Is A College Degree Worthless These Days???
Investor · United States · Member since 2018 · 565 posts · 356 votes
Is A College Degree Worthless These Days???
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Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7yCollege graduates make more money than high school graduates.
The more money you make in a W2 job, the better chance you have of saving money and having good credit.
The more money and better credit you have, the better chance you have of getting loans
Getting favorable loans gives you a better chance of scaling your real estate portfolio.
Bottom line, getting a college degree increases your chances of building a real estate portfolio.
If you get a degree, with the purpose of getting a high paying job, and dont get a high paying job, it's because you're not willing to do what it takes to get that job.
39 Replies
- Accountant · Tulsa, OK · Member since 2018 · 312 posts · 349 votes7y
@Account Closed I'd say this is a "it depends" statement, at least in my opinion. Yes, there are a lot of majors out there that people can pursue that cost a lot and don't lead to jobs that pay all that well. For example teaching (though many teachers I know aren't in it for the money, which is why teacher's are so awesome) doesn't give a great return on investment, at least not here in Oklahoma. On the other hand, my degrees in accounting have allowed me to get a position/pay that I doubt I would have been able to attain without them. Overall I'd say that it's worth it (from a ROI standpoint) if you do the research and pick a degree/major that has good pay and plenty of job growth rather than just picking something you think/know you'd enjoy doing.
- Rental Property Investor · Devon, PA · Member since 2016 · 28 posts · 22 votes7y
Knowing what I know now about real estate I probably would have skipped college.
- Investor · United States · Member since 2018 · 565 posts · 356 votes7y
Originally posted by @Kevin S.:
@Account Closed I'd say this is a "it depends" statement, at least in my opinion. Yes, there are a lot of majors out there that people can pursue that cost a lot and don't lead to jobs that pay all that well. For example teaching (though many teachers I know aren't in it for the money, which is why teacher's are so awesome) doesn't give a great return on investment, at least not here in Oklahoma. On the other hand, my degrees in accounting have allowed me to get a position/pay that I doubt I would have been able to attain without them. Overall I'd say that it's worth it (from a ROI standpoint) if you do the research and pick a degree/major that has good pay and plenty of job growth rather than just picking something you think/know you'd enjoy doing.
I see... It sounds like you're one of the few people who put some serious thought and research into their degree instead of someone just doing business administration, graduating and expecting a 100K/year job.
- Investor · United States · Member since 2018 · 565 posts · 356 votes7y
Originally posted by @Account Closed:
Knowing what I know now about real estate I probably would have skipped college.
Do you think that your degree has helped you at all?
All I know is that the only thing I've used in the real world from school is basic bath, Spanish and PE, lol.
- Rental Property Investor · Devon, PA · Member since 2016 · 28 posts · 22 votes7y
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Knowing what I know now about real estate I probably would have skipped college.
Do you think that your degree has helped you at all?
All I know is that the only thing I've used in the real world from school is basic bath, Spanish and PE, lol.
Yes it helped me get a high paying job that I’m using to invest in my Airbnb business. However, I could have just started working after highschool and probably had more capital to invest by now.
- Investor · United States · Member since 2018 · 565 posts · 356 votes7y
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Knowing what I know now about real estate I probably would have skipped college.
Do you think that your degree has helped you at all?
All I know is that the only thing I've used in the real world from school is basic bath, Spanish and PE, lol.
Yes it helped me get a high paying job that I’m using to invest in my Airbnb business. However, I could have just started working after highschool and probably had more capital to invest by now.
Interesting... have student loans been a problem?
- Rental Property Investor · Devon, PA · Member since 2016 · 28 posts · 22 votes7y
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Knowing what I know now about real estate I probably would have skipped college.
Do you think that your degree has helped you at all?
All I know is that the only thing I've used in the real world from school is basic bath, Spanish and PE, lol.
Yes it helped me get a high paying job that I’m using to invest in my Airbnb business. However, I could have just started working after highschool and probably had more capital to invest by now.
