Here’s a question for those self-employed parents out there.
Do you spend $300,000 on an education for your kids? OR, do you get them started in a small business (or even a small ticket franchise). You can start with a $50,000 one, and let them fail a few times, and still have money left over?
Or do you just buy them a house?
I’m not sure exactly what the correct answer is.
I started my first biz at 16. I haven’t had a job since I was 18 (25 years ago). There have been some great years, and some not-so-great times. Wouldn’t trade it for anything in the world. I’ve never taken a job as I didn’t want to be told what to do, or have politics get in the way of doing what was right.
Not sure what the response to this will be. I have a family friend that was very successful. He believed that his sons would be better served with formal education, so he spent BIG bucks sending them to top schools. The problem is they had no PRACTICE, and were unable to take over his role in running the businesses. The boys aren’t failures, and work mid-level in the corporate world.
There are many over-educated, and under-employed people out there.
I can understand if you want to go into a very specific profession that pays well. Doctor, Dentist, CPA.
But is a general Degree worth it?
I know a guy that’s my age. He went to the best private schools. Four year business Degree. And an MBA. His profession? He’s a painter. He has a few helpers, and he does a good job. With the money spend on his education, he could have BOUGHT an existing painting business, a HOUSE and a fancy car.
Are REAL business skills more important than a business degree? I went to a business college for one year. Sure, I learned what the terminology meant, but my real business education came from having a paper route when I was 8. I learned how to sell by going door-to-door. I learned how to be NICE to customers to get TIPS. I learned how to collect money from people that didn’t want to pay me.
I have middle school kids and I realize that it’s not my choice which path they take, but is a formal education the best use of MY money???
I would love to see some feedback on this.