Is college a waste of time and money?

Question

It is my second year of college and I have already decided I want to do real estate investing as my career. My original plan is to get a degree in Personal Finance but the more I look into real estate, I feel like I'm wasting my time and money being in school. Should I withdraw from school and save my money so I can start investing or finish my degree then start investing? Please let me know what you think.

Bob Okenwa · Answer

This question will probably get a 50/50 split in terms of responses with some being for it, and some being against it. I spent a ton of time in college and I have no real regrets (other than not deciding a major on time). I split time between Biochemistry and Software Engineering between finally graduating with my Software degree. This allowed me to buy a home and pay off some debt, even though I racked up more debt by being in college in the first place. The whole point is real estate has an allure to it, but it is still a job in which you do not get paid unless you produce something. Even having rental properties means you need to produce a product that is worth renting at whatever rate you are charging. Not to mention, how do plan on financing properties with no income? Unless you have the cash to get started and live off that investment, you will more than likely need a worthwhile W-2 salary to save up with. Just be smart and don't major in something minor and you should have a good springboard to get started with real estate. Don't drop out unless you have a solid plan.

Wes Woodhouse · Answer

College can be a waste of time and money but it doesn't have to be. As with anything, you'll get out of it what you put in, so make sure you are in school to learn, with the intent to use those skills in your future endeavors.

Ray Lai · Answer

@Tanner McKinleyAgree with my friend Bob. I loved college and had a blast. I went there though to make sure I could earn a great paycheck to fund my investments, not because I wanted to work forever for the corporate sector or for the man. I busted my balls to get into the #1 program in the country so I am biased. If you go to a top school or program that has produced marketable graduates that can get a high paying job, by all means get that degree and earn a W-2 and start househacking to get your foot in real estate.If you hate school or go to a shitty school or major in a useless major, you might as well get directly into the business by networking your way in and getting a job as a property manager onsite for a mid-sized company (large ones won't want ya) or become a realtor. It depends on your personality and skills though, don't take blanket advice on the internet. Assess who you are and what you love.It's funny that everyday people say they are so motivated and hard-working and then quit after posting a few posts on BP. Everyone thinks highly of themselves, but feel have the tenacity and the ability to persevere despite setbacks.W-2 from a good education is a safe way to start but what level of risk are you willing to take? What kinda person are you?

Ned J. · Answer

I truly believe we are reaching a tipping point on this issue....the cost of college is getting to the point that its not worth it to a decent % of the population. Especially if you are going to go heavy in debt to do it. Go to college, get yourself 200k in debt to earn 20 k more a year at your job?...not worth it. Go to a cheaper college and get student aid, work and pay as you go so you are near debt free at the end...probably worth it.The college experience is irreplaceable..... you learn and grow in so many ways...... is that experience worth 100-200k.....NO.... so you better get more out of it than "the college life"....College doesn't guarantee success and prosperity.....not even close....and you can be highly successful without going to college.....its more the person, than it is the " I went to college" aspect... seen plenty go to college and they now do nothing and struggle at life....and others that learned in the "real world" and are kicking ass....So there is no right/wrong answer........

Mike D. · Answer

How much debt will you be in after you're done? How long will it take to pay that back on the salary you'll earn? It is becoming less and less worth the degree in my opinion.

Alexander Felice · Answer

If you go to school just to get it done and leave, then yes. If you go to school to learn, then there is nothing more valuable.I learned real estate on the side while I got my degree. why don't you do the same? do both.

Alex Shaughnessy · Answer

I totally understand. I would say its a case by case basis. college, while it may not be what its cracked up to be for moving forward in your working life, I found it to be a time of personal exploration. I grew up, found new interests/hobbies and got a decent education. of course, I paid in state tuition and graduated debt free. However, even though the degree doesn't mean that much to me, im glad I went. However, I do understand there are certain people/situations where dropping out makes perfect sense. I know that might not be a concrete answer but good luck.