- [Instructor] So what should I major in?
The answer is, money.
Money will dominate your life and the life
of everyone you know from graduation to death.
There are no exceptions.
So, if anybody ever asks you,
"what are you thinking of majoring in?"
You tell them, "I'm majoring in money.
I'm not majoring in history or women's studies,
or even business.
I'm majoring in money because business majors are broke.
Student loan borrowers now graduate
with an average of $37,000 of student loan debt.
Now, you might have heard this.
I wanted to make this real for you.
That's a down payment on a house.
That is car or a truck, a wedding, swimming pool,
or a startup cost of a traditional business.
An online business can be started much cheaper.
We're going to talk about that later, but this is real.
This is a lot of money, guys.
It's not something to be taken lightly.
And the problem is you've wrecked your finances
before you've even started your life
if you start taking out these student loans.
This is real life financial destruction.
It's just as real as Terminator 2 nuclear war.
It's a freakin' nuclear war on your finances
and that's why it drives me so crazy.
You know, $37,000 in debt is like a gambling debt.
And, once you pay off it with the interest,
you will have paid off $50,000.
You need to be making at least $50,000
a year to pay it off comfortably,
which no college graduate is making.
That's $428 a month, guys, on top
of all the other stuff you're going to
have to pay for once you're out of the house.
Your rent, your clothes, your car insurance,
your car payments, your gas, everything.
It is, it decimates people's lives
and this is something you need to
be thinking about in the beginning.
Now, doesn't college earn you a
million dollars more in a lifetime?
A lot of people will say this,
and, "well it's worth all the debt
and all the other crap that comes with it,"
but this is incredibly misleading propaganda.
"There are a lot of aspects of selling
education tinged with consumer fraud."
This is from an article in Forbes Magazine.
"There is a definite conspiracy to
lead students down a primrose path."
Statistics are used to paint a false image
of student success and nobody looks deeper.
We're going to look in this presentation.
We're going to have so much more
information than anybody you know from this presentation.
This gets me really fired up, guys,
because they are basically lying to you
with that million dollar figure.
- [Narrator] He's one of many who say
there is some ugly statistics
the education establishment doesn't
like to talk about.
Like the truth behind that million dollar bonus.
- There could be no more misleading
statistic that I could possibly tell you about.
- [Narrator] Misleading, Nemoko says, because
it includes super earners like these billionaires.
They skew the average.
- [Instructor] So, which is it, also?
When you talk to your teachers about this,
some of them are going to sidestep
the whole logical argument by saying,
"Education isn't about the money,"
which is bullshit, obviously.
It is about the money.
They also might flip it the other way and insist
that going to college earns you more money,
and both of those things are lies.
And that's why the conversation is insane.
Someone might say, "it's worth it for
you to ruin you finances when you're 20 years old
because education isn't about the money."
And you say to them, if someone's saying that to you,
"Hey, I'm paying for this so it is about the damn money."
So, what about doctors and engineers?
Here's another thing you might hear.
They might say, "well, are you saying
doctors shouldn't go to college?"
Of course not!
But there's only 89,000 people a year
who go to medical school.
There's 16 million people who go to college.
That's, 2% of the population goes to medical school.
5% of the population become engineers,
which is a degree that actually
can earn you some money.
So I'm talking about this whole,
"everyone has to go to college
or they're screwed and less of a person"
attitude that's shoved down everyone's throat.
And I know, if you're watching this,
you're probably tired of that bullshit, too.
So let's get into some of these facts.
One more thing.
Four years of fun or forty?
You spend 12 years to blow your load
on this four year summer camp.
And is it fun?
Sure, but it's like the worst financial
decision most people make.
Many grads spend their entire lives
cleaning up the mess, paying off their loans and struggling.
So here's my point, guys.
You are smart.
You don't need to go $40,000 in debt
to make friends and get drunk
or even to go to college parties,
because I went to tons of college parties
in college that weren't at my school.
Like, just go to visit my friends
or go to a town that has a college and go to a party!
You don't have to go in debt to do that.
So, I want you to imagine now you're
22 years old, you've just finished college.
The first day after college graduation
is like the world's biggest hangover.
Here's stress before graduation:
Good grades, midterms, APs, SATs,
gotta worry about graduating.
After graduation:
How do I make money?
What do I do with my life?
And you haven't addressed this for 16 years,
and it hits you like a ton of bricks.
What the hell have you been doing
and studying all of that time?
So this is the conventional, or as I call it,
ass-backwards approach to education that
all your teachers and all the politicians
everybody says is smart.
And it's so stupid.
College prep, so all of high school,
from fifteen to eighteen, is spent
with college prep.
You're doing things just to get into college.
You're learning so much crap and forgetting it
and doing the APs and all the extra-curriculars,
and joining the math club, and doing this,
"Oh, I gotta put a sport, I gotta join
cross-country so that's looks good
on my, you know, my application."
