Is college worth it?
Wholesaler · Brooklyn, NY · Member since 2020 · 11 posts · 13 votes
Is college worth it?
Most Popular Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votesFull Ride? Go to college. You will learn so much more than you think in college. Things that many (way too many) never learnt today and we are seeing the results. This includes REI. Make sure you take math. Make sure you know geometry and Algebra backwards and forwards. REI is both. Geometry teaches how to build a plan, solve problems by tracing a path, and how to multi-task. Algebra teaches how to execute that plan, follow the problem, establish the specifics of the path, and an understanding the the left side of the equal sign is more important than the right.
REI is nothing but math with dollar $ign$ in front...not percentage signs behind.
119 Replies
- Rental Property Investor · Corvallis, OR · Member since 2018 · 840 posts · 1k+ votes6y
@Edgar Ehrsam my man, take the full ride. Dont get me wrong, I am a self made man and it was NOT my college degree that got me there, but you cannot measure what college struggles and classes can help shape you. Yeah, the degree is for sure the “social” norm but that is not what I am referencing. I do not like massive student debt to begin life with, but if you really have a full ride, you would be crazy to toss it. While you go to school you can be planning and still working on RE goals and steps. Also, my degrees have helped me secure great W2 while at the same time working my flipping and rental holds. That is how I have built a net worth and increased my cash flow. My W2 pays the bills and my RE has made my digits. Some on BP will disagree, but both of my sons had academic and athletic D1 scholarships, and it would have made zero sense to throw those away. TAKE THE MONEY!
- Investor/Agent/Entrepreneur · Dallas, TX · Member since 2016 · 464 posts · 564 votes6y
If you have a full ride, take it and go to college! Even though a degree is gradually becoming less important, we unfortunately aren't quite there yet where you can completely opt out (unless you have serious domain expertise like being an expert coder).
I would go to college, get a degree that will allow me to get employed. Think technology, business, etc. My focus would be less on school and more on getting an internship, to ultimately secure a job.
Simultaneously, I would be doing everything I can to get into the investing/business world. I'd get my real estate license, work as a property manager or assistant for a mom & pop investor/PM company, and get a mentor or two.
Given your hard work in high school and you earning your full ride, you'll actually be able to start out as a college graduate with a positive net worth, a job, and no debt if you make small investments along the way during college and live frugally. Going to college doesn't mean you cannot invest, you can certainly do both.
- Minneapolis, MN · Member since 2019 · 54 posts · 53 votes6y
@Edgar Ehrsam.
Great question man. I’m a 21 year old college drop out and just bought my first property 2 weeks ago. I hated school and much prefer self education which has its own set of pros and cons. I have a real disdain for college and think that for many people it’s a waste of time. However, in your situation I definitely see a lot positives, number one being the full ride scholarship. If I were you, and in light of your future real estate ambitions, I would major in something that would provide you with skills that can let you hit the ground running towards real estate once you graduate. Topics of study to consider could be business management, sales, finance, marketing, or any real estate related courses.
While it would be difficult to start investing while in school, that time doesn’t have to be wasted and you can use it to get ahead. I would focus on building good credit, reading lots of real estate and business books, and saving as much money as possible. When you graduate, your degree will make it easier to get higher paying jobs and qualify for loans, which in turn will let you start investing sooner. Our society still values college degrees to a certain extent and as long as your have valuable skills and a good work ethic, you should be able to do very well.
I hope that this is helpful!
Thanks
- Realtor · Los Angeles, CA · Member since 2018 · 952 posts · 1k+ votes6y
@Edgar Ehrsam, study something substantial, like economics or history or comparative lit. College isn’t necessarily where you learn how to do a job, but what you do learn is so so valuable.
- 6yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Originally posted by @Steve Morris:
"One of the most important things you learn in school is "how to learn". College takes that statement to a much higher level."
Sorry, I've had fresh college-grad junior brokers and then very-motivated non-grads.
