Australians' Biggest Money Mistakes

how is dropping out of uni a mistake? Some of the best businessmen/women dropped out of uni and built a successful business.

 

Some people who make mistakes are too embarrassed to speak about them. If you don't speak about them they don't exist, right?

 

The one about having children has been debunked by several studies e.g this one by Curtin Uni:
The Impact of Children on Australian Couples’ Wealth Accumulation

 

And a far higher proportion of people who dropped out of uni go on to do nothing. For normal people, dropping out of uni is going to be a mistake that costs them financially.

 

maybe maybe not, I did university (bachelor of commerce) .. and completed it. All along the lecturers said most of what we were learning would not be applied in the real world. The main thing I got from the 2.5 years was the study skills and the tenacity to complete my degree as quickly as possible School of life teaches a lot, and those that drop out of university may be better off in the long run.... less debt and going on to study/work in a field that is more fulfilling to them.

 

Maybe but every study I've ever seen supports that a university graduate will be more successful than a dropout or non-attendee and to be fair as the cost of university spirals out of control and the amount of worthless pieces of paper (Hi, Arts degrees!) grows this may change but historically a university graduate will do far better than a dropout or someone who never attends based on pretty much any measure.

 

Isn't the attrition rate something like 50%? Successful dropouts nowhere near that.

 

Who are we to judge dropping out of university as being a mistake? Everything has two sides, where one could deem it as a mistake, it could also be deemed as a success because of the the journey that person has after they drop out.

Being property investors we measure success on monetary and income terms, but we need to remember that everyone operates on different currencies, depending on what their values are. If someone choses to drop out of uni because that field of study doesn't fulfil them, they may (for example) choose to start a family instead, if having a family is their top value/priority in life, then to that person they are a success. One thing that is true in life is that people will always chase their highest values.

It is simply society that says dropping out of uni is failure.

 

@Kate Moloney - I've brokered several commercial deals in the last few weeks with varying results - anything from 10% reduction in rent payable to 10% increase in rent. No one deal was a standout but all were successful in their own ways. The 'win' was not having to relocate (in one instance, very tightly held country town with low vacancies), other wins were for owners who did not lose a tenant and create loss of cashflow which would be hard to replace. So how do you determine what is a mistake or good fortune?

 

Perhaps the ability to increase income?? go figure.

Many moons again having a degree was a STATUS SYMBOL, fast forward today, how things have changed.

 

When I was in my final year, they watered down the awards. With the old system if you got over 80% you were awarded a high distinction, 70-80% you got distinction, 60-70% you got a credit. In the final year they took away the high distinction and anyone that got over 60% was awarded a distinction.

 

Not sure how this relates to uni drop outs ...?

No one is god, so who are we to determine what is a mistake and what is good fortune? Some things you can control, other things you can't. The main thing is to play the game you enjoy playing (e.g. raising a family, investing, building a career).

 

I am a failure in more ways than one. Not only did I lose $150K last year, but I have also dropped out of uni. Not just once, but three times. How can anyone be such a loser so many times? Just good luck, I guess.

But I only have to drive five minutes each way to work.......

 

That's EVERY degree.

 

There´s a very wide spectrum of uni degrees, engineering & med students will have a different view on whether its worth it or not. I certainly found it useful. Some people work their guts out 7 days a week, others seem to have a holiday.. very different. Hardest thing I've ever done, regular jobs were mostly easy compared to uni, plus I got paid for working for a change !

 

Just highlighting that 'failure' is subjective. Dropping out of uni can be a big win - ie I can go and enjoy my life in a career that I want to follow/uni was an eye-opener & I wasn't cut out to be a XYZ in the corporate world. Success or failure is what you make of it and learn from it. It may be luck/good timing/research or fate. If you don't learn something from the experience then you lose.

 

Here's a good piece on that:

The Myth of the Successful College Dropout: Why It Could Make Millions of Young Americans Poorer

The college dropouts we hear about on TV & in books aren't typical college (university) drop outs.

If:

• Your family is rich and powerful
• Your startup is getting valuations in the tens of millions to hundreds of millions
• Are not already in the top 1% of "achievers" who are going to kill it at whatever they do

then you probably shouldn't drop out of uni.

I mean even Bill Gates who is probably the most cited college dropout doesn't recommend it:
Help Wanted: 11 Million College Grads

 

enjoyment is not always equal to what you are good at.
you forgot skill level. I would recommend to find the intersection between the 2 (enjoyment and proficiency /skill) and that is the sweet spot.- thats where to play, especially in regards to the career. If for whatever reason, its not possible to play there, obviously as close to it as possible is the way to go.
If you can play in your sweet spot- you will do very well. Its very tough to consistently be in that area though.