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Formal Education
Hey there BP family! So I've been a member for a while, gleaning knowledge from the big brains, but this is my first direct question.
So I'm a big fan of the school of hard knocks; there's not much studying to be done and you learn the lessons real fast. However, even though I have been marginally successful, I keep getting asked about my formal education. I have a BA in finance (concentration in real estate) but I'm considering the MBA route. My BA gives me a feel good when I look at it, it was an accomplishment. But I can't necessarily say it has truly impacted the style in which I invest. So, I'm curious about the thoughts of the collective.
How much formal education do you have? Did it really help you get a few more pennies on the dollar? If you were to approach it in the aspect of formal investment, did your education yield an ROI you would bank on again?
I look forward to your answers, and thank you for the wisdom I've soaked up in the past from your conversations.
-Andrew
NO! Andrew, who is asking about your formal education? Thats really weird. Banks and investors shouldn't care if you even graduated from HS if you have a past record of success. Spend the money on another deal.
Too true Meghan, really it's just other investors in my area. But it's been stated enough times for me to wonder, is there something I'm missing out on? You know, besides spending another 50k on a piece of paper.
The only reason that I graduated high school is because I could play football. That really isn't too much of a joke either I am sad to say. The only way that I would be more financially successful is if I went on to get an advanced degree in a very specialized field. Other than that, it is about mindset, organizational skills, drive, having the mind for business, and the ability to be decisive and follow through on a goal.
I have a cousin who is 10-12 years older than I am. He got his undergrad at Penn, and his masters at Yale. He worked as an executive at Merrill Lynch, and opened his own financial advisory firm. When reviewing my file, he jokingly but more seriously says that he made the wrong decision.
His brother is a Dentist, similar story, except as part of his entire business, he owns the real estate that the practices are established in, and those buildings have other units. While he has a thriving business as a Dentist, the real estate is a MAJOR factor in his success he says.
I know a guy who owns 22 Dunkin Donuts franchises. This guy owns more real estate than I can even imagine. He is a true liquid millionaire dozens of times over. If you handed him a crayon and told him to write something, you would swear that a 3rd grader wrote it. He brings his wife to all of his closings so that she can read the documents because he never learned how to read. That guy is blowing both of my cousins, and me combined out of the water, and he didnt even make it through middle school.