Warning! Before you take out student loans | College and debt

What’s up everybody, I’m Rob I’m Reshawn and this is Learn Hustle Grow! If you are interested in all things money Marriage and travel. This is the place for you If you’re thinking about going to college if you’re thinking about getting a second degree Or if you’re thinking about sending your children to college watch this video According to the credit.com article titled us average student loan debt statistics in 2019 the average person owes over $31,000 in student loan debt By definition that means there are people who owe less and people who owe more maybe even a lot more We have previously shared that we both graduated with student loan debt rashon paid off $11,000 over 10 years before we met together we paid off $28,000 that I owed in the United States many students are considering whether or not they want to go to college Before they even start high school Granted this thought process is usually led by parents and teachers Going to college was not a foregone conclusion for either of us. Our teenage mothers cannot conceive of their children going to college There are others that poured into our lives. I am the product of the Chicago Public School System. I Attended eight elementary schools and two different high schools Fortunately, I excelled academically My teachers encouraged me to pursue a college education. I Graduated from a high school where it was assumed that everyone would go to college I Was accepted to every college and university that I applied for Growing up. I struggled in school and didn’t even think college was a possibility. I joined the military immediately after graduating high school while I was in the Marine Corps I had a drill instructor that advised me to contribute to my GI Bill it would be years before I would actually use it in the state of mind that I was in I did not want to contribute. I wanted to keep every dollar that’s what a poor mindset will do to you Even till this day. I’m still grateful for what he did for me when I was applying to colleges, I knew that my mom did not have the money I Actually received waivers to cover the cost of the college application fees In addition to applying for financial aid and student loans I joined the US Army Reserves to help pay for my college education Yep. I saw the commercials be all that you can be After serving four years as a Marine. I thought that I could easily come out and work for a large communications company like AT&T By the way, that’s what I did in the marine corps Communications I was wrong I couldn’t get in without the proper credentials Unfortunately, my military experience wasn’t enough. I Was a leader who had achieved the rank of B 5 But could not find a decent job as a civilian once I got out just as I was considering returning to the military. I Decided to take the college entrance exam Surprisingly I ended up doing extremely well and decided to go to school for information technology with the cost of college Continuing to rise and the impact of the last recession Many are asking themselves Does it make sense to get a college degree? You may recall that there were news reports of people with college degrees. Even PhDs working at Starbucks Rob and I can only speak from our experience are there career options? They let you make money without a college degree Yes, whether or not you should get a degree depends on several factors What skills do you possess that would enable you to earn money? Do you like working with your hands? Do you have the discipline and drive to start an online business? If you have no idea what you want to do, it can be hard to decide whether or not college is the right move Education does not have to equal a four-year degree Nurses firemen and medics can make good money with an associate’s degree It’s no secret that plumbers are very well-paid Established Realtors can make a killing There are also self-taught and certified software developers Here’s the thing life isn’t there? We don’t all have the same opportunities if your parents had a business or career of any kind You probably believe that you could follow in their footsteps Think about it. What did you see growing up? Did you have the option to work for your family or friends of the family? Exposure is absolutely critical to develop a mindset for success if you worked your way through college someone had to give you a shot if You served as an apprentice to learn a skill Someone had to believe in you It’s human nature that we are more likely to offer help when we see ourselves in someone else This is why diversity in leadership matters In addition to the knowledge you require and the people you meet college expose you to a wealth of possibilities If you come from a place where struggle is the norm and parents are working multiple jobs to keep the lights on It’s eye-opening to learn that one. Good job can be enough in 2018 the Bureau of Labor Statistics reported that Americans with a bachelor’s degree have median weekly earnings of 1173 dollars Compared to just seven hundred and twelve dollars a week for those who have a high school diploma the Social Security Administration calculates that men with a bachelor’s degree earn roughly nine hundred thousand dollars more over their lifetime than a high school graduate and women with bachelor’s degrees earn six hundred and thirty thousand dollars more numbers like that impact where you live what kind of schools your kids go to and the kind of health care you receive I Have never had a job that did list a college degree as a minimum requirement So yes I believe that a college degree can open doors that might otherwise be closed The example we gave was specific to the earnings of an individual with a bachelor’s degree according to census gov the number of Americans over 25 with master’s degrees has doubled to 21 million since a year of 2000 a 2019 Business Insider article titled how grad schools became the hidden culprit behind? America’s student loan debt crisis calls attention to the fact that graduate student borrowers made up more than 1.3 trillion dollars of the student loan debt recorded in 2016 while there are certainly reasons to pursue an education beyond money as the person taking out the loan We have to evaluate our return on investment whether or not you earn more money You’re still responsible for paying back the loan and the interest When I felt dissatisfied with my career I was often tempted to return to school in hopes that I would find greater purpose feel more accomplished or make more money the cost of the degree programs and time commitment prevented me from moving forward as An experienced sales professional I just didn’t see how a master’s degree would lead to more money more sales meant more money So do we believe in a college education? Absolutely even more. So for those of us who come from low-income families without the connections to come up Consider spending your first two years at a junior college This provides an opportunity to adjust to leave in high school and save thousands of dollars When you receive your bachelor’s degree, it’ll come from the four-year college or university When considering whether or not to attend college cost is a factor for most people Ask yourself will attending an Ivy League college or an out-of-state College increase your earning potential Do you have a job lined up based upon earning a master’s degree? Run the numbers again. You are responsible for repaying those student loans Is a traditional four-year college for everyone? No, if you hate the idea of spending four or five years in a classroom Consider some of the alternatives mentioned earlier the key is to have a plan. There’s no path to wealth without the pursuit of knowledge See you in the next video

One comment on “Warning! Before you take out student loans | College and debt”

  1. The Fragrance Decant Boutique says:

    Yes, another video!

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