CFP, BO, Mark Zuckerberg discussed on The Money Guy Show


Hey i'm thinking you know. Does it make sense instead of me doing this accounting thing. I'll just finish. Get my bachelor's degree and then we'll go to get my masters and financial planning. And then i'll be ready to come work for you guys. It'll be awesome and we had to kind of like sloan data. Hey that's great. That's a wonderful idea. But what are you hoping to accom- what's the reason for going to get your masters degrees. I well i wanna get a job in financial. Planning and very bluntly asks them. Are you certain that with an accounting degree and some appropriate internship experience. You could also get a job with an accounting degree. And in order to get the education requirement to sit for the cfp exam you could go take classes at night or do online self study as opposed to going back to graduate school and he kind of looked at us and was like. Oh no i had no idea. I didn't know that that was an option. I think i think it's once again. Getting education being taken advantage of and some degree is that we've taken something when people are stuck. All the for profit colleges really ran rampant with this over the last decade. And a half. And i think it's kind of been mitigated. Because they all kind of imploded upon themselves in a large degree but it's people were praying preyed upon where he was like. Just go. get your masters now. You mentioned the intern. I won't say his name. But his case was a little unique in because we have a list of the ten degrees or the degrees with the highest earnings to debt ratios mu ability. That you can pay back. The quickest and you'll notice like number ten is taxation which is the same as account and then there are degrees like accounting. That require five years. I'm i'm one of the last classes that snug get to get all the benefits of being an accounting. You know graduate with an accounting degree. But i didn't have to go to the fifth year. All students do now. And i wanna i wanna tell you i think that. That's that's good if you're if your career requires a certificate a- designation and you see all these things. It's basically engineering computers and taxation. Those are all along thin right. Let me these are all things. I think it's perfectly fine to go. Get your masters in those things. But bo was spot on that is. I'm always amazed at people who say i'm going to go get an mba from this big institution in like financial planning or something. I'm like i'd rather you go. Take one of the co the study at home courses that is substantially cheaper. Sit for the. Cfp exam our. How're you much more likely if you've passed the cfp exam than if you have an mba from a degree because the cfp exam is gonna show me your aptitude more than you go in and get in the nba. So it's just one of those things. I want to caution. You know the opportunity cost. Go through that checklist we provided earlier. So you know. What are you giving up to go. Spend this money to go do it. Because there might be another path. That's actually a great segue to kind of transition to. That's all old school in the world has changed everything we just talked about was very traditional with education. You you know you graduate high school. You aspire to go to college after you go to college. If he's still don't know what you wanted to you go get your masters and on and on and on and that worked when education like when i graduated cost less than three grand here do that now that we know education costs were multiple five digits definitely measure twice cut once and really look at the scope of what you're doing and also take a step back and look around go. The world's also changed. I feel like we are more in a in a period where it's an idea in skills based economy and if you want proof on that there's a stat thirty percent of billionaires having graduated college you know we all know. The story of steve. Jobs didn't graduate college. We know mark zuckerberg didn't graduate college. You know all these all these super wealthy people. I don't think bill gates graduated college. And this you start seeing a trend but you'd argue they have a very skills skillset. Nobody cares what degree i mean. That's that's the thing i find to now I'm blessed with the university of georgia but not that university georgia's a harvard or yale. But i think when i get in rooms like when fidelity or others bring me up to boston to talk other successful financial advisers. There is not one time that they say brian. Where'd you go to school now because once you get to a level of success everybody just assumes your mortgage or your experience or something he got you over the threshold. Education is your gateway. All you're doing is you're knocking on the door and you're hoping somebody answers to let you and get your foot in the door so you can start setting the record of how good you are. How good of a worker. You are in more and more in this new modern society if you have an idea that's better than others if you have a skill that's better than others. You don't have to do the traditional track. It has been announced by google. It's been announced by ernst and young. They don't necessarily require college degrees anymore. I mean here's what i think is interesting. I just got back from podcast movement. We're going to fend off in the next weeks. And there's a new trend that's going on. There are people who are working for the googles. The put the because i'm old but there's people working for traditional companies to that are all working in content creation because ninety two percent of businesses are now doing content marketing. So if you think about it. I want you to rewind back to two thousand six when you started this podcast. How how many folks are how popular was it for someone to say that. Hey i make a living doing content creation. I'm a blogger. i'm a podcast. Or i'm one of these contractors. If folks were making a living doing that was it a commonplace back then. It was like i said my wife had to go. Tell my friends not to make fun of me. Because it's the weirdo oddball hobby. Yeah i mean. And that's the thing that i think that everybody needs to recognize the world has shifted. I'm not saying you know. Go burn schools down there worthless. But i do think you now have to. It's back to our checklist you'd evaluate. What are you going to begin with the end in mind. We talk about that concept so much. The seven habits of highly effective people begin with the end. Of what are you expecting to get out of education and a lot of ways. It might not be the traditional path. Now look if you wanna be the engineer if you wanna be the cpa if you wanna be the doctor or attorney those are you're going to have to go traditional and you will be rewarded for your perseverance and you can structure in a way. Just do it as smart as possible. But if you're working in some of these new fields maybe you don't need to go the traditional trap well in one of the things that's interesting. We kinda started this show talking about how the income you're able to generate ultimately can help you would you wealth-building journey the more money make the more you can say the more wealth you can build. Here's a list of really great jobs that you can go out and get today without a college degree and this is from the bureau of labor statistics air traffic controller median salary for traffic controllers is about one hundred and twenty three thousand dollars nuclear power reactor operator transportation storage manager. Police supervisor commercial pilot power plant dispatcher. Radiation therapist elevator installer and repair detective and criminal investigator powerplant. A lot of these jobs don't require for your degree and yet the median salaries that can be earned and these vocations is either close to or over six figures which.

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