Podcast Summary
The Value of College Education: Despite the initial benefits, the increasing cost and decreasing return on investment of college education raises questions about its value. Parents and students should consider alternative paths to building wealth and success.
The value of a college education is being questioned in today's economy due to the increasing cost and decreasing earning potential compared to the time and money investment. The speaker, Alec, argues that college was initially established to increase the quality of the workforce and provide a significant return on investment. However, with the rise in tuition and student loans, and the decreasing wage gap between those with and without degrees, the investment no longer makes sense for many. The speaker also touches on the idea that parents may view trades negatively due to societal pressure on status. Overall, the conversation between Alec and Ken Coleman covers the importance of evaluating the value of education and considering alternative paths to building wealth and success.
The Perception vs. Reality of College Education: Parents and society often prioritize prestigious careers and degrees, but it's essential to consider the financial and personal benefits of various vocations. Alternative paths like vocational training or apprenticeships should not be overlooked.
The perception of prestige associated with certain careers or degrees, particularly higher education, often overshadows the financial and personal benefits of other vocations. This phenomenon, driven by cultural norms and a lack of knowledge, can lead parents to prioritize their own desires over their children's potential happiness and fulfillment. The gap between the perceived value and the actual value of a college education has widened, yet many continue to follow the traditional path due to fear and societal pressure. The importance of considering the price-to-value discrepancy and exploring alternative paths, such as vocational training or apprenticeships, should not be overlooked. Ultimately, it is crucial for individuals to evaluate their unique circumstances, interests, and career goals to make informed decisions about their educational and professional paths.
A neighbor's advice on reconsidering dropping out of college: A non-traditional path like joining a sales team can offer valuable skills and potential financial gains, even if parents and societal pressure push for a college degree.
Sometimes the traditional path to success, such as going to an expensive college, may not be the best choice for everyone. In the discussed scenario, a young man named Jacob was encouraged by his neighbor to reconsider his decision to drop out of college after his first semester and instead join the front-end sales team. Although Jacob had supportive parents and a 3.5 GPA, he felt unfulfilled and spent most of his time watching YouTube videos about making money. During a long walk, the neighbor helped Jacob realize that his college education was a safety net, and he could always return if he failed in his entrepreneurial pursuits. The neighbor proposed an alternative path: Jacob could join the sales team, learn valuable skills, and potentially earn more money than he would with a college degree and significant debt. Ultimately, the decision was up to Jacob, but the neighbor emphasized that the world doesn't need another 3.2 business degree, and the skills gained from working in sales could be more beneficial for his future career. The biggest challenge was addressing the fears of Jacob's parents, who wanted him to avoid being seen as less capable and believed that college provided a more guaranteed path to a good job. The neighbor had to explain that the comparison between Jacob 1 (college graduate) and Jacob 2 (sales team member) 4 years from now would show that the latter had gained valuable skills and potentially earned more money.
Work experience vs. college education: Gaining practical skills and experience in a business environment can contribute significantly to a young person's career success, potentially surpassing the value of a traditional college education.
Experience and practical skills gained through working in a business environment can significantly contribute to a young person's career trajectory, potentially outweighing the value of a traditional college education. This was exemplified by a 19-year-old man who worked his way up from a call center job to becoming a top salesperson within two years. His maturity, ability to handle rejection, and determination were crucial factors in his success. Although some parents may view a gap year as a waste of time, providing opportunities for practical experience and mentorship can be invaluable. The young man in question is still in the early stages of his entrepreneurial journey, having gained a solid foundation in sales but recognizing the importance of understanding all aspects of a business to run one effectively.
Learning from rejection and adversity: Embrace rejection and negative feelings to develop resilience and learn new skills, essential for personal growth and entrepreneurial success.
