A few weeks ago, I came to the realization that if I had planned my life out properly, I could have saved up $100,000 by the age of 26 just by working minimum wage jobs.
When I bring this point up to my mother, she always brings up that college is not a waste of time. She says that is it important to be "well rounded" and to be "educated".
I had to tell her that idea was a load of.
This is what the average American is led to believe. You won't have a fighting chance in the real world without a college degree. This is what I grew up believing in high school.
I told her that the education system in this country is garbage. Going to college doesn't necessary makes you more intelligent.
The kid that goes to college for a degree in sociology can rack up $20,000 to $200,000 in student loan debt depending on how dumb the kid is.
Who is smarter? The kid at the age of 22 with a net worth of $60,000 from working at Wendy's for 6 years; or is it the kid that majors in some worthless degree while accumulating $50,000 in debt with no real job prospects except to work at Wendy's?
Education is an investment and should be looked as such. Evaluate the return and also evaluate the COST.
After point this out, she then asks why I always bring up the worst possible outcome of college. Why not compare minimalism to going to college to become a doctor.
Becoming a doctor is a really useful skill/trade. After all, you don't see a lot of broke doctors.
There is just one problem with becoming one.
The cost of the investment is really high and takes a very long time.
It is much faster for a man to accumulate $100,000 in life by working minimum wage than becoming a doctor.
In previous posts, I made the calculations that a man can save up $100,000 by dropping out of high school at the age of 16, working 40 hours at minimum wage for 10 years, and keeping expenses down to the absolute minimum. A kid can have $100,000 by the age of 26.
In contrast, if a man wants to become a doctor, he is going to have to spend a lot of time preparing to make money.
First you have to graduate high school at the age of 18. Already, this is 2 years you cannot work 40 hours a week. At this point, his counterpart has saved up $20,000.
An undergraduate degree is required. That takes roughly 4 years bringing up the man's age to 22.
At this point, his counterpart has saved up $60,000.
After college, a man would have to spend 4 years in medical school. This brings his age up to 26.
Only after completing med school can this man become a doctor and start making real money. However, this man would have most likely accumulated $50,000 to $150,000 in student loan debt. This man will have to work a few years to pay it all off.
At this point, his counterpart has saved up $100,000
Now, just because a man becomes a doctor, he may have to go through more training if he wants to specialize in a given field like brain surgery, heart surgery, or emergency medicine he will have to go through another 4 years of training.
This brings his age up to 30.
At this point, his counterpart has saved up $140,000.
Consider this before considering becoming a doctor.
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