Headed to College, First Answer Three Questions
Disclaimer: Good Day, Readers. The WealthBuildingPowers blog is a financial literacy and competency blog, and it does not provide specific investment recommendations.
Prefer audio – click below.
First Question
The first question: Do you need to attend a four-year college? Many people complete college, and their job prospects are often similar to those of a high school graduate. Others drop out, saddled with tens of thousands of dollars in debt and nothing else to show for it. At least they stopped digging the debt hole!
Explore alternatives using Google, AI, and other resources, and consult with successful individuals who did not complete college. If you decide to attend college, keep reading.
The Second Important Question – In What Field?
What should YOU major in? Being a typical clueless 18-year-old, I foolishly picked my major. I selected the same major as my brother. DUMB – Me, not my brother!
Wake-up time: Your major can have lifetime implications for YOUR financial future, career trajectory, and overall life satisfaction. Too many students graduate with debt and a degree as valuable as a Costco bundle of Charmin (my wife’s favorite brand) toilet paper. Sorry to be so blunt (I’m lying!), I have met too many individuals who, despite being below average, wasted their time and money on a nonsensical degree and will be lucky to secure a job beyond Starbucks or Amazon.
Choosing a College Major Should Be A Critical Decision
Some fields, such as engineering, healthcare, and technology, offer strong job prospects with competitive salaries. Others, particularly in the humanities or social sciences, can be rewarding but often require additional credentials or graduate degrees to secure lucrative positions. You must approach your decision with an understanding of economic realities.
Follow Your Passion? Can’t Eat Passion!
More critical is the ability to house and feed yourself for the rest of your life, which mandates financial and career considerations. A student who loves literature should consider whether they also enjoy the idea of a career in academia, publishing, or editing, and whether those fields offer sufficient opportunities to justify the tuition investment.
Evaluate your interests in conjunction with market demand, salary expectations, and future job stability.
Choosing a Major Like It Matters!
- Research Job Market Trends – Look at employment forecasts for various fields. The Bureau of Labor Statistics (BLS) and similar resources can provide insights into the growth or decline of industries.
- Shadow or Intern in Potential Fields – Gaining real-world experience in a chosen profession before committing to it academically can prevent wasted years and tuition dollars.
- Consider Dual Degrees – Pairing a more marketable major with a passion subject (e.g., Computer Science + Art History) can open doors while allowing for intellectual fulfillment.
- Consider Salary Outcomes – Some fields may require expensive graduate degrees to achieve financial viability. A friend’s daughter accumulated over $ 500,000 in debt after graduating with a medical degree. And now, she understands that she has built an insurmountable financial burden for decades. How is she to afford a home, etc.? Understanding this ahead of time can help prevent surprises in the post-graduation period.
- Change is Continuous. Microsoft’s CEO estimated that software code is being developed with AI ~25% of the time, and AI is also conducting a significant portion of the review process. Will majoring in computer science, software engineering, or a related field make you employable in five years?
Third YUGEEEE Question – How to Pay for College?
While selecting a major is pivotal, figuring out *how to finance college without drowning in debt* is critical. U.S. university costs have skyrocketed over the past few decades, leaving many graduates struggling under massive student loan burdens.
Families must approach college financing strategically, focusing on minimizing debt and maximizing the return on investment.
Smart College Financing Strategies
- Start with Community College – Many students reduce costs by attending a community college for the first two years and then transferring to a four-year university. This can save tens of thousands of dollars.
- Consider In-State Public Schools – Out-of-state tuition and private college costs can be astronomical. Attending a quality in-state public university is often a brilliant financial move.
- Maximize Scholarships & Grants – Free money is the best kind. Students should aggressively seek scholarships and grants from private organizations, universities, and government sources.
- Weigh the Value of Student Loans Carefully** – Borrowing should be a last resort, not a default option. Students should calculate their future monthly payments based on their projected salary after graduation.
- Explore Work-Study & Employer-Sponsored Education – Many universities offer work-study programs, and some companies reimburse employees for continuing education. These options significantly reduce out-of-pocket costs, and you may also secure a job upon graduation.
- Consider Alternative Paths – College isn’t the only route to financial security. Trade schools, certifications, and apprenticeships often lead to well-paying jobs with lower upfront costs. Forget what your future mother-in-law thinks! She will be asking you for money!
- NEVER USE YOUR RETIREMENT FUNDS TO PAY FOR YOUR KIDS EDUCATION!
College Can Be A Strategic Investment
A college education should be treated as an investment, not an automatic rite of passage.
By thoughtfully selecting a major that aligns with personal interests and financial realities and approaching college financing with the same scrutiny as any significant financial decision, students can set themselves up for success rather than struggle.
Families must move beyond the simplistic question of “Should my child go to college?” and start asking – What will they study, and how will they afford it? The answers to these questions will define their future.
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED!
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
Education Secretary SaysStudents Should Have Additional Career Paths
You May Not Need A College Degree
How Colleges Fool You Into Overpaying For Under Performance
To Join Wealth Building Powers BLOG:
PLEASE SIGN UP TO FOLLOW ME BY PROVIDING YOUR E-MAIL IN THE WORDPRESS BLOG PAGE SUBSCRIBE BOX!
Thank you to my followers and readers for your likes and comments. All comments, recommendations, and feedback are welcomed and utilized to improve this blog.
ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
