Is college worth it ?
Member since 2020 · 10 posts · 17 votes
I'm a 17 year old kid just now beginning my investment journey in Real Estate, Stocks and Bonds. I'm currently undecided on whether or not to go to college. Should I get a job, join the service and use VA benefits to my advantage, or should I go to college and take finance, marketing or business classes?
I understand there are a lot of ways to go about my future but my goal is to make money fast, a lot of money might I add. I’m willing to work for every penny but I’d like to have much more passive income then active by the time I am 30.
Self-improvement through college isn't a bad thing, but I wouldn't go into debt to go to school. Invest while you're going to school... it is possible to do both at the same time.
I was able to obtain a college degree by using my military benefits, but the only real advantage was it allowed me to accelerate my real estate investing by providing a good income. Basically it was a vehicle for getting more real estate.
Looks like you're in Ohio so you might check out the Ohio National Guard and see if they have a 100% tuition program. The Guard typically has good tuition programs at state universities. You could also look into the military academies such as West Point or join ROTC at a university such as Dayton, Kent State, OSU. Those programs provide 100% tuition. The military would teach a lot of transferrable job skills such as leading teams, building/utilizing systems, process improvement, supply/inventory, etc. I would look more at the officer side instead of enlisted... I've been enlisted and officer and are very different.
Don't be fooled though you don't necessarily need college or the military to be successful in real estate. Hustle, dedication, and self-development can go a really long way in this business. The resources are readily available.
Whatever you do stay engaged in real estate. After 21 years of service in the Reserve my monthly retirement check will equal about what I would cashflow from six or seven single family properties. Of course I wouldn't have earned the money to buy the single family homes without the military and my degree.
If you go to college get a degree in something that pays money, not under water fire prevention or some useless degree.
That depends. What would you be doing if you wasn’t going to college? A lot of people talk as if they’re going to tear up the World if they don’t go to college, but then they stay home and play video games. LOL
The “ should you go to college debate ,” is about to explode :-) sometimes they get more lively than throwing Dave Ramsey under the bus.
I'm a 17 year old kid just now beginning my investment journey in Real Estate, Stocks and Bonds. I'm currently undecided on whether or not to go to college. Should I get a job, join the service and use VA benefits to my advantage, or should I go to college and take finance, marketing or business classes?
I understand there are a lot of ways to go about my future but my goal is to make money fast, a lot of money might I add. I’m willing to work for every penny but I’d like to have much more passive income then active by the time I am 30.
Connect with a local investor who is doing what you want to do. Join your local REIA (NationalREIA.org) Make your money, then go to school for as long as you like. I have an advanced degree in a complex discipline and it only slowed me down. It added nothing, zilch, nada to my real estate investing nor to my wealth. However, I met my wife in college, so yeah, it was well worth it for me!
@Joe S. I’m not going to play video games all day. I’m serious about what I want to do, I just don’t know which path is best to take. Are the student loans worth it? Will the education I receive in college drastically help me achieve big things in Real Estate, Stocks and Bonds or not?
I don’t see college as a 4 year jail house of things I don’t want to do because I’d rather play call of duty, I just need to know if it is truly worth my time based off the goals I have stated.
@Nathan Smith If I was able to go back I would focus intensely on Real Estate. I would go work for successful investors for free if I needed to in order to learn the business. There is nothing my college degree offered that I couldn’t have learned that way. In fact, I would have learned more applicable and important things. Seems my degree was preparing me for a 9-5 job, but what I really wanted was an entrepreneur life. So in my experience, college wasn’t worth it. I would be further along in my real estate career had I focused on it then. The fact that you are on this forum, listening to the podcast, and probably learning all you can gives me the impression that you will crush it! Good luck and God bless!
@Lina Bibikov Thank you so much for your time and blessing, for that, you have mine as well!
Self-improvement through college isn't a bad thing, but I wouldn't go into debt to go to school. Invest while you're going to school... it is possible to do both at the same time.
