourishing temporary gig economy, Americans, particularly, young men are reconsidering campus life.
At school you are paying to be a part of a special community, experience, environment, have limited access to scarce resources, and opportunities. On Coursera, you donât get that. Similar to a prestigious networking event, you pay top-dollar to meet visionaries that prioritize their time. The delayed returns are usually hidden here along with at school. Alumni like alumni for a reason. Once completed it indicates you diligently went through a tough system that doesnât indicate who you are or what you can do as a well-rounded person, rather what you went through at this age and the commitment and investment you put in yourself. School isnât an easy path where less ambitious people embark on. It is one of the hardest challenges you will face that will pay dividends in the long-term if the time is spent wisely.
During the height of the Great Resignation once vaccines rolled out, the eagerness to follow âour dreamsâ and decide what is best for the long-term in terms of work-life balance and potential earnings have become popularized to a point where youngsters have blurred themselves and felt more regret.
I do believe a degree will always stay in style, something to fall back on for stability. Especially if you have the means: money and time, thereâs no reason not to take this precious opportunity millions pay their life-savings in to attend. You might even meet the most important person of your life there:) Happy Valentines Day tomorrow btw! As with every institution, higher-education has its flaws, yet I caution Millennials and TikTokers to not be so audacious all the time. You can be audacious at school too! Setting long-term goals and aspirations are critical to a life well lived yet thinking two-steps ahead before skipping the painful yet rewarding route of education is critical. The benefits come when you least expect them. On the other hand, TikTok could be banned from the U.S. at any moment. Do you have a backup plan or anything that can help market yourself if that time comes? Something to think about as geopolitical tensions heat up in China.
Blended Value
Not surprising, a 2019 College Board report found that higher education not only leads to greater employment opportunities but also higher lifetime earnings. There is clear evidence those with a college degree tend to earn more than those without one yet it is important to remember, this is an average and based on a majority of folks, not everyone.
The people we idol the most at the top of their field had to work hard, stayed committed, and focused but they also got incredibly lucky and the timing right. A lot of startups can credit their success to their launch and fundraising dates. Look at Uber and Airbnb as prime examples.
The arts and entertainment industries where unemployment is most common for long stretches and having connections towards getting through the door, isnât measured by education per se, rather luck. There are visionaries and leaders at the top of their fields without a degree and others that have too many to count. What differentiates those without once isnât that they are freakishly remarkable, rather its the forces of nature and investment in themselves they put behind the scenes that lead them further. They did something different and it CAN be done with a degree! They never relied on anyone to get to where they are today.
People are cheering for you but they want to share the podium with you as well. Putting in the base amount of work wonât cut it. Whether you are searching for fame, not recommended for security and health reasons or a higher net worth to live safely and securely, itâs important to realize that those with above-average earnings potential and top 1% or above current cash flow, over 90% of them credit their earnings due to consistency, luck, timing and connections. Once you realize that much of what we encounter in life we cannot control and luck plays a core part of where we go, these truths can really propel you and act as wealth-building tailwinds while in college.
Donât get me wrong, focusing on the technicals, hard skills and specialties are extremely beneficial yet if thatâs all youâre focused on, good luck since they may not get you as far as you may have thought. The conventional route isnât as secure but you can ride it and change it to your liking.
In Session
All I can say is that who you are or who you were as a student in the classroom is completely different than who you become in life. Donât equate what you do to who you are. Your self-worth is much more than that.
I strive to be a student of life, not only in the classroom. Iâm privileged and grateful to be able to go through the higher-education system for free and learn the relevant skills to help me succeed in my industry but I always keep in mind that nothing is guaranteed.
There is nothing else in this world we would pay a quarter of a million dollars for for 4 years for no immediate return. To the short-attention span go-getter entrepreneurs, education has never been less enticing yet I urge them to keep a close eye on the future since it never hurts to obtain a degree.
Thereâs a fallacy that top talent only exists among certain schools that are based on their titles, alumni donations, and prestige. Corporations used to only recruit from the Ivys until they realized they were missing out on massive talent elsewhere. Where one goes to school is most often times based on where they can afford to go, not their IQ, talent or skills. Anyone can learn anywhere and math isnât taught in a crazy new way elsewhere. As with everything in life, itâs not what happens to you but what you make of it that counts.
These days, Iâve noticed several of my colleagues contemplating jumping into the gig economy. YouTube is real hot. As inflation is at its highest in 40 years at 7.5% and wages are only trailing consumer prices not following the wage-price spiral, students are too focused on earnings instead of learning first. Money is enticing in the short-term but not guaranteed to rise exponentially without a cushion, something they may lack without a degree.
As corporate earnings continue to grow and the labor markets keeps strong, Americans continue to have the power in their hands to decide how they spend their time. But too much of a say sometimes can harm their vision as well.
Eraser
Todayâs college students are graduating with close to $33,000, on average in student loans. About one in seven formally owe over $50,000!
 The national outstanding student loan amount is almost $2 trillion. As interest rates are expected to hike by 50 bpts as soon as in March to ease supply-chain bottlenecks and curb consumer demand, student loan amounts will start to rise, harming potential students who were hoping to lock in a lower-rate.
If you are on the fence of joining the self-employed world or obtaining extra schooling for potential rewards later on, it is more than possible to obtain a college degree without breaking the bank.
There are thousands of colleges and universities to choose from that donât need to have the prized brand recognition or title. Focus on what is best for you to secure that investment in yourself. Even students from elite institutions arenât able to pay off their debt within their first few years of working, primarily due to the industry of their choosing. A less expensive school does not entail poorer quality. You can learn math the same way here and there. Attending a community college for three years and then possibly transferring to another school in your penultimate year could be an option to discover new opportunities and meet different people or you could work for a few years as a part-time student and take online accredited courses to provide certificates.
Thereâs no one path to life or in education. Success is defined by you and everything counts. You can learn anywhere you set your mind to. Learn the hard way now to be best prepared later on. I would strongly suggest if you have the option, take it or else youâll badly regret it. Thereâs no harm in trying-online or in the classroom!