Interesting... have student loans been a problem?
It’s really not that that expensive if you go to a public school. I paid off all my student loans by the time I was 25.
- Investor · United States · Member since 2018 · 565 posts · 356 votes7y
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Originally posted by @Account Closed:
Knowing what I know now about real estate I probably would have skipped college.
Do you think that your degree has helped you at all?
All I know is that the only thing I've used in the real world from school is basic bath, Spanish and PE, lol.
Yes it helped me get a high paying job that I’m using to invest in my Airbnb business. However, I could have just started working after highschool and probably had more capital to invest by now.
Interesting... have student loans been a problem?
It’s really not that that expensive if you go to a public school. I paid off all my student loans by the time I was 25.
oh wow. that's a much better situation than most people I know.
- Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes7y
I think if you are looking for an occupation that will require a specific degree then yes it is important. For something like real estate, its a waste of time and you are getting into debt for no reason. Hard to get ahead in life at 22 when you got 100k worth of loans.
The cost was much cheaper when I went to school so it made a lot of sense, but today I really think new HS graduates need to think deep and hard about the financial decision. I think in the future more and more students will forgo college and instead turn to specific trades schools.
For example coding schools. Someone who does not know how to code can go to a school or boot camp spend next 12-16 weeks into their program and have a 6-figure job lined up after.
- 7yColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
Think before you do it, it is not an entitlement, and it isn't a necessary experience but it isn't worthless. The rule my father had (who was not paying for our college) was that you had to explain how you could earn a living based off what you proposed to go to college for. I wish more kids would think of that. We lived home (minus $20 k/ year in student loans for a dorm room). I got student loans and paid for my own college at a private school. I value it more because I paid for it and for me it was worth it. Don't get me wrong it was a lot of money but it was worth what I paid for it. That said it isn't worth it for everyone. Make that choice before starting or along the way. As for student loans l think they are step up for those of us who need them, sure they should cap them but I am of the opinion you take them, you pay them back so the next generation can have an opportunity.
This is a real estate forum and you will see a lot of self made people who succeeded but there is another world of people who succeed because of college showing them their passion. They become successful professionals in their field and it is not real estate. Not everyone is cut from the same cloth.
- Flipper/Rehabber · Columbia MD · Member since 2019 · 26 posts · 7 votes7y
If you want to be a doctor or lawyer go for it.
Is it necessary? Not at all.
I started a sales job the day after I graduated from high school and never looked back.
Most newborn babies are far wealthier than college graduates. Sounds crazy I know but at least they are starting at $0 and not (-$100,000).
You don't need college to learn how to log onto bigger pockets and learn investing and wealth creation.
Hard work to create income (hard work seems to be a lost art these days) , dedication to live within your means, grow your sources of income, invest what you save into cash producing assets, grow those assets... repeat. No college is necessary to wrap your head around that process.
I always say, try living in the real world a few years giving it all you got before deciding on that expense. For $100k worth of loans you can do a decent SFR in parts of the country producing $250 cashflow a month. Watch what that investment does in 10 years.
- Investor · NJ · Member since 2018 · 869 posts · 921 votes7y
Well i think the root of the problem is that from the time you're a kid you're told you won't be successful in life you dont go to a good college. So most people end up going and don't know what they want to do in life yet. They graduate and change their minds making their degree worthless. Personally I think if you don't know what you want to do, save the money maybe try a career in the military or a trade. Personally I didn't waste any money on college. Went straight into the trade and loved it. Went through a plumbing apprenticeship. By the time any of my friends graduated college I had more cash saved up then they spent on college and was a top plumber at work with the ability to start my own business shortly after. I know trades aren't for everyone but maybe more corporations should have on the job training and focus more on hiring people who aren't just degrees.
- Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes7y
College graduates make more money than high school graduates.
The more money you make in a W2 job, the better chance you have of saving money and having good credit.