I was able to obtain a college degree by using my military benefits, but the only real advantage was it allowed me to accelerate my real estate investing by providing a good income. Basically it was a vehicle for getting more real estate.
Looks like you're in Ohio so you might check out the Ohio National Guard and see if they have a 100% tuition program. The Guard typically has good tuition programs at state universities. You could also look into the military academies such as West Point or join ROTC at a university such as Dayton, Kent State, OSU. Those programs provide 100% tuition. The military would teach a lot of transferrable job skills such as leading teams, building/utilizing systems, process improvement, supply/inventory, etc. I would look more at the officer side instead of enlisted... I've been enlisted and officer and are very different.
Don't be fooled though you don't necessarily need college or the military to be successful in real estate. Hustle, dedication, and self-development can go a really long way in this business. The resources are readily available.
Whatever you do stay engaged in real estate. After 21 years of service in the Reserve my monthly retirement check will equal about what I would cashflow from six or seven single family properties. Of course I wouldn't have earned the money to buy the single family homes without the military and my degree.
If you go to college get a degree in something that pays money, not under water fire prevention or some useless degree.
I would say go to college since your other option is "to get a job" as you say. College was the best time of my life. Alot of Fun and personal growth. If you do it right it doesnt have to set you back financially.
Im glad to see a young person like you into investing. The earlier you start the better.
Your goal is to make a lot of money fast? Real Estate money isnt always fast. If you want to skip college because your looking for a short cut in life it may not end well.
I would only say skip college if you had a great plan or opportunity that was time sensitive. Otherwise go to college.
@Nathan Smith. Go travel . I know it's pandemic etc... But get on a bicycle and see how far you can go. Talk to lots of strangers, deeply observe yourself in random situations out of your control. Who are you? How do you act when things are hard? How can the lessons you will learn apply to the rest of your life? To investing? Can you show up somewhere and wash dishes while getting to know the locals? Ask everyone you meet about real estate and investing.
The most common trait among super successful people is how deeply and intimately they know themselves.
Above all, know thyself.
@Nathan Smith
I have a kid that has been working with me for a few years and wants to invest. We talk about this often. This is the thing, right now is not really the best time to jump into buying property. This is a great time to become educated.
I dropped out of college multiple times from 2010-2016. I felt like buying property was a better choice than going to school.
My brother got a Juris Doctorate from 2005-2009 ish and was able to move into a great career. He makes a ton of money.
My point is that depending on the market should dictate your choice. If you chose to get a degree. Get one that pays. I don’t think the business suite degrees pay. Look into Engineering, IT, teaching, ect.
You are looking for an ROI on your degree/choice.
@Dell J. My only reason for skipping college would be if I found out I was better off avoiding the student loans and if it just wasn’t drastically beneficial. Is the 4 years worth all of that time and money? Or could I spend those 4 years busting my butt off and developing connections with locals who have done what I aspire to do. It’s a question that has a lot of answers that go all different ways I suppose.
@Justin Carmack I was thinking about doing NROTC at Miami of Ohio University to entire “BUD/S” (aka Navy Seal training) as an officer. The only thing that holds me back from this is the 4 years of college to become an officer and 6 years of required active duty as a Navy Seal. That’s 10 years of my life that I could’ve spent developing Income, meeting investors, lenders, brokers and people who have accomplished what I want to accomplish.
@John Farady After meeting an investor that is doing what I want, why do you recommend going to school?
@Nathan Smith 10 years will fly by like you wouldnt believe and you'll still be young. I wish I had went military after college to go in as an officer. You can do both. Use your earnings as an officer AND invest it.
@Kai Van Leuven what do you mean depending on the market ?
What would you go to college for? If your not getting a professional degree there is no reason to go thousands into debt. If you want to learn accounting or take a business class you can go to a JC where it is way cheaper and you can just take the classes that you want to take. If you go to a 4-year institution you will have to take a history, English, etc. Waste of time and money if you are not planning on using that in your future. Is joining the service actually something you want to do? I agree joining the service gives you a solid job that has major lending benefits in the future if thats something that you want to do.
