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Have you ever seen a rich teacher?
I have this vague memory of a teacher in elementary school driving a corvette, and this was in the 80’s when owning a corvette meant you were super cool.
Unlike today when it usually means you’re an elderly dentist with a mail order bride.
Robert Kiyosaki always asks, “What did school teach you about money?”
And the answer is, nothing!
Depending on where you live you’re more likely to learn about Jesus riding a dinosaur than you will about managing your money.
Regardless, we don’t really want schools to teach you about money.
Find out on this episode of weird money.
Because in general, teachers have zero wealth building experience.
And if they did, most of them probably would probably retire from teaching, thereby eliminating the pool of qualified instructors.
It’s a conundrum, or a catch 22…?
I never finished that book
What was I saying?
Right, teachers shouldn’t teach wealth building because it’s simply not within their area of expertise.
It’s like learning mixed martial art from the Amish or learning particle physics from Gary Busey.
I want to be clear, teachers are amazing, but when it comes to personal finances, well…
…right now 20% of all teachers have to work a second job just to make ends meet.
“But what about higher education?” you ask.
Well, 70 percent of college students, graduate with crippling debt.
Over 44 million Americans hold nearly $1.5 trillion in student debt.
Now, if you know how to use it, debt can be an amazing financial tool.
Unfortunately, 80% of all college degrees never pay for themselves.
So, if we’re still operating under our tool analogy, most of you using a nail gun to clean out your ears.
[Legal disclaimer: THE RICH DAD COMPANY AND ITS AFFILIATED ENTITIES DO NOT CONDONE OR ENDORSE THE USE OF NAIL GUNS TO CLEAN THE HUMAN EAR OR ANY OTHER BIOLOGICAL ORIFICE.”]
Most student loans debt does not yield a job that pays enough to offset the expense. It’s simply not a cash-flowing investment.
So, the average stint in higher education is a liability, not an asset.
One in three college graduates (34%) are underemployed, meaning they work in jobs that do not require a college degree, or any real expertise of any kind
I personally used to work for minimum wage in a department store, with a guy who had a PhD in World History.
(That’s not a joke. That actually happened.)
And it’s getting worse.
Most people attend college to graduate with a degree that will land them a high-paying job. But if your goal is to be wealthy, your best bet is to skip school.
Most of you don’t need it anyway!
You don’t need a six-figure degree to study humanities!
Most new college textbooks cost $300. A year later, it was $4. I don’t know anything about this subject, I’m not in school for it, but I can study all the same information as an Ivy League student for the cost of a bean burrito.
Why has the idea of self-betterment, study and passion for a subject, without the need for a pointless degree and hundreds of thousands of dollars in debt become so weird?
It shouldn’t be.
It should be mundane, but it’s not.
It’s the same look you give a homeless guy who says he needs your spare change because Colonel Sanders keeps eating his nightmares.
They’ll act like you’re the weird one because you don’t want to blow a hundred grand on information that is free to everyone.
When it comes to money, going to school won’t make you rich.
Heck it won’t even make you especially smart.
Sure, there are careers for which you need expert instruction like surgeons, engineers, or physical therapists.
But if failure in your area of interest would not result in actual damage to human life you can probably read at the library and attend a few classes and still know more than 99% of the planet.
What if, instead of paying school for, at best a 50/50 chance of limited success, you invested your money and time to start a business?
Then, take all that accumulated freedom and revenue to study any number of esoteric humanities subjects.
Or invest in charities and social programs you believe in.
So, what did we learn?
School can’t teach you about money.
Teachers are good people but not the best source for wealth building knowledge.
Higher education is a financial liability and one of the worst investments you can make, especially if you’re studying humanities.