The more money and better credit you have, the better chance you have of getting loans
Getting favorable loans gives you a better chance of scaling your real estate portfolio.
Bottom line, getting a college degree increases your chances of building a real estate portfolio.
If you get a degree, with the purpose of getting a high paying job, and dont get a high paying job, it's because you're not willing to do what it takes to get that job.
- Investor · United States · Member since 2018 · 565 posts · 356 votes7y
Originally posted by @Jason D.:
College graduates make more money than high school graduates.
The more money you make in a W2 job, the better chance you have of saving money and having good credit.
The more money and better credit you have, the better chance you have of getting loans
Getting favorable loans gives you a better chance of scaling your real estate portfolio.
Bottom line, getting a college degree increases your chances of building a real estate portfolio.
If you get a degree, with the purpose of getting a high paying job, and dont get a high paying job, it's because you're not willing to do what it takes to get that job.
That's an interesting point Jason,
I like your intensity and straight forward attitude.
What type of degrees do you think people should pursue to get high paying jobs?
I usually advise people to not go to college unless they are pursuing Medical, Law, Accounting, Finance, or MBA. In my opinion any degree other than the one's listed is usually a trap.
Thanks!
- Investor · United States · Member since 2018 · 565 posts · 356 votes7y
Originally posted by @George W.:
Well i think the root of the problem is that from the time you're a kid you're told you won't be successful in life you dont go to a good college. So most people end up going and don't know what they want to do in life yet. They graduate and change their minds making their degree worthless. Personally I think if you don't know what you want to do, save the money maybe try a career in the military or a trade. Personally I didn't waste any money on college. Went straight into the trade and loved it. Went through a plumbing apprenticeship. By the time any of my friends graduated college I had more cash saved up then they spent on college and was a top plumber at work with the ability to start my own business shortly after. I know trades aren't for everyone but maybe more corporations should have on the job training and focus more on hiring people who aren't just degrees.
This is spot on George,
Most people don't know what they want so they just go to college because they've been conditioned to follow that path. A lot of people also go to college to hit the pause button on life so they can avoid the uncomfortable decision of taking on more responsibility. I don't know how many people decide to "go back to college" so they can make more money later on. It's usually just a disaster as there is usually very little ROI for the amount of debt people stack up.
I agree with going straight into work or developing a trade instead of going to college for most people. You don't learn anything about money in school even if you have a finance related degree. You just learn how to become a bean counter and make other people rich. Understanding how to make money and build wealth can only be self taught or passed down from mentor to mentee. But if you're certain that you can land a $250K per year job with your college degree then go for it.
Thanks!
- Investor · United States · Member since 2018 · 565 posts · 356 votes7y
Originally posted by @Dan W.:
If you want to be a doctor or lawyer go for it.
Is it necessary? Not at all.
I started a sales job the day after I graduated from high school and never looked back.
Most newborn babies are far wealthier than college graduates. Sounds crazy I know but at least they are starting at $0 and not (-$100,000).
You don't need college to learn how to log onto bigger pockets and learn investing and wealth creation.
Hard work to create income (hard work seems to be a lost art these days) , dedication to live within your means, grow your sources of income, invest what you save into cash producing assets, grow those assets... repeat. No college is necessary to wrap your head around that process.
I always say, try living in the real world a few years giving it all you got before deciding on that expense. For $100k worth of loans you can do a decent SFR in parts of the country producing $250 cashflow a month. Watch what that investment does in 10 years.
That's sad but true about the babies being richer than college graduates. And most college graduates will stay broke into their 40's and 50's.
haha - no you don't need a degree to log onto BP.
I could teach people more about building wealth on a napkin then they will ever learn in 4 years of college.
Thanks.
- Investor · NJ · Member since 2018 · 869 posts · 921 votes7y
Originally posted by @Jason D.:
College graduates make more money than high school graduates.
The more money you make in a W2 job, the better chance you have of saving money and having good credit.
The more money and better credit you have, the better chance you have of getting loans
Getting favorable loans gives you a better chance of scaling your real estate portfolio.
