DON’T GO TO COLLEGE (Before watching this)

Summary

• College tuition has doubled in recent decades while median starting salaries have remained almost the same, leading to a significant increase in national student loan debt, now over $1.76 trillion.
• The inability to discharge student loan debt through bankruptcy represents a strong argument against going to college, as interest rates are high and the debt must be paid for life.
• Median lifetime earnings increase with higher education levels, with a professional degree holder potentially earning $3.6 million over their career, suggesting a strong argument for formal education.
• The burden of student loan debt impacts significant life milestones like starting a family and buying a home; the debt and its interest can be a major disadvantage.
• The likelihood of out-earning someone with a bachelor's degree is not guaranteed; for example, those without a high school diploma have only a 7.3% chance of doing so.
• The economic value of a college degree may vary based on race, with white and Asian individuals seeing no significant earnings increase after controlling for various factors, while Black and Latino individuals may have a 30-40% increase.
• Going to a prestigious school like Harvard or an Ivy League can be worth the investment due to the strong personal brand and network it provides.
• All degrees are not created equal; a degree from a prestigious university can significantly increase lifetime earnings, outweighing the cost of tuition.
• Financial aid, grants, and scholarships can make college a worthwhile investment by reducing the financial burden.
• Education is valuable but considering the cost is essential; not all educational experiences guarantee significant financial returns or practical skills.
• Networking opportunities and social experiences are considered positives of college; however, they may not justify the high cost of attendance.
• Decisions to attend college should consider personal circumstances, including socioeconomic background and desired career path. If financial aid covers a significant portion of tuition, going to college can be more beneficial, especially for those from lower socioeconomic backgrounds.
• For those from higher socioeconomic backgrounds or not seeking careers requiring formal education, beginning a career without college may make more sense and avoid unnecessary debt.
• Post-college plans should be clear because graduating without a clear career path can leave individuals directionless despite their education.
• In choosing a career without college, prioritize learning through work, self-education, and mentorship.
• The decision to attend college or start a career should be based on personal goals, financial situations, and long-term career aspirations, rather than societal expectations or familial pressure.
• Taking advantage of educational opportunities, whether formal or informal, is crucial for long-term success regardless of the path chosen.

Video

How To Take Action

I would suggest starting with a focus on long-term career goals. Figure out what kind of job you want, whether it's in science, technology, health, or something else. This will help you decide if college is right for you. If you need a degree for your dream job, then college might be a smart move.

A good way of deciding if college is the right investment is to consider your financial situation. If you can get a scholarship, financial aid, or if you're going to a school with a strong brand like Harvard, it might be worth the cost. But if you're going to get lots of debt, think twice. You don't want to be stuck with big payments and no clear job plan.

To implement this advice, research careers you're interested in and see if they require a degree. Look at job postings and talk to people working in those fields. Get the real scoop. If they say you need a degree, then find out about financial aid options next. If they say experience matters more, start looking for entry-level jobs or internships in that field.

If college isn't for you, it's okay. Work on learning skills related to your career. That might mean following someone in the job you want or taking online courses. Build your skills and experience. Remember, it’s about what you learn and not just about making money right away.

For those going to college, pick a school that gives you the best value. Apply for financial aid and take on as many credits as you can handle to finish faster. Use your time in college to network and learn skills that will help in your career.

No matter what path you choose, be proactive. Make a plan and stick to it. Learn as much as you can, whether it's in school or on the job. This will set you up for success in the future.

Quotes

"You pay twice as much for the same thing"

– Alex Hormozi

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"Experience and the likelihood that you can do the job well"

– Alex Hormozi

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"The interest rates are high and number two is that you literally can't bankrupt out of it"

– Alex Hormozi

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"The difference between what you pay and what you get"

– Alex Hormozi

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"It's not your race it's not your gender not your IQ… it's the zip code you were born in"

– Alex Hormozi