Advice for my son about college

[Michael Vazquez]

Hello all, I am new to the real estate business.  I am currently working on a a multifamily property in the Bronx (that's a subject for another post in the future).

I'm hoping to hear everyone's opinion on the type of advise I should give my son.  My son is a junior in high school, this is about the time that he should start considering which college he wants to attend.  He has seen the work I've been doing with the Bronx property and I regularly talk to him about my plans for building a real estate business.  He is excited about the possibilities and wants to be part of the business (nothing can make me prouder!).

I've told him that having him as part of the business would make me very happy.  However, I also told him that he should follow his dreams.  If he really wants to follow another path I would still be proud (he was considering becoming a sports therapist at one time).  I got a text message from his mom (my ex-wife) this morning that he told her he doesn't need to go to college because he will be getting into business with me after school.

I am a firm believer that you don't need college in order to be successful.  I never finished college and I make a very good salary in the IT field.  However, I know I would've climbed the ladder faster if I had a degree.  That being said, if there is a field of study that may be beneficial to the real estate business I would like my son to consider it.  I'm thinking that something like a degree in business or maybe construction management may be wise.  

Would love to hear your opinion on this. Thanks!

[Taylor L.]

College is still a great investment if you do the right major. You can absolutely do well as a working pro without a degree, but statistically your lifetime earnings will be much higher with a Bachelor's. It's even better if you major in something you're genuinely interested in and dedicated to. Construction management, civil engineering, and many others would give him a background in some kind of construction. 

One thought or suggestion: what if you told him you'd love to grow your real estate business with him, but he needs to be able to invest in order to partner with you. So he'd have to bring $100k to the table (or something like that) to partner on a deal. Oh, and just take a look at what construction managers, engineers, or other college grads can make in their first year. He'd be well on his way to putting together that seed capital!

Just a thought, that could be a way to push him into working out a solution that's not "I'll just go work for dad, he has bottomless pockets!"

Totally agree that you do not need a college degree to be successful. BUT, statistically, your odds are much better if you get a marketable degree.