Bottom line, getting a college degree increases your chances of building a real estate portfolio.
If you get a degree, with the purpose of getting a high paying job, and dont get a high paying job, it's because you're not willing to do what it takes to get that job.
Granted you absolutely could go to college and make more on a w2 job but that is not always the case anymore. These days good corporate jobs that you need a degree for a far and few in between and when people graduate they end up spending a while in limbo working a dead end job making 50k if lucky looking for a better one.
As far as buying rentals, it's more about having cash capital. Which is really not what you make but what you save. So if someone fresh out of high school learns a trade, they spend virtually no money on training and by year 4-5 on their apprenticeship they should have no problem clearing 80-100k/year. Also there is such a shortage of workers in trades there's little competition on jobs if you know what you're doing. With no college loans/major debt it's much easier to save. Thus much easier to buy a rental.
- Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes7y
@George W. Sure, there are exceptions to every rule, but in general, college graduates earn more than high school graduates. Earning more equals saving more. Saving more equals more to invest.
The answer to the very general question of "is college worth it", the very general answer is yes, it is worth it.
- Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes7y
@Jason Allen any degree that you can get without debt is going to be ROI positive. But, if you're going to be in debt, those you listed are definitely degrees to pursue.
I would add computer programming or networking.
Most any engineering degree
Business management
Most sciences
- Investor · NJ · Member since 2018 · 869 posts · 921 votes7y
@jason d. I agree with you that there's alot of people who just don't try hard enough in life and that's why they don't achieve much. It definitely happens both sides college or not. But looking at numbers, there's almost 1.5Trillion in debt in the USA for college loans. If college had such a great roi this number shouldn't be so high. Clearly there's a abudance of graduates that aren't making any money to make it a reasonable investment.
My answer is that most people do not need that level of education to preform the work they do day to day anyways and it could be learned on the job for the most part. I think that close to 40% of college students end up dropping out anyways. personally I agree with the idea of knowing your major but at the same time things like computers and science are able to be out sourced. Look how many white collar jobs have disappeared in the last thirty years to technical advancement. I personally know way to many people fresh out of college with 30k-40k in debt with no prospects of a good job especially living outside of a major city.
- Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes7y
@Account Closed,
Everyone wants to be an investor, but you gotta remember-- step 1 is income/ability to invest.
Is it worth it for a degree in STEM- absolutely... psychology/philosophy- probably not, unless it's your passion.
You don't need a college degree, but you need a skill-- look at technical training programs (plumbing/HVAC/etc), or getting a license to do something (get your CDL and become a truck driver?) -- if you don't have any type of skill, there's no difference from you and the next HS graduate, and no reason you should get paid more than minimum wage IMO. Focus on skills!
- Flipper/Rehabber · Columbia MD · Member since 2019 · 26 posts · 7 votes7y
As the people that have actually made it... not drop kicks on a forum. So ignore me saying you don't need it. Ask people who have achieved success- Gary Vee, Grant Cardone, Bezos, Warren Buffet. See how many of them did college. ;)
- Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes7y
Depends where you live. In the DC area most people feel it takes a graduate degree to get an entry level job, but thats part of the culture of our region. About 70% of people have bachelors degrees, and a third have graduate degrees, far higher than any other region in the country. Thats also why we have the highest incomes in the country as well.
District Invest Group545 Reviews - Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes7y
Here in the states I would not have gone to college.
The secret, easy, find a program in Europe that accepts international students and convert you degree to the US system.
I am from Spain, I have lived in the US for the last 4 years. I have always been shocked by the amount of money the american youth owes at a young age.
I studied my bachelor's degree in Spain and spend $1800 total.
Last year, I did an online masters online from an accredited university in Spain for $3000 total.
Then, you pay about $200 to transfer your degree to the US system. There are several organizations that can do that. And.. Voila! You have a degree worth the same as the thousands of dollars people pay here in the US and 0 debt.
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