College Education isn’t Bad, It’s Just Not Going to Make You Wealthy
You know, if someone ever tells you that college education is bad, I'm not saying they are necessarily wrong, I just would be skeptical of what they’re trying to sell you.
HOW USEFUL IS COLLEGE EDUCATION?
So, I think that college education has gone down a path that is simply a money grab for the colleges. There's a major emphasis on getting a degree, right? That little piece of paper is so important and that's why people go. It's become this thing where you take classes that you wouldn't want to take otherwise and you don't really pay attention to actually learn something. You are just there just to get the credit, and the problem with that is it uses up the time that you're at college on things that you don't want to learn. Therefore, you're not going to learn them when you could be spending that time actually learning something.
So, I think that the knowledge that you get from going to school is invaluable. I mean, I've got my five currencies: time is the most important, second is knowledge, like knowledge is huge, so going to school and getting educated and learning, it's so important. The piece of paper that you get at the end when you check off all the little credits, I think it's worthless.
IS THERE A RIGHT WAY TO USE COLLEGE?
Well, one of my favorite stories that I've heard is Steve Jobs, I don't know if you've seen his 2015 Stanford commencement speech, but he talked about how he his parents couldn't afford for him to keep going to Reed College, so he dropped out. But instead of going back home and living off of his parents like most college dropouts do, he stayed and he continued to drop in on classes that he’d actually learn from and he talks about how later on, in 1984, when Apple was developing the Mac, he actually incorporated a lot of the stuff that he learned from his drop-in days at Reed College to that development process.
One of the things was the variable typefaces. He took a lot of the knowledge that he learned from his calligraphy class that he just dropped in on. They gave him a credit for it and he applied it to the first computer to even have different fonts. I wouldn't pay for a degree, that's for sure.
WHEN SHOULD YOU END YOUR EDUCATION?
Education should never stop. If you were stripped of all of your money, all of your relationships, all of your connections, and you were dropped into a random City anywhere in the United States, the one thing that you would retain is your knowledge. So, if you educate yourself, you can specialize in something that you know. Investing is one example. It's what I've done. I could be stripped of all those things, dropped off in a random place, and I would still know how to make a lot of money because of the education that I have.
So, even after college is over, continue to educate yourself. If you want to make money in a certain area, educate yourself before you go use your own money, or someone else's money to invest in that area.
Knowledge is the thing that will make you successful.