Education

Hypothetically your father is a attorney and will provide all funds for you to go to law school. Law school to you doesn’t appeal but the fact that it is free knowledge is a start. Your plan is to be an entrepreneur in the long run and do not wish to become a lawyer. What do you do?

Hi,

Get your BA in Business and your JD in Law!

Have fun with it, the degrees are worth there weight in gold in the business world.

Good luck,

             GR

Entrepreneurs need money for business ventures. Having a solid source of income will really help you. Most people here didn’t start investing without having some sort of normal income from a job. Get an education for something useful in the business world and set yourself up for investing. Don’t saddle yourself with debt. Live below your means. Your extra income will open doors for you that the guy living paycheck to paycheck can’t open. If you don’t want to become a lawyer, try to convince your father to help you start a career YOU want.

College is a waste of time and money these days. Follow your passion and you’ll be healthier, happier, and more successful.

You are right getting a college degree is a waste of time. Getting a profession is not. The problem is that most people who go to college waste time because they don’t come out at the other end with a profession. If you come out of college and you are a doctor, lawyer, engineer, accountant, etc. Then go. If you end up with a degree that does not impart you a title (english, social work, music, etc) then don’t go.You are right getting a college degree is a waste of time. Getting a profession is not. There problem is that most people who go to college waste time because they don’t come out at the other end with a profession. If you come out of college and you are then a doctor, lawyer, engineer, accountant, etc. Then go. If you end up with a degree that does not impart you a title (English, social work, music, etc) then don’t go.

Even a degree in business. I am sorry to say that a degree is business is too general to be any benefit to anybody. That is why I am specific about accounting. You get paid a lot more than general business and you learn how