BYOB Book Review Part 16 | The Value of Going to College

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Why do people go to college? Is it worth it? While people may debate the value of a college education in today’s economy, many believe that a college education is a crucial investment that can transform one’s life in countless ways.

In this episode, Russ and Joey discuss the cost of getting a college education and the earning potential of a college graduate vs. the future of someone who did not go to college but got a different education to serve them for life.

If you are a parent preparing to send your child to college, tune in to help you decide if this is what you really want for your child and what option you have to get your child ready for the real world.

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today, they discuss the value of going to college.

This episode is Part 16 of an 18-Part Series.

Top 3 Things You’ll Learn:
Is getting a college degree worth it?
What is the alternative to going to college?
The benefit of learning from mentors and putting your money in an insurance policy

About R. Nelson Nash:
R. Nelson Nash (1931 - 2019) wrote the book Becoming Your Own Banker that unfolded The Infinite Banking Concept (IBC). He came up with the idea of IBC in the early 1980s when he was struggling with high interest rates on commercial bank loans. Today, many people continue to benefit from using IBC as a tool to achieve financial freedom.

Becoming Your Own Banker by R. Nelson Nash:
https://www.wealthwithoutwallstreet.com/ibcbook

The Infinite Banking Concept Explained by a CFP:
https://www.youtube.com/watch?v=sVuexMv6Kf4

IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy:
https://www.youtube.com/watch?v=h4rugVZkajc

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https://go.wealthwithoutwallstreet.com/pios

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https://wealthwithoutwallstreet.com/quiz

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https://www.wealthwithoutwallstreet.com/passport

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https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind

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1:30 - Why do people go to college? What are we looking for when we sign the dotted line saying, “I'm attending XYZ College”?
3:52 - Are you telling me you thought you would go and become a doctor?
6:20 - Is college a good idea?
6:52 - What were some of the highlights from that?
11:27 - How can I learn to be a better manager without managing people?
14:02 - Why did this whole idea of a college degree become necessary?
16:17 - What has the availability of student loans done to the cost of a college education?
16:36 - Do you know what the cost of college has risen at over the same timeframe?
20:46 - What is that money worth? What could they do with just that four years put into that insurance policy?
22:44 - What did he say?
25:09 - What do we know about compounding interest?
26:25 - How would that enhance the scenario?
27:29 - Do we believe that the monetary value of college will be worth this two million dollars of income he could have had if he'd stuck the money in an insurance policy plus the 3.2 million dollars in death benefit?
31:43 - Does the monetary value of the college education for the sibling of Susie Q equal the additional $550,000 a year in income at retirement plus the 18 million that they could leave?
33:04 - What would you say to that?
35:25 - What is the alternative?
36:10 - What could John Q do for four years?
36:47 - What could they learn in our office over four years?
37:07 - Think about our interns. What did they learn?
37:38 - How am I supposed to know what I need to major in?
37:56 - What am I supposed to sign up for?
39:03 - How likely are we to hire somebody that's coming out of college with a financial planning degree?
39:26 - What could that person do for four years or eight years?

🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-16-the-value-of-going-to-college

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