Education & Work Going To University is a Waste of Time??

Two friends of mine were successful at their jobs without uni. However at different times both became unemployed and the lack of a degree was a serious problem.

One had started as a brickie then moved into construction supervising for builders (after his back went fifteen years ago). He lost his job in his fifties and without a degree he couldn't even get an interview because these days people expect a building degree for the jobs he had been doing successfully for years.

He had to go back to bricklaying, which is a very hard job with a bad back. Heart breaking to see.

Another friend in the IT Industry, started after high school. Was headhunted several times, including from NZ to Australia. Ended up as a Business Analyst for a big company here helping them with efficiency. Lost his job when he complained about some dodgy dealings he noticed. No degree, couldn't get an interview in months of trying. He was 34 at the time.

 

Balls! The ability to take a punt.

 

Isn't the main reason to complete a degree is to get no LMI @ 90%?

 

I didn't read the earlier posts but I think it depends on the aptitude of a person. I would like my kids to pursue tertiary education because it opens up doors for them. At the same time, I would support them if they want to learn a trade. More importantly they must know how to invest and take risks.

It's also true that when they are 18 or 19, it's hard for them to decide what they would like to do so it might take them a while before they find their passion.

 

Well I wonder how well he would have done without his university degree.
Without it, he may never have come to this conclusion...

 

he was always going to make it, with or without...

 

@MTR - I much preferred Mona Lisa as the blonde

 

On my screen (iPad) looks like MTR's avatar has been the victim of a serious physical attack and is displaying the evidence for the police photos.

 

Well...I got a went to Uni both a bachelors and masters degrees I got.

The one thing uni (certain subjects) does is get you to think creatively. However, I agree in some professions like the sciences/mediciine the evidence based and methodology training does limit your entrepreneurial abilities.

Extensive research on what typical Millionaires are like..and in America which has some similarities with Australia....80% of Millionaires had at least a bachelors degree ..

The Millionaire Next Door

 

What do you think of the formula the author uses to determine a persons wealth (age multiplied by pretax income etc...)?

I have my doubts about the source and academic rigour of the studies upon which the article is based. Who did he survey for his data, how many, how randomly?

Of course, it is supposedly a book excerpt, so maybe that data is in another chapter! But it is interesting that one of the headings in the article is 'How wealthy showed you be?' which seems an improbable use of English for this type of article. Maybe it's a spoof?

 

You mean this....?? It is surprisingly very accurate!

SaveMillions - Develop your personalized financial plan

Basically the formula states that your networth calculation should be done this way:

Your age x Income (Salary, rents, Dividends,etc.) divided by 10.

So if you are worth net $1m have 150k in rental income and 130k in salary income and are 32 years of age. He is what your networth should be

32 x $280k / 10 = $896k networth.

If you are in the bottom quartile you are a Under Accumulator of Wealth (UAW). If you match the calculated number you are a Average Accumulator of Wealth (AAW). If you are worth more than twice the calculation then you are a Prodigious Accumulator of Wealth (PAW).

I did mine...and was surprised even given my age and income from all sources I came out as PAW. What is interesting is if I give up my job...I have 3 times the calculation for networth. So the higher your income the harder it is for you to become a PAW. The lower your income the easier it is.

For example...if you are 50 years of age have 100k income....and you have $1m networth. You are a PAW. Mind you networth.

 

@sash - Most degrees are completed at uni (unless you 'buy' one online )

There is no room for creativity in science as repetition & proof are essential. You don't go into the scientific field to make money it is to help humanity - business based degrees are for $ (and post-grad business degrees).

 

Yep...very true...but....interestingly Engineers and IT people make up a lot of millionaires in the Danko study.

Yes most degrees are completed at Uni....I feel the Online ones don't hold much chop ....one of the issues these days.

Oh...by the way...you are kidding yourself if you think some doctors and lawyers did not get into their professions to not make money. Things have changed a lot my friend....

 

Hi Wylie...very interesting...what you said about your hubbie...

Seeing what happened to your hubbie a lot..degrees are a prerequisite to promotions in large corporates...kind of like a club..even some of the most successful execs went back to Uni to get a degree if they did not have one.

Are you able to say what he did and whether he replaced his income on retiring? PM me if you can share that way.

 

I agree about the importance of evidence. Though, creativity or lateral thinking can be very important to science in terms of seeing unexpected links between / applications for findings.

 

...and that makes a very successful vs not so good scientist...the ones who are good become millionaires due innovations.....

 

me too

 

You must know me very well, I actually posted this avatar some time ago, only for 2 days/weekend bender, that's a joke. I don't drink red, I drink white, and I don't drink during the week, only w/end makes me too foggy...LOL


MTR