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.
Absolutely it is worth it. Even if you don't end up using the degree you study, you will use the skills you learn during those four years. I also suggest you find a part-time job to learn real life, hands on experience that will also be beneficial when you graduate and are finding jobs related to your career.
It depends on a lot of things, particularly which degree you're getting. But these days, more often that not, the answer is no. Here's my longer take: https://www.biggerpockets.com/...
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.
Joining the service should be because you understand you owe a debt to this nation and seek to do your part, serve your contract, give back to the nation which has given us everything. There is fantastic benefits for serving, but going with a mind of just 4-profit, you'll wash out before hitting E3.
@Nathan Smith
Joining the service can be a very good choice. Let the service pay for your college if you want to go. Your VA loan will help you get your first property.
It got me my income to buy buy and hold turnkey which I later went into syndications.
@Nathan Smith I have an engineering degree and been working as an engineer for last 16 years. I don’t regret getting an engineering degree, but I would not push my kids to get a degree since I do realize there are so many things one can do and one doesn’t need a degree to be successful and in life. Sometimes the degree can get in your way where you feel you have to work in a certain area/field because you have a degree in that area.
@Nathan Smith If you can join and are willing to join then a four year commitment in the military gets you not only a VA Loan but also a GI Bill. And while you are in you can start investing in property. The only down side would be the desert unless you join the navy. Set your goals to suit you, but the military is an option that trains and rewards in more ways than one.
If you want to be an investment broker, real estate broker it is very much a requirement to have at least an undergraduate degree in what you specialize in. Prefer MBA, CCIM(commercial credential). To be an appraiser one needs a college degree with so many hours in economics, finance etc. To be a licensed realtor, work at the bank a degree is not required. To get financial planning licenses 400, 500, 600, 700 series they want to see courses you have in business, finance, and even calculus and statistics.
@Nathan Smith
Hey Nathan,
A lot of good food for thought here, and also another option.
You can go to a JR. college to save money, and transfer into a university, however I have not seen the mention of CLEP testing through your degree. This will allow you to study and test your way through the classes that are deemed, less helpful, for your investing goals. Also saves a bunch of time and money.
I think getting your RE license while you’re in the process in order to give you a leg up in certain aspects, as well as generating an income while you study would be helpful. Even if you just get a position as an assistant.
Just food for thought. Good luck!
How about hedging your bet by doing 2 years at community college? CC costs literally a fraction of what 4 year schools cost on a per credit basis. If in 2 years you decide you have a better path outside of school, then you can get out with an Associate Degree and without the massive debt. If you like it, then CC credits will usually transfer to state colleges and will often have feeder programs to get you a scholarship to finish your Bachelors.
Edit: I think me and Nathan posted the same idea at the same time!
Listen to the song ‘Vienna’ by billy Joel. It’ll put a lot into perspective. The moral of the story is, your doing fine, don’t be so hard on yourself.
@Nathan Smith I think college is a good tool to have in your “life tool box”. However I don’t think it’s wise to go into debt for college so if you go, find scholarships, fellowships, etc so you can come out ahead. Besides it’s only 4 years of your life and you can work on real estate while you attend.
@Nathan Smith do both. Finance/ accounting will not teach you much about real estate, but rather help you get valuable connections. Real estate is a get rich slow game. 4 years on your journey won’t make a huge difference in 40 years.
@Nathan Smith
If you know of a trade or have an idea that will change the world, don’t waste time going to college. Go be the next Zuck, Bill Gates, Dell, Bezos, Elon Musk of the world. We are rooting for you.
If you don’t have any such trade or idea and want to flip RE and own a few rentals and make 10k a month in “passive” income, you may be underestimating the value of a college degree. RE is not a specialized trade or a brilliant idea. Its an idea every middle class joe/schmo carries with him.
To me in the Information Age, education especially in STEM or business has value. But that’s just me who has made his dime the old fashioned way of going to college for advanced degrees and working 9/5. I don’t subscribe to the get rich quick schemes taught by investment “gurus”, sorry I mean YouTube actors should hawk their “courses” to the young and vulnerable. They are especially vulnerable when they don’t go to college and can’t engage in critically evaluating a fraud.
