Let’s look at the facts: the average college student leaves school with $30,000 in debt (according to U.S. NewsThe unemployment rate rose to 7.2% from 4.7%) in 2020 for college graduates (CBS NewsAverage tuition increases by 8.8% each year.FinAid).
So I wouldn’t blame you for wondering — whether you’re a parent or a just-graduated high-school student — what investments are better than a college degree.
I myself am a college-dropout (I’m now 28) who’s built a successful freelance writing business that supports my family and allows us to live in Hawaii — no degree required.
Ryan Dossey is a good friend. He also dropped out from college. AndBy the time he was 26, he had accumulated a portfolio worth over $8.8 Million in real property assets with $1.94M in equity. His two other businesses have a combined revenue of over seven figures each year.
How’d we do it?
Ryan Dossey, my friend and I discussed the simple question of which investments are more beneficial than college degrees.
Here’s what we came up with.
1. 4.5% down payment for house hack
Here’s a hack that millennials love — and rightfully so. For a duplex or triplex (or quadruplex), get a mortgage. Pay the least down payment. Usually, that’s around 3.5%. Rent out other units, or live in the unit.
Imagine that you purchase a $250,000 duplex — that means you just pay $8,750 for the down payment (far less than most people spend on college). The monthly mortgage payment is approximately $1,100. The other unit can be rented out at $1,200 to 1,500 per month.
That means you’re living for free and building equity for free. You can now save more money each month for additional properties or to grow your real estate business.
2. Real-world Skills
Maybe real estate isn’t your thing. But maybe you’re interested in copywriting, marketing, web design, sales, or computer programming — those are All skills that you don’t need a college degree to master.
By taking online courses and reading books, as well as working at no cost, I eventually became an expert copywriter/online marketer. I finally was able find a paying client. Next came another. Next, I was hired as a full time copywriter. After that, I quit my job and became a full-time freelancer.
Now I make well over six figures every year with my freelancing biz — and I can work when I want, where I want, how I want.
So how do you do it?
First, choose a skill that interests you. Then look online for reputable and helpful resources — that could be YouTube, podcasts, blog articles, or even social media influencers. Practice your craft every day (even if it’s on your own stuff), invest money to become a master (buy courses!Network with professionals within your field, pitch clients and get involved in networking.
Do those things consistently and you’re virtually guaranteed to come out on top.
3. Building a business
Have a business idea There’s no better time to try and start a business than when you’re just out of high school — and don’t let anyone tell you differently.
You’re at an age where you’ll have more energy than you will 10 years down the road. There is less risk, as there are no children, spouses, or large debts. More importantly, you believe that anything is possible.
That’s the best time to grab the bull by the horns — that’s what Ryan and I did… and we wouldn’t change it for the world. You can always turn the truck around in your 30s or 40s if things don’t work out, because you’ve got plenty of time. However Get it now This is the best time to take the biggest risk and build the company you want.
Don’t let anyone tell you it’s too early. If it wasn’t too early for us… then it’s not too early for you.
Addicted 2 Success originally published the post 3 Investments that Are Better than a College Degree.