Why I will never own a Ferrari

Im new here but guess i can throw in my $.02...

Myself and all of my successful ( and by that I mean at least $ 250k per year and going to much much more) friends have a few things in common...A) none of us went to college and most of us did not graduate High School B) we found something we are obsessively passionate about doing ( and not for the money ) C) we never gave up through the (inevitable) ups and downs D) we spent a minimal amount of time working for other people. Just enough to gather the basics of the industries we were interested in E) We all lived in squalor (sp) until our mid 20s getting the businesses off the ground.. putting every cent into the business and making a concentrated effort to not get married or have kids until the businesses were stable ( hell Im still single and dating strippers..lol)..on second thought maybe im a terrible role model.

Now we are all mid 30s and having a pretty good time.

Most of my friends with college degrees are stuck in the $75k-$125k salary range and not having such a good time. Especially out here in Southern California where a starter home is over $350k and you cant get anything decent for less than $700k

Having said that Im not knocking college education..just saying it in no way guarantees success. Success and education are two very different things to me.

Okay getting off of soap box now..sorry

 

Without reading all these post's.... a degree or formal education has nothing to do with owning an F car. N O T H I N G. But you do have to go after the money, you can starve if you just do what you love.

 

I think you're comparing self-selected successful entrepreneurs (congratulation by the way) vs randomly sampled average college graduates. If you combined the characteristics you mentioned with a college education, perhaps you would get a Steve Ballmer or a Mark Cuban instead of "just" $250K plus and rising. Without that "something extra" most people end up as blue-collar or white-collar workers (regardless of education level), "doing their time" until retirement.

Having said that, it does point out an interesting situation for the average college graduate. The average college grad starts off their career $K's or $10K's in debt. Granted that studies have shown that the ROI on a college education is worth the debt incurred; however, wouldn't the fact that most start off in debt cause an increase in "conservative" career strategies? I.e., there's pressure to get a steady job to ensure that the debt can be paid off. Without that debt, perhaps the % of college graduates willing to give entrepreneurship a try would be higher.

 

I think you're on the mark about debt basically forcing college grads to find employment as soon as possible, however I also think that the general mentality that is fostered in higher education is to do just that. Pick a major and it basically defines what you'll be doing for the next 4~ years. Once you're out, you get a little skittish on trying something outside of that comfort zone (ie Why'd I even go?) and you watch classmates start to "climb the ladder".

Few people see a fork and the road less traveled at that point.. then you get married, pop out a kid and get a mortgage. Suddenly your options are tied to that paycheck and the wife isn't going to let you jeopardize Jr's college fund. Ah, "reality".

Like anunakki, I've always tried to take jobs that taught me what I wanted to know (I picked THEM, not the other way around) and took classes in college that interested me but never really added up to a degree. Of course, I'm in the mid-20's Bootstrapping phase, but I'm glad someone piped in with something other than "get your degree". My girlfriend has two of them and doesn't sleep at night because she has no direction; I don't sleep because I can't stop thinking about where I'm going to go next.

 

Dont get me wrong.. Im not saying dont get a college degree...I was just saying that the college degree is less important than many other traits when it comes to being successful. ( Once again defined by myself as at least $250k per year ).

i was also simply comparing the people I know in a VERY unscientific study.

The point made above about how college students leave with huge debts and have to find steady employment quickly which diverts their attention from the entrepeneurial spirit, I find to be very accurate. And todays 'kids' are constantly being fed the desire to extend themselves further into debt at a young age so they can drive some 'hip' car like a Hummer at 20 yrs old.

I didnt get my first car until I was 21 ..lol and it was a used Honda for a couple grand.

One of my employees graduated with several very hefty degrees but hes saddled with a $ 700 or so per month education loan to pay off. At 22 he feels he needs very stable employment and has put his entrepeneurial aspirations on hold.

Having skipped college I had no debt to deal with while I tried to build my company.

Theres obviously two sides to every story but I think its good to balance to show a college education isnt necessary. Also I think people either have the entrepreneurial spirit or they dont..regardless of if they go through higher education or not. I also know some friends from high School who didnt go to college and are making $35k a year at 37 yrs old.

 

Taking a step back, I didn't mean to make it sound as if you'd be asking for a life of endentured servitude by going to college.

It's beneficial for many people in a multitude of ways, and I've also worked for plenty of people who ran out of 'skill' at a certain point.. some higher education might have stopped them from hitting that wall but their egos would have never allowed it; they liked the small pond.

I think the general point (in life) is to constantly learn and adapt to new situations, even failures. Some people stop learning (thinking) after college, which I think is a real shame. OTOH, these are the cogs that make the wheel go 'round.. To each his own.

 

My 3rd post, and my 'too sense', also:
Overall, education is good; but knowledge is better, and far, far more valuable. I barely finished high school (it was the 1960's--what can I say?) and made a feeble effort at college, quitting after 2 years with minor debt and realizing that I did not want a traditional 'white collar' profession. I succeded beyond my wildest dreams via the following:
1) 80 hour weeks; 2) determination; 3) living cheap in consumer denial; and, 4) marrying a woman who is a 'partner' instead of a dependent (but still 'arm-candy'--lucky me). To any young person just starting out I would also suggest that they not be bashful of asking the 'secret of success' of those successful people they encounter. They might be surprised at how helpful and responsive they will be. I'll close with two final axioms: 'paying interest is bad, collecting interest is good'; and, (the English nugget) 'Don't touch the principal'.
Good luck, Austin--I wish nothing but success!
Keith