Education is good. It is good in a different way and for different purposes than you might have thought. College is necessary. It is needed for the advancement of technology, humanity, and to make sure we live like humans. There is no better indicator of societal advancement than the level of education the masses receive.
The conventional wisdom that investing in a college education is the best way to guarantee a better financial future is true. But here is the biggest problem with a college education:
No matter what you go to college for, you won’t learn to be financially independent, and you won’t learn how to make money.
Even medical doctors are being sent out to start their own practices without having more than a few hours of instructions on how to actually run their practice so that they can enjoy it and make money in the process. As a result, there are quite a few medical doctors whose practices don’t make it in the market economy.
In college, you won’t learn money management, financial freedom, financial intelligence, and business savvy. What you do learn is how to become a highly functional “ant” in the job-based economy of the western world. We learned about finance in theoretical concepts that had absolutely no application to making money for ourselves. We were taught about micro- and macroeconomic concepts of how national economies compete against each other. With all that, however, we did not learn much at all about how we could take these concepts and make money with them on our own.
That’s why I say that school is the worst place to go to learn how to make money. They don’t teach you what you need to know about that subject.
You need education that you can actually apply, that helps you succeed in life—particularly financially. You need an education that teaches you how to deal with money. I’m not talking about just any type of education; I am speaking of a specific kind of education.
If you want to be financially successful, you must learn:
• How to invest
• How to tell a good investment from a bad one
• How to make more money in your life in—and outside of— your job
• How to find ways to invest in the stock market without the risk of losing money (there are strategies for that)
• How to outsource cheaply the things in life you don’t enjoy so that you can spend more time on doing the things you do enjoy and which bring you forward personally and financially
• How to get more than the 1–2 percent that banks offer on your deposits in a safe way. For example, there are ways to get 12–36 percent on your money in government-guaranteed investments, like tax liens
• How to find cash flow investments that will give you Forever Cash for, well, ever!
If you are the entrepreneurial type and want to start a full-blown business, you also need to educate yourself on:
• How to manage a business by the numbers
• How to hire the right people
• How to run businesses remotely without having to be there every day or even without having to live close by
• How to do marketing for your company
• How to find opportunities at every corner and how to tell which opportunity is a good one
• How to keep your cost under control
• How to have a strategy that works for your business and how to implement that strategy
When you have that kind of education, even just the first part of the list I just gave you, you are prepared to take advantage of opportunities when they present themselves. Unfortunately, this kind of knowledge is not being taught in a “regular” college. But you can find it. You can learn it.
An excerpt from Forever Cash: Break the Earn-Spend Cycle, Take Charge of Your Life, and Build Everlasting Wealth by Jack Bosch
Jack Bosch is the author of Forever Cash: Break the Earn-Spend Cycle, Take Charge of Your Life, and Build Everlasting Wealth. He is an entrepreneur, nationally recognized speaker, and wealth mentor who became a cash and Forever Cash millionaire through real estate investments and online business.
Image Credit: Shutterstock.comSuscribe to the podcast