Does everyone have a degree?
- Thread starter Kastro_316
- Start date
Trading, as with any self-employment, you don't "need" a degree. But it IS self-employment, and hence a business - so you need to be prepared not only to have the trading skills but also run it like a business.
It only becomes important if you aren't able to make a living trading (or you decide it's not what you want to do long term) and you eventually have to fall back on more conventional means of earning a living.
At that point, "breaking into the industry" becomes almost impossible these days without a degree.
It depends on what (or if) you want your plan B to be.
As for those who tell you that going to college will just narrow your "lateral thinking" or other such - baloney. For a lot of people, college courses may be the first time they actually have to learn to think, effectively manage their time, and exercise personal discipline.
It only becomes important if you aren't able to make a living trading (or you decide it's not what you want to do long term) and you eventually have to fall back on more conventional means of earning a living.
At that point, "breaking into the industry" becomes almost impossible these days without a degree.
It depends on what (or if) you want your plan B to be.
As for those who tell you that going to college will just narrow your "lateral thinking" or other such - baloney. For a lot of people, college courses may be the first time they actually have to learn to think, effectively manage their time, and exercise personal discipline.
Yeah, folks who got in or where already in the industry 6, 8, or more years ago didn't face the initial screening filter that's applied now. Lot of places on Wall Street now a days won't even look at a new (with no prior Street experience) candidate without an MBA, let alone a B.S.
Same in the tech industry. There were self-taught guys getting hired by dot coms and others in the late 90s (just before the bubble exploded) with impressive titles and big money (doing nothing more than ordinary programming or website construction) because they could spell Java. Now a lot of them are finding it tough to even get a job interview.
You need a degree plus... to work for somebody else.
If you "go around the world" working for yourself, the best "education" you can get is to harvest a PhD at "The School For Scoundrels".
Tried to enroll into one, but, damn, it's "booked" up for the next decades and they only accept ivy guys.
If you "go around the world" working for yourself, the best "education" you can get is to harvest a PhD at "The School For Scoundrels".
Tried to enroll into one, but, damn, it's "booked" up for the next decades and they only accept ivy guys.
Business Week has published some data about young Americans recently: Among the critical 25- to 34-year-old age group, the percentage with some college education has risen from 45% in 1991 to 58% in 2000.
If you do not have a degree, you provide a good excuse for the hiring managers or human resource people to screen you out, when applying for a decent job. You are likely to be at the top of the layoff list, and the bottom of promotion list.
Along with trading I own a small 5 man mortgage broker business so I see tax returns on a regular basis. I can say with confidence that degrees equal better white collar jobs..... But that does mean better yearly income.
The people who make the most money (aside from the fraction of 1% who control blue chip corporations) are the entrepreneurial small business owners.
A typical undergrad might make 32-50k after graduation.
A typical MBA might make 60 to 85k after graduation (a little higher at the VERY top schools)
WORKING FOR SOMEONE ELSE.
The guy that painted my outside of my house made $1500 for 2 days work. (he paints 2 to 3 per week)
Last week I did a loan for a framing contractor who makes 20k per month (most builders contract work out)
The local Budget Motel grosses 70k per month.
My realtor made 250k last year.
The local auto part dealer makes 200k.
The well driller next door makes 1,000 per well (he and his assistant drill average 2 per day)
A small time home builder I do business with makes 15 to 30k per house..... (and builds 2 per month or 24 per year)
non of these guys have degrees.
The point that I am trying to make is that if you want to work for a business you probably need a degree. But to the backbone of America is the small business owner. If you want to get into business start your own. If you want to trade then trade. But business school is only good for people who want to work for other people (in most cases). I don't want to discourage anyone because I learned alot in college (and had the time of my life) but the only thing that I got out of school is credibility..... and that can only take you so far.
The people who make the most money (aside from the fraction of 1% who control blue chip corporations) are the entrepreneurial small business owners.
A typical undergrad might make 32-50k after graduation.
A typical MBA might make 60 to 85k after graduation (a little higher at the VERY top schools)
WORKING FOR SOMEONE ELSE.
The guy that painted my outside of my house made $1500 for 2 days work. (he paints 2 to 3 per week)
Last week I did a loan for a framing contractor who makes 20k per month (most builders contract work out)
The local Budget Motel grosses 70k per month.
My realtor made 250k last year.
The local auto part dealer makes 200k.
The well driller next door makes 1,000 per well (he and his assistant drill average 2 per day)
A small time home builder I do business with makes 15 to 30k per house..... (and builds 2 per month or 24 per year)
non of these guys have degrees.