@Nathan Smith
A lot of good responses so far. My comment is go to college even if you only get a two year degree. Avoid student debt as much as possible. Everyone I know with student debt regrets it!!
Whether you get a 2 year, 4 year, or higher degree is dependent on your goals.
Do not go to an expensive school unless you know exactly what your career path is, exactly why you need the expensive school, and what your future income level will be for a quick payoff. I have heard doctors who wish they had gone to a less expensive university. 95% of people do not need an expensive degree. Most people who have goals that require a degree just need the degree not a degree with a special pedigree.
Whether you do college immediately or later is dependent on your goals. Military may be a good option, depending on your goals and values.
Get a W2 job (like others already said) to help fund your REI. Read the recommended books.
In the book Rich Dad, Poor Dad the author talks about saving money from his sales job to start his REI portfolio.
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I did a 4-year business degree at a good, but affordable school. During those 4 years, I frequently felt frustrated with the inefficiencies of classroom learning, and often felt it was a waste of time. However, looking back at the 10 years I've worked since then, it is obvious that I am making far more money specifically due to the things I learned in finance, statistics, economics, etc.
On top of the money, some of the conversations I have with my family members who didn't go to college shock me when they don't know things about the world that I consider basic knowledge. The are much more easily misled by incorrect information on money, health, government policy, etc. than my friends who went to college. I really do think it can enhance your life quite a bit. Don't go into crazy debt to do it, and be smart about what degree you choose, but I definitely recommend it as a whole.
@Nathan Smith This is not an either or question. Do both. College is a great way to build your network. Plus, the flexibility you have with scheduling classes could be valuable for you to start investing.
If I could go back, the only thing I would do differently here is to use this time to find more investment properties. However, I didn't learn about it until I graduated.
I value my College education. However, it also gives you a flexible schedule to invest.
@Nathan Smith As a college dropout myself who's already retired from Real Estate. I can firmly say HELLLLLL NO~! Take what I say with a grain of salt because I am extremely biased AGAINST college. I understand there is a time and a place for it. BUT if you don't know what you want to do and you are on a forum asking strangers for advice on whether to go to college it's safe to say you SHOULDN'T go to college.
I'm 25 and I wish I had started working in the Trades earlier and making 6 figures within 4 years of doing an apprenticeship. AND owning a bunch of real estate. Right now I can take as much time off as I want to travel because of my union, and I return back to work with little to no push back. And I can do it financially because of my real estate.
This may not be what you want to get out of real estate, but with a little creativity and a personal touch to your situation I know you can achieve your goals without college!
Edit: Made quite a few typos, but that's a testament to how a dummy like me can be financially free from real estate!
I usually get some blow back for this, but I would say 100% join the military. I worked on aircraft in the Marines for 8 years, got out, and used my VA loan to get me into a very pricey Fort Collins market, while working a job with a good wage because of my aviation experience, WHILE earning another income to go to school utilizing the GI bill. It's a ton of work, but I credit my time in the Marines with giving me that work ethic. All of that aside, you learn a lot of very good lessons, have a ton of fun, and meet a lot of awesome people and future connections.
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.
Being a military veteran myself, I would recommend joining if nothing else to develop discipline, professionalism, and attain a decent resume for future prospective employers. But, unless it genuinely is a calling for you, do not stay in any longer than 4-6 years. You will get all VA benefits after that time frame, will have discovered what direction in which you want to take your life, and will be far more mature.
If you so desire, you can continue afterward in the reserves. It offers much more flexibility in where you live, as well as how much you may desire to work (number of drill periods is up to you, past the one weekend per month).
You can go to college afterward and use your GI bill to pay for it.