@Nathan Smith
When the market was tanking my brother was in school. When it was at 50% of the peak price I was buying property.
Right now Property is at an all time high. Will it go higher? Maybe. I think getting an education that is worth something is a good idea. Going to school to booze, party, and wake up with a degree one day... not as worth while and probably hurts you (student debt and losing 4 years of life).
Hi! I have a Masters Degree in Nuclear Physics and I stayed in school until I was 30. I was also poor until I was thirty. I did end up with a pretty decent job at the end, but many people with bachelors degrees in engineering make the same amount starting at 22 years old. I didnt really start tapping into more money until I invested in real estate. I make about 45% of my salary from passive rental income, and this goes up every year (been investing in RE for 5 years). I should be able to retire (if I want) within a few years.
However, you usually* need at east a little money saved to start investing. So here is the bottom line: If you go to college, get a degree which will let you make a good salary right off the bat after bachelors so that you can start investing ASAP. You can also take out extra student loans and use them for downpayments on houses (but dont tell anyone I told you). OR get a job in real estate, sales, or some other self driven career right out of high school. When you work in a job where you are paid according to your results instead of the number of hours you work, you can maximize efficiency and income, and start investing. Either way, the path to financial independence is through investment, NOT through a job. Jobs just give us the means to get started with investing.
@John Farady After meeting an investor that is doing what I want, why do you recommend going to school?
I didn't recommend you going to school, I think you misunderstood me. I recommend for you what you stated for yourself.
Your Comment: "That’s 10 years of my life that I could’ve spent developing Income, meeting investors, lenders, brokers and people who have accomplished what I want to accomplish."
Don't look back in 10 year and do the "would've, could've, should've" routine. Too many people go to college & climb the corporate ladder only to find they have placed the ladder against the wrong wall. Your heart says "real estate". Find someone successfully doing real estate and become their paid apprentice. Don't pay someone, a mentor/guru/other something like $20,000 or $30,000 to learn from them. Instead, "Do" real estate. Read, read, & read. Let Youtube be your school for now, go to Free Classes & seminars, join Real Estate Investment Groups. Getting a real estate license isn't needed and for some people it gets in the way. Be careful about getting side tracked.
Look Up & watch videos on:
Leads, marketing, contracts, Cash flow, Appreciation, Fix & Flip, Commercial, VRBO, Seller Financing, Subject To, Purchase & Sale Agreements, Title Reports, Escrow, Capital Gains, Landlord Tenant, Appraisal, Inspection, Syndication, Apartments, Multi Family and start building a vocabulary.building
Take night classes toward a Bachelor's Degree if you like but learn real estate, full time, all day long until you get the hang of it. .
@Nathan Smith I’d recommend you to read Rich Dad Poor Dad and the Cashflow Quadrant if you haven’t yet and hopefully that’ll help you to take a decision to know if it’s worth going to college
Nathan, the fact that you are asking these types of questions tells me that you will probably be successful with whatever you decide. I read through most of the responses and there is a lot of good information. Here is my two cents.
I am a proponent of enlisting in the military. Enlisting allows you to gain real world experience, while
simultaneously working on your degree, and traveling the world, all while earning a paycheck. You can use that paycheck to invest in real estate. One caveat, make sure you choose a career field that will teach you highly desired skill/trade outside the military. That is extremely important! While a degree is valuable, employers value experience as much if not more. Enlisting allows you to allows you to work on multiple things at the same time which provides the most flexibility and options over the long term.
I’m from Northwest Ohio, this is the path I took, it’s easy to replicate, provides lots of options, and it works. I enlisted in 1997 and will be retiring as a commissioned Navy Officer in 3 to 6 years, with a good pension, a modest real estate portfolio, and will have the option transitioning to another career or becoming a full time real estate investor. I also spent some time in the Navy reserves and had a job in the semiconductor industry. This path provided me the flexibility and options to mold my career to meet my needs and desires. If let me know and I can provide more details.