I'll take the latter thanks :)
That doesn't change the statement I made. All that means is you've encountered many with the opportunity to learn how to learn...and didn't.
- 6yRick BassettBusiness MemberProperty Manager · Greater New Haven, CT · Member since 2010 · 377 posts · 434 votes
I am a tenured college professor and also pretty successful in REI.
I did not get a full ride and paid my way through earning BS, MS, and Doctorate degrees in Computer Science and Information Systems. College was inexpensive when I started at $3k/year for a private university. When I finished, my doctorate cost me about $55k plus the opportunity costs that others have mentioned.
The college degrees allow me to have a steady stream of income and benefits (w-2 income, which banks love when I do deals) while giving me the flexibility to work the RE business on my own terms.
The bottom line...college is totally worth it if you are determined to make the most of it, the major doesn't really matter if you have no plans on working a corporate job. You learn to learn, to think critically, to problem solve, to work with others if you're making use of your investment in time and money. It's not worth it if you're just going to skate by and party.
If you're serious about being successful in RE then do them both at the same time. There is no reason that you have to finish a BS/BA in 4 years, do it in 5, 6, or 7 years. Take 4 courses a semester to maintain full-time status (there are numerous benefits to that status), get a RE license as soon as possible, and start making networking inroads. Some colleges even offer the licensing courses for college credit, a nice 2-fer. Selling a few houses a year while going to school is better than working retail plus you will be learning the industry.
Starting at a 2-year community college is a smart way to go to save tuition dollars as long as you have a solid upgrade (transfer) plan to a BA/BS college/university to finish. There is nothing worse than losing credits during the transfer process.
BTW - full-ride or not, it doesn't matter if the college isn't right for you or your plan. There is nothing wrong with taking on smart-debt, us REI's do it all of the time.
I hope this helps.
Bassett Property Management5108 Reviews - Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes6y
@Edgar Ehrsam I would have potentially studied something different in college but I would still go.
There’s an old saying that goes like this: “there are 2 things people can never get enough of, education and healthcare.”
Go to college. Study something that will provide your a good income. Use that income to invest. Without that income it will become very hard unless you come from money
- Wholesaler · Brooklyn, NY · Member since 2020 · 11 posts · 13 votes6y
@Steve Vaughan
I good a math/ science and interested in architecture, engineering, design, and obviously real estate investing!
- Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes6y
@Edgar Ehrsam is the “full ride” hypothetical I do you actually have a full ride? What is the highest level of math you have taken?
I am a year away from my second engineering degree and In high school, in my opinion, the biggest predictor of how you will do in engineering school is how you are at math since they don’t typically teach true college engineering classes in HS. If you have taken calculus, go study engineering.
I would recommend electrical, computer or mechanical
- Real Estate Consultant · Chicago, IL · Member since 2020 · 1 post · 1 vote6y
The question was college on a full ride or skip it and start working. If you can get into college on a full ride you have to be smart and motivated, you've already proven that by being accepted into college on a full ride. What's actually left? The economist in me says you are burning 4 years of earning potential plus burning the other costs that aren't covered in the full ride like room and board. If your goal is to be an entrepreneur, the start now and skip college. If your goal is to work for other people, you unfortunately need to "prove" to them that you are smart and capable and a High School Diploma just isn't worth what it used to be. College doesn't teach you "how to learn" it, like all other schooling teaches you how to conform. There's no value in conformity for an entrepreneur and a lot of value in it for an employee.
The decision you have to make is kinda like getting a tattoo. Will what you are writing on your body at 17 always be meaningful, even when you're 88 years old? If the answer is "probably not" you should stay away from the tattoo parlor. If you can reasonably say that being an entrepreneur is your life's calling then college is a time suck and money burn.
I graduated from college in '93. I worked 9 months as an employee at my first job. Quit. Started a company, sold it 10 years later. Started a new one. Then started 3 more. I have more job satisfaction, a better work life balance and I'd say I'm overall happier than anyone I know.If you decide the college route, go to school on an overloaded class schedule and take a full load every summer. Get out of school as fast as possible.