@Nathan Smith - When I was growing up, my parents insisted that my sisters and I go college, get a 9-5 job and all of the benefits and retirement packages that go along with that. I did go to college, my sisters did too, and I got my business degree and a job. I've watched my parents lose more than half of their retirement investments (401k) on several occasions due to stock market corrections, and I've realized that nobody knows your worth better than you do. Only you will pay yourself what you're worth. So start your own business if that's what you want to do and create value. I think investing in real estate is a more hands-on approach to make more money and keep it. It can be a rewarding career in and of itself. Or you can go be an accountant or marketing genius, live below your means and invest the rest. College isnt for everybody, it just depends on what your goals are
Whatever course you decide to take in life, the result you get out of that decision will be in direct proportion to the energy and effort you put into the decision you make.
I went to a 4 year public university, UCLA, that at the time I went, was a great bargain, graduating in 5 years with only $5k in student debt.
One advantage to going to school is that you will be exposed to many different ideas and people and cultures from all over the world, and you'll learn from them.
You will also have the opportunity to explore skills that normally wouldn't come your way. For instance, I was able to take several years of sailing classes on both single hull and catamarans because the school I attended owned a dock in a harbor adjoining the pacific ocean. Those classes only cost me $40 per semester. In the real world, those classes would be hundreds if not thousands of dollars to take.
I graduated with a degree in English, then went on to earn a J.D. Both degrees have served me well in the work and investment worlds. I learned to write well, speak well and know how to lessen the probability that I will be subject to a lawsuit with my investment properties.
I also joined a fraternity, and made life-long friends and business connections through this organization. I've been hired in two different occupations through my fraternal organization, from people belonging to my fraternity from different schools. This pool of potential investors in my business continues to grow as more people graduate from universities all over the nation each year.
Finally, I'll leave you what I read from an interview Kobe gave to a reporter about 20 years ago. Kobe, as you might know, by-passed college and went directly from being a high school graduate to a 17 year old player with the Lakers. His parents had to sign his first contract because he wasn't 18 yet.
In his free time, Kobe would go the the UCLA campus often and look at the people, his age, having fun, and enjoying the transition from child-hood to adult-hood that college gives. He mentioned that he often experienced regret at skipping this period of his life and going directly into an adult occupation at 17.
Work will always be there, and many of us will work 30 to 50 years of our lives. Your youth and freedom to explore and experiment with not many of the pressures of adult life, is fleeting and will be gone before you know it.
My advice, find the right 4 year university to attend, take this time to enjoy your life, make life-long friends, and experience the diversity in people, ideas and cultures that college life gives you. Work will always be there.
When people are on their death bed and contemplating their lives, what is most important is not how much money they made, or how many hours they put in at the office. Rather it is the experiences and relationships in their lives that makes the biggest impression. Sam Walton (founder of Wall-Mart), on his death-bed, as his children stood around him, told them that he missed the boat. In hindsight, he should have spent more time with his children, who he didn't know well, and less time making his billions.
@Nathan Smith
I’ve just recently started my college career so I can relate to what you’re feeling. IMO the real value of college is not really the technical skills that you can learn (like a lot of people have said, you can learn these things through YouTube or from books at the library, etc.) The reason I came to college is because twofold: first of all, college is a kind of training wheels for the real world- I can manage myself for the first time without any supervision, make decisions with money, live on my own, etc. If I make poor decisions, there are consequences (eg I miss a class or get a bad grade) but they aren’t horrible consequences (eg. losing my job or house, being homeless, going hungry, etc.) I can learn general adult skills without a lot of pressure.
Secondly, college gives me the opportunity to expand my mental capacity. You can learn technical skills from YouTube or books, but college requires you to interact and respond with ideas, evaluating them, analyzing them, and coming up with creative support/refutations/qualifications. Although the idea you're responding to might not be important to you, by interacting with the idea you're teaching your brain important mental habits. While understanding American history or basic physics might not help your REI, the ability to think critically and maturely will be crucial.
So, even if you don’t want a degree, I would say participate in some class or learning program that requires you to do more than just receive information from an instructor. This could be an online class, some kind of club, an online community, or a trade school. Just pick something that makes you use your brain. After all, in the real world, you won’t be given ideal properties on a silver platter.