College, Trade School or workforce?

Question

Our 18 year old son is very interested in real estate, real estate investment and business. He's graduating HS shortly and is at a crossroads. He's not sure what he should do to help realize his dream of being a business owner and real estate investor. Should he attend college for business, learn a trade or enter the workforce and learn REI on his own? Based on what I've read in Rich Dad, Grant Cardone and Brandon Turner all encourage a college education but also say it may not be necessary. So we are curious if any investors in this forum have faced the same crossroads. If so what recommendations and guidance would you give my son?

Thx

Jim

Daytona Beach FL

Thx

Jim

Daytona Beach FL

Taylor L. · Answer

Statistically, college for 4 year STEM degrees is still a great investment. However, that doesn't mean it's great for everyone. Some people can't handle coursework, others pick silly majors that have them making poverty wages when they graduate. Finance is not a silly major, it is a very good one. It is also very competitive.

Pros of college degrees:

- The right major will earn him very good money when he graduates and for the rest of his life. He'll have something to fall back on and a stream of income to support his investments.

- You learn how to learn (this is VERY valuable)

- Build a network & learn networking skills

- Learn to live independently

Cons:

- Cost

- Time

- It ain't easy.

That said, it's not for everyone. Some folks are better suited to the trades, and that's great too. Electricians do very well and being learned in a trade is a leg up when it comes to property repairs.

We're lousy with 18 year old "entrepreneurs" and a small handful of them are actually working hard and succeeding. Most are just Instagram trust fund kids. It's hard to tell the difference, particularly if you're 18 and want to drive a Lambo.

He's a bit late to start thinking about going to college this year, but if he gets working on taking the tests and applying then he'll be good to go. Daytona Beach has a few nearby colleges, and if he can get in to community college for the Fall and knock out some Gen Ed classes that'll save money and keep him right on track.

This question really comes down to him. Both college grads and tradespeople can be very successful in real estate. If he's a good student, is prepared to study, and wants to go to college, then go for it. If he wants to get right into the workforce and learn while doing, then take up a trade. Either path can lead to him becoming a real estate investor and business owner, but both ways require hard work, people skills, and patience.

You don't need a college degree to flip a house or buy a rental property, but you do need to be able to handle other people. The importance of people skills in real estate investing cannot be understated!

Jim Nettles · Answer

Taylor L......Thank you for the information.  Much appreciated.  Our son has been accepted into several colleges in FL.  He is just not sure college is worth the money considering he is very interested in REI and business.  We feel (as do other authors we have read) that a college education is important to gain much needed academic knowledge and personal growth/maturity.  We also agree he can use his future job's earnings to begin his REI journey.  Thanks again!!