You put in all this time and energy
just to get into college.
Once you get into college, you're
studying some nonsense, you know,
English, psychology, history, or business,
Which are some of the most popular majors.
You have no idea even why you're studying it,
but you're building up debt while you do it.
And then when you're 23 or 24 years old,
you get an entry level job, unrelated to
the previous sixteen years of your life,
that pays you so little that you could
barely pay off the debt you have incurred.
This is ridiculous.
There is no correlation between anything
that you are studying in school,
your degree, and your future life
as an adult in the working world.
And let's say you studied Medieval History,
and you learned about jousting!
Ooh.
What job will that knowledge be relevant to?
When you walk in and you're like,
"I know a lot about jousting!"
(laughs)
"Great, get to the fucking mail room."
It's like saying, "if you want to be a
fighter pilot, you should study jazz flute."
This doesn't make any sense.
And I'm going to prove this to you right now.
First of all, these are actual college courses.
I did not make this up.
So this is from Cornell University.
Someone getting a liberal education,
they're learning about Limits of the Human: Alien Apes.
Nature of the Universe, Swedish massage,
(laughs)
Ancient Egyptian civilization, gender,
true stories, history of rock music.
And someone is paying like, $6,000 a semester
for this, or a class for this.
So after college.
This is a website where you can type in your
major and see what kind of jobs are available.
So if you majored in history at your university,
what kinds of jobs can you get?
History?
"I'm a professional historian."
No.
Automotive service manager, executive assistant,
program coordinator, executive's assistant,
this is my favorite, service deli assistant.
"Wow, glad I got the history degree
so I know the history of, you know,
the history of ham."
(laughs)
"The history of cold cuts."
These are the types of jobs that
college students are getting, okay?
Sales--this is the biggest one.
This can mean a commission or selling position
but most often, it means retail.
The other most popular thing with
college grads: customer service.
Sitting in a call center or office,
either answering phones all day.
And I'm sure, look at the job category.
50% are sales.
The next biggest one is customer service
and then the third one is administrative, or an office job,
which is 40 hours a week in a cubicle.
So this is where most college grads go:
Customer service, retail or food service, also
that's a big one, too, and office jobs.
And you know, customer service reps, in the US,
the average salary is $12 an hour,
and it's because they have no relevant skills.
You haven't learned anything even remotely
relevant to life while you were in school.
So, you know, this guy, in the spring semester,
you're learning about, you know,
Creative Writing, and Literature and Media in Japan,
that's so exciting.
Statistical theory, and Conversations about Inequality.
$6,000 a class and you're going to come out
and get a job in customer service.
So, even if you majored in psychology,
the majority of the jobs available are in sales, guys.
(laughs)
And then the next biggest one is customer service
and then mental health, which is this
very small sliver here, which I think
is what you should have checked if you
are not questioning this line of thinking.
Have your mental health checked.
And here's another concept called underemployment.
This is where somebody is working a job
that did not require the degree to get the job.
It is over 50% for most majors.
In fact, business has the highest
unemployment rate: 56%.
History: 51%
Political Science, English language, and psychology,
and I point these out because these are
some of the most popular majors!
Now let's talk about unemployment rates.
Now if you look at the way that they
measure unemployment, it doesn't
include people going back to school,
who are not counted as actively looking.
It's a very narrow definition, so
when you look at this, these numbers,
you think, "well, this is very good.
Look, Bachelor's degree has only 2.5% unemployment
whereas the high school grads have twice that.
Well, college must be a good investment."
Even though this data is for ages, people aged
25 and over who are working full time.
Full-time workers.
The reality is that from the Bureau of Labor statistics,
the government, from people aged 20 to 29
who received a Bachelor's Degree,
77.6% are employed.
Well, doesn't that mean that 22% is unemployed?
That is like numbers from the Great Depression.
That was when the country was in turmoil
and people were in breadlines.
This is a more realistic picture of the unemployment
rate in the United States for college graduates.
Plus, there's $1.5 trillion in student loan debt, guys.
You can't even comprehend how much money it is.
How is that possible if grads are working
and earning more money?
If college graduates were actually earning
back the money they'd invested in college,
this would not be going up, up, up, up, up.
Even as tuition is going up.
Something is very wrong with these statistics
and this equation, and we're going
to dig into that more in a minute.
But common sense says this is insane!
Why would you put in 16 years worth of work
to get a degree and get a job you could
have gotten without the degree?
And why would you decimate your finances to do it?
You know, this is very common.
Ken Choi was a student of mine.
He had two degrees.
He sent out 100 applications after college
and he got no interviews.
- Basically, I went to school, got a degree in philosophy.
Nothing came of it.
Decided to go back to school,
went and got a degree in Exercise Science,
and again, not a lot of jobs out there
for that degree either so I was
basically looking for about a whole year
and not getting any calls back with basically
any jobs and I applied to, like, over 100.