Good luck!
Can you tell us about why you want to make "a lot of money" quickly at a young age?
Because if you succeed initially, odds are you're probably going to screw it up and lose it all. And the likelihood is that you won't succeed. You'll try, realize how difficult things are, and go back to doing something else. This is not a comment on you. I don't know you. This is what studies on wealth-building among young people reveal.
What is typically found in examinations of self-made individuals is that they need a reachable goal and a very solid reason to put in the effort it takes, however they decide to go about making money. That solid reason, more often than not, will have very little to do with you. When you actually meet people who want to make a lot of money to live a lavish personal lifestyle, you quickly realize there's something broken in them, this big interior hole of personal self-loathing and an abnormal need for attention and care that never gets filled no matter how they try.
So tell us, Nathan, what's driving this?
Nathan - I didn’t go to college right after High School and found myself stuck in jobs that did not pay very well. I tried sales and found out I couldn’t sell well, and opening my own business also did not work well.
I went to college while also working full time when I was 27, and graduated with my Masters when I was 32. That decision changed my life, and I was able to leverage the degree to earn six figures after a couple of years from graduating. This was only my experience, and I am sure there are many others that did not go so well.
Here are a couple of things I’d advise - but again, my opinion only:
- There is absolutely no need to get into crazy debt for a degree. Unless you want to be on Wall Street, your local public college will do just fine. I went to community college for two years then got scholarships to finish the other two years of my bachelors degree. I then paid full price for my Master’s at a local public college. My only regret is not going to an even cheaper school for my Master’s. Both degrees cost me $40K in total, and that’s a $450 monthly payment for 10 years.
- If you decide to go, pay attention and learn some things in class, but focus on making connections as well. Those people will help your professional life long after you graduate. One recommendation from someone you know within the organization will almost always at least land you the interview.
- Pass all your classes but don’t kill yourself over grades. I was obsessed with a high GPA, which I was very proud of, but two jobs after graduation and it just looks silly to leave GPA on your resume!
I know that as a 17 year old who dreams of financial independence through entrepreneurship, going to college might seem counterintuitive. I was once there and used to think the same way. I still want to be financially independent. What college ended up doing for me was opening the doors for high-income jobs that then allowed me to save enough capital to invest in real estate. One can absolutely do this without a college degree, of course, but I was not one of those people.
Good luck! And good for you for asking these types of questions at such a young age.
I mean this seriously, the best path is the one you pave yourself. Most people make the mistake of letting life happen to them, and coasting on the crowd advice. If you're looking to challenge the norm you're already headed in the right direction.
@Nathan Smith
If you are at all mechanically inclined, I’d try to find a paid internship/apprenticeship program in the trades, such as electrician, plumbing, HVAC.
This would expose you to renovation work while making a good salary and without taking on debt.
Personally, I went straight to a pretty good public university and got a mostly useless liberal arts degree because that’s what everyone told me was the right thing to do.
After ski bumming for years, I got hired as a nuclear reactor trainee by GE. After years it was good money but all travel so not good for family life.
Anyways, school and new ways to make good money will always be around, but the pure freedom of being young and unattached will not. As others said, travel and have adventures now and look for real estate opportunities wherever you are.
Why can't you do BOTH???
I got a Bach in Finance. My concentration was real estate. I had my license through college and worked for a property manager through college. I also worked for a developer right after college. I did NOT have large student loans because I worked through college. Large student loans are taken by people who are NOT hustling. I ended up taking a total of $6k in student loans for 5 years of college. I worked through, sometimes 40 hours while taking at least 12 hours.
Remember that student loans and college do NOT have to go together. Work in the low level jobs to get through college. When you are done at a state school(in your state) you will have 4 years of work history AND a college degree. MAYBE work for someone or a company for a few years to see how things go. You may love the security of a job, or you might hate it like me and never ever ever want to work for anyone again. But at this time you have a choice AND experience and no student loans.