The point that I am trying to make is that if you want to work for a business you probably need a degree. But to the backbone of America is the small business owner. If you want to get into business start your own. If you want to trade then trade. But business school is only good for people who want to work for other people (in most cases). I don't want to discourage anyone because I learned alot in college (and had the time of my life) but the only thing that I got out of school is credibility..... and that can only take you so far.
Quote from Turlo:
Along with trading I own a small 5 man mortgage broker business so I see tax returns on a regular basis. I can say with confidence that degrees equal better white collar jobs..... But that does mean better yearly income.
The people who make the most money (aside from the fraction of 1% who control blue chip corporations) are the entrepreneurial small business owners.
A typical undergrad might make 32-50k after graduation.
A typical MBA might make 60 to 85k after graduation (a little higher at the VERY top schools)
WORKING FOR SOMEONE ELSE.
The guy that painted my outside of my house made $1500 for 2 days work. (he paints 2 to 3 per week)
Last week I did a loan for a framing contractor who makes 20k per month (most builders contract work out)
The local Budget Motel grosses 70k per month.
My realtor made 250k last year.
The local auto part dealer makes 200k.
The well driller next door makes 1,000 per well (he and his assistant drill average 2 per day)
A small time home builder I do business with makes 15 to 30k per house..... (and builds 2 per month or 24 per year)
non of these guys have degrees.
The point that I am trying to make is that if you want to work for a business you probably need a degree. But to the backbone of America is the small business owner. If you want to get into business start your own. If you want to trade then trade. But business school is only good for people who want to work for other people (in most cases). I don't want to discourage anyone because I learned alot in college (and had the time of my life) but the only thing that I got out of school is credibility..... and that can only take you so far.
Well said and so true.
A few things to think about (in no particular order of importance):
Can't take a degree away from you once you've earned it.
You will always be able to look back on "the college days" provided you took advantage while you could.
A degree gives you something in common with everyone else with one...maybe a potential employer, maybe a hot chick, maybe the day trader next to you. It might provide you with that ONE important conversation that will might make you a millionaire.
Because most employers use it as an IQ test...with one you passed ...without one...you failed. (It may not be right...but it's mostly true)
Hot Chicks!
You will most likely never go back to get it once you take a job, start your own business, get married, have kids, etc.
Earning potential (no matter what you do) is usually higher.
If you plan on "doing your own thing" a degree will give you a few more years of experience dealing with people, potential customers, potential investors. You also may learn a few things about others mistakes...hopefully not to repeat them.
Hot Chicks!
Cheaper beer in college bars
Networking, networking, networking!
I could go on for hours...but bottomline...why in the hell would you want to jump out into the "real world" of taxes, time cards, cubicles, office politics, ass kissing managers, restructuring, hostile takeovers, lay-offs and all the other BS that the rest of us are trying to avoid when you could spend a few more years learning, living and being young. There's a reason why movies like Animal House, Back to School and Old School are so successful.....because everyone who has left college wants to go back and relive some part of it.
Learning = Living. The minute you quit learning is the minute you start dying.
Good luck on whatever you decide. No matter what you read on this board you are the only one who is going to look back and judge if you made the right call.
I got my degree (despite the incorrect usage of grammer on this post) and I feel it was the best decision I could have ever made.
Good luck!
kcmike
by the way..I just paid off my student loan!
Can't take a degree away from you once you've earned it.
You will always be able to look back on "the college days" provided you took advantage while you could.
A degree gives you something in common with everyone else with one...maybe a potential employer, maybe a hot chick, maybe the day trader next to you. It might provide you with that ONE important conversation that will might make you a millionaire.
Because most employers use it as an IQ test...with one you passed ...without one...you failed. (It may not be right...but it's mostly true)
Hot Chicks!
You will most likely never go back to get it once you take a job, start your own business, get married, have kids, etc.
Earning potential (no matter what you do) is usually higher.
If you plan on "doing your own thing" a degree will give you a few more years of experience dealing with people, potential customers, potential investors. You also may learn a few things about others mistakes...hopefully not to repeat them.
Hot Chicks!
Cheaper beer in college bars
Networking, networking, networking!
I could go on for hours...but bottomline...why in the hell would you want to jump out into the "real world" of taxes, time cards, cubicles, office politics, ass kissing managers, restructuring, hostile takeovers, lay-offs and all the other BS that the rest of us are trying to avoid when you could spend a few more years learning, living and being young. There's a reason why movies like Animal House, Back to School and Old School are so successful.....because everyone who has left college wants to go back and relive some part of it.
Learning = Living. The minute you quit learning is the minute you start dying.
Good luck on whatever you decide. No matter what you read on this board you are the only one who is going to look back and judge if you made the right call.
I got my degree (despite the incorrect usage of grammer on this post) and I feel it was the best decision I could have ever made.
Good luck!
kcmike
by the way..I just paid off my student loan!