Acquiring skills, especially the ability to handle rejection and overcome adversity, is crucial for long-term success. The speaker shares the story of a young man who has mastered managing his personal finances but needs to learn marketing. Through cold calling, he not only learns marketing skills but also develops resilience and grit. The speaker emphasizes the importance of teaching kids to embrace the negative feelings and learn from them, rather than avoiding them, to become good at anything. The three essential components for personal growth are skills, traits, and beliefs about the world. Entrepreneurs are limited by one of these areas, and lacking skills can hinder the ability to provide value and be successful.
The importance of character traits in achieving long-term goals: Embrace challenges, find pleasure in the process, and develop essential skills and character traits for long-term success.
Developing a wide range of skills is essential, but having the right character traits, such as focus, discipline, and the ability to handle rejection, is equally important for achieving long-term goals. The speaker shares an example of a young man who learned valuable skills through sales training, but also gained important character traits that helped him succeed. The speaker emphasizes that business owners looking to grow their companies can benefit from embracing challenges and finding pleasure in the process, rather than viewing work as a source of pain or solely for financial gain. By helping individuals discover the joy in working through difficult tasks, we can shift the perception of work and foster a more positive relationship with it.
The value of work comes from effort and challenges: The more effort and challenges we face in our work, the greater the rewards and personal growth. Identify your talents and passions to make the most of your time and energy.
The value we derive from work is proportional to the effort and challenges we face in achieving it. Our work shapes us more than we shape it, and the greatest rewards come from the most significant struggles. Ken shared his personal experience of being forced to take a year off from work during a business transaction, which left him feeling aimless and depressed. He realized that being unable to work was worse than being forced to work, and that the pleasure we gain from a job well done is directly related to the pain and effort we put in. It's essential to identify our talents and passions and allocate our resources effectively to make the most of our time and energy. For Ken, his talents include persuasion and resource allocation, and his passion lies in learning, which he expresses through teaching. By understanding and embracing the connection between effort and reward, we can approach our work with renewed purpose and appreciation for the journey.
Focus on talents, passions, and missions for success and fulfillment: Identify and focus on talents, passions, and missions for a meaningful and fulfilling life and career. Communicate, connect, and coach/mentor others. Build goodwill by giving more than you take.
According to Alex, the keys to success and fulfillment in life and work revolve around identifying and focusing on what we do best (talent), what we love to do (passion), and what results matter most to us (mission or purpose). Alex emphasized the importance of communication, connecting with people, and coaching or mentoring others as key aspects of his own passion and purpose. He also shared that he has recently redefined his personal mission to focus on building goodwill and giving more than he takes, rather than solely maximizing net worth. Goodwill, as defined by Alex, is the unmonetized value of giving in excess of what you take. By focusing on these areas and living in alignment with our talents, passions, and missions, we can create a meaningful and fulfilling life and career.
From net worth to making a difference: Consider focusing on providing value and making a positive impact rather than just increasing net worth. Giving, whether time, knowledge, or resources, can have a ripple effect and benefit many.
Success and making a difference go hand in hand. The speaker shares his personal journey from a fear-driven focus on net worth to a desire to provide value and make a positive impact on others. He emphasizes that giving, whether it be time, knowledge, or resources, can have a ripple effect and benefit many people beyond just the recipient. The speaker's motivation for giving stems from a desire to leave a lasting legacy and make a difference in the world. He encourages us to reflect on our own motivations and consider how we can provide the most value and make a positive impact on others.
Redefining the game of life: Instead of living up to others' expectations, redefine your own game and prioritize putting goodwill out into the world.
The speaker learned the importance of defining one's own game and rules in life, rather than living up to someone else's expectations. He shared an experience of having a large income at a young age but being reminded by his father that it might not last. This realization led him to question the rules he was living by and inspired him to redefine his game over the past few years. The shift from a mindset of protection to one of distribution marked a significant change in his perspective. Instead of focusing solely on monetary gains, he now prioritizes putting goodwill out into the world, even if it's not monetized. This transformation from fear to faith in his actions has brought about a beautiful change in his heart.