- Rental Property Investor · Southern California · Member since 2020 · 5 posts · 5 votes6y
@Edgar Ehrsam
I’m just now finishing school and I’m my opinion, there are pros and cons to both. If you continue with school you will remain motivated to succeed, as school demands that of you. But on the other hand, you might be working towards something that has nothing to do with your true goals and might instead push them back or delay them quite a bit. If you have opportunities to begin investing now, I would say look for a well paying full time job now, and jump right in (that is if you are completely sure that this is what you want to do and will do). Of course college will teach you great things but to add, many times, after college comes grad school and so forth.. which might seem like a never ending journey (rat race journey) that may come in the way of your investing goals.
(Of course, this is my opinion as a new grad)
- Member since 2019 · 1 post · 2 votes6y
Absolutely. Doubling down on community college comments as well. If cost is an issue and if you will have to take on debt, live at home and do community college the first two years. Do really well, get your AA, and your opportunities to transfer and get an academic scholarship will be plenty.
- Rental Property Investor · South Lyon, MI · Member since 2020 · 6 posts · 1 vote6y
@Edgar Ehrsam As a senior in college that wants to be in real estate. I would say no if you didn’t have a full ride and depending on your major. The cost and everything to just get a piece of paper that loses value each year and does not promises success, and will set you back from your goal in real estate. I would say no, yes education and educating yourself is very important but you do not need these institutional education to better yourself. There are so many other ways to better yourself.
- 6yDaniel SmythPro MemberRental Property Investor · Rockford, IL · Member since 2019 · 471 posts · 342 votes
@Edgar Ehrsam
College is worth it!
The only people that say different, are those who didn't go, or did not apply themselves enough when they went.
Just don't get upset if your liberal arts degree doesn't get you much without a Master's and a lot of luck!
Sure there are big money men that had no school education past the 8th grade. They are few and far between!
Newsflash! Life is a gamble! What ever your game, educate yourself and don't be too worried that you will mess up!
Real estate is not for everyone. It take work Nd risk. The same can be said for being a doctor or nurse. Or a carpenter or laborer.
- NJ · Member since 2017 · 16 posts · 16 votes6y
My opinion as a 24 year old investor who didn't go to college is that if you need to ask you should probably go to college. There is no real downside, can definitely continue to save for investing along the way and buy at anytime.
I knew where I wanted to be and what I had to do to get there so it was never really a question for me at the time. If I had went I felt it would have just been for the social aspect of it and would have probably gotten trapped in a normal job which is what I did not want. I already had my own construction company and making money had never been particularly difficult for me as I have always hustled and worked just as smart as hard.
I will also add that I did not ever want to work for anyone else, that was a big factor in my decision.
- Rental Property Investor · Charlotte, NC · Member since 2020 · 5 posts · 3 votes6y
@Edgar Ehrsam
Others have covered a lot of good points. One thing I would say is that college provides an opportunity for systematic learning in stead of learning scattered information by yourself.
Also, you would make some life long friends.
Good luck.
- 6yTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
@Account Closed Depends on what you want to study. Do something you like, but also something that will give you the income you need to invest. If you are good with your hands, go to trades school instead. University and college is not for everyone and those who succeed are the ones who are there because they want to be-not because their parents are paying or someone told them to go. I've worked with thousands of university students.
- Rental Property Investor · Saint Louis, MO · Member since 2020 · 44 posts · 39 votes6y
@Edgar Ehrsam
Coming from someone who worked 50+ hours a week and took 21 hours of courses at the same time while having a newborn at home. I’d say do both especially since it is a free ride. If you don’t like it, no harm no foul.
Depending what you major in could e
change my opinion as well. Some kids are getting 100,000+ in debt for useless degrees. Don’t be one of those kids. If your end career doesn’t need a degree, don’t go to college. Degrees are becoming less and less important in many industries today, so keep that in mind as well. Good luck Edgar! May the odds be forever in your favor! 👍🏻👍🏻
- Member since 2020 · 3 posts · 3 votes6y
This is a very personal question, and ultimately I feel its up to the individual. What do you see yourself doing for a living? How do you want to make an impact on this earth? What current knowledge do you have on those specific interests? Regardless if you want to go to college or not, I feel an important sector to educate yourself in is finance. You must know how to manage and leverage your income. Everyone just wants a higher paying job and then fixates on a higher level of living standards. The truth is you can make $600,000 a year and still be broke if you dont know how to properly allocate your funds. So above anything do yourself a favor if you have not already and make a lifelong commiment that you will consistently educate yourself financially. As Kiyosaki would say schools teach you to be good employees not employers. For some people that might be alright but financial education is vital to any degree of success, at the very least find a financial advisor. People neglect this idea or feel as if they are already educated enough, but the financial condition of any living area is constantly changing and staying on track with the economy and the micro aspects of your money is what will buy you success. Also,do market research on the u.s bureau of labor statistics page. Determine the level of demand currently for the field your considering along with the supply of workers. Higher demand with lower supply = higher wages. Also, look at the projected growth for the field and the average salary, and how much the degree would cost and how long it would take to pay back.
- Investor · Almont, MI · Member since 2015 · 360 posts · 302 votes6y
Definitely I would go to college! Being able to think in a structured way is truly a valuable asset and that is learned through a broad understanding of how science, literature and philosophy work. But to be honest, knowing what I know now I would do both. I would scrape together every spare penny into a savings account and not party as much as I did and I would try to learn as much as possible about entrepreneurship and real estate investing. Then I would take that very new and clean credit rating, and start using it to underwrite real estate investments.
- Member since 2020 · 1 post · 1 vote6y
@Edgar Ehrsam Go to college and choose a major like computer science or engineering which needs specific skills that need time to develop. These majors can pay off your college investment in a faster manner than other majors and also enable you to start investing faster.
- Real Estate Agent · Merritt Island, FL · Member since 2017 · 974 posts · 1k+ votes6y
Originally posted by @Joe Villeneuve:
Full Ride? Go to college. You will learn so much more than you think in college. Things that many (way too many) never learnt today and we are seeing the results. This includes REI. Make sure you take math. Make sure you know geometry and Algebra backwards and forwards. REI is both. Geometry teaches how to build a plan, solve problems by tracing a path, and how to multi-task. Algebra teaches how to execute that plan, follow the problem, establish the specifics of the path, and an understanding the the left side of the equal sign is more important than the right.
REI is nothing but math with dollar $ign$ in front...not percentage signs behind.
Joe, while I wholeheartedly agree with you about going to college (particularly if you have a free ride) due to the many things you will learn, I have to call you out on Geometry and Algebra. Those were 10th and 9th grade...lol! If you didn't pass those in HS, you're not going to college. :-)
- Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes6y
@Edgar Ehrsam
A big part of college is the extra curricular activities and the networking. I wouldn’t be where I am without the fraternity that I joined. Plus you develop leadership skills and other benefits that is too long to list. Why not got to college and major in RE?
- 6yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Originally posted by @Tchaka Owen:
Originally posted by @Joe Villeneuve:
Full Ride? Go to college. You will learn so much more than you think in college. Things that many (way too many) never learnt today and we are seeing the results. This includes REI. Make sure you take math. Make sure you know geometry and Algebra backwards and forwards. REI is both. Geometry teaches how to build a plan, solve problems by tracing a path, and how to multi-task. Algebra teaches how to execute that plan, follow the problem, establish the specifics of the path, and an understanding the the left side of the equal sign is more important than the right.
REI is nothing but math with dollar $ign$ in front...not percentage signs behind.
Joe, while I wholeheartedly agree with you about going to college (particularly if you have a free ride) due to the many things you will learn, I have to call you out on Geometry and Algebra. Those were 10th and 9th grade...lol! If you didn't pass those in HS, you're not going to college. :-)
Yes...and depending on the focus, are also available in college...and worth taking again...they're that important.
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