- [Instructor] This is a very common story.
Just, I would suggest, talk to a
college graduate that you know.
Just talk to one of them.
See what it's like.
Are they living the, you know, the good life?
Are they out there making tons of money,
paying off their debt?
They're probably not.
You know, Ken thankfully took my course,
he learned some relevant skills,
and now he's a Digital Marketing and SEO specialist.
- It's such a change of pace from when I graduated
because when I graduated, I was applying like,
as many marketing, just general marketing jobs.
Not digital marketing, and just pretty much
any job I could and I would be lucky if
I would even get a response.
But from that to actually getting requests
from recruiters is a great change, right?
Everyone wants to be wanted.
- [Instructor] So it doesn't make you
well-rounded to get a degree.
It doesn't make you educated.
It just makes you broke and maybe
a little bit better at trivia.
For instance, if you're watching Jeopardy,
look, College-Set Literature, yay!
(laughs)
And if college was such a good investment,
why is there a new game show where
winners get their loans paid off?
Is this more dignified than going
through life with no degree?
I mean, seriously guys, would you
like to be on a game show like,
that's your, you're so desperate to pay off these loans?
You can't find work.
You know, the promise of higher pay was a lie.
And so you're going to go on a game show
to pay off your student loans.
It's pathetic.
Now, there is one reason for this insanity, okay?
And it's something that's happened
over the last few decades.
Employers do often add "Bachelors Degree Required"
for jobs like assistants or working at the deli,
or being a receptionist.
And it's called Credential Inflation,
so putting a degree in a job description
that has nothing to do with the job.
That's also another reason why
(laughs)
realistically, there's so much underemployment.
Actually that was very close.
Now there is actually a reason for this insanity.
Employers do often add "Bachelor's Degree Required"
on jobs like assistants or receptionists or
working at the deli or some ridiculous things.
And it's called Credential Inflation.
It's been happening more and more
over the last few decades.
It's putting a degree in a job description
that has nothing to do with the job.
But if you look at the numbers, now,
first of all, here's a survey of hiring managers.
64% said they're going to consider people
without a degree regardless.
And studies like this just don't get any publicity.
The publicity is always about
how you, you know, you need a degree,
you need a degree, which is not true.
But look at these actual, factual, concrete
numbers about the percentage of job holders
that have a Bachelor's Degree vs the percentage
of postings that say they require a degree, okay?
So this is the big thing to look at.
It's called the credential gap.
So you can look at all these different fields:
management, office jobs, business, computers, sales,
and you can see it in this column over here,
like, 68% of the job postings say
"you have to have a Bachelor's degree,
you have to have a Bachelor's degree.
If you don't have a Bachelor's degree,
we're not even going to talk to you."
And in reality, only 42% of the people
working in the field have a Bachelor's degree.
Same thing with office.
Only 45% even say you need a Bachelor's degree
and only 20% of the people have one.
So there's this huge gap, the only field where
there's no gap is healthcare with nurses.
33% of the postings say you need a Bachelor's degree
and 33% of the job holders have one because
to be a nurse is something that has licensure.
None of this other stuff has licensure.
So here's what you need to take away from this, okay?
First of all, nearly half of job postings anyway
don't require a degree.
So for office jobs and sales, which is where most
graduates are going into, only half even say
you need a degree and of those postings,
not even all of them require the degree.
Do some searches on LinkedIn.
You're going to see some postings
say "Bachelor's Degree Required"
some say "don't."
It's not 100%.
You're not going to be living in a
van down by the river just because
you don't have a stupid degree.
And this is how someone like Ash,
who is one of my students, he didn't
even get a high school degree.
He has a GED.
He got a $41,000 a year job and then
he leveraged that up to a $50,000 a year job.
And he's doing amazing because he learned skills.
It had nothing to do with his degree.
So there's another thing out there called
Temp Agencies and it's like a talent agent.
They actually help you get work
because they get a percentage of your salary.
And they should be teaching this in high school
because the temp agency, I've talked with people
who hire there and it's always the same.
Half the candidates, in you know,
whether it's an office job or an assistant job,
half the candidates have a degree and half don't.
It's not required.
So, with credential inflation, this is the problem.
There's this idiotic advice from
your parents and teachers is "get the degree
because employers have added it to the job postings."
Okay, the "oh my god," you know,
"it says Bachelor's degree!
Oh, go get that degree.
Spend five years and freaking go
into debt to get this stupid degree."
A smarter idea is to understand that first of all,
it's not necessary to have the degree
and find other ways to stand out.
So which makes, which way makes more sense to you?
You know, I'd say if there's even a 50% chance
that you don't need a degree,
if there's even a 20% chance
that you don't need a degree,
why would you kill yourself, go into debt,
ruin your finances, waste four years of your life
if you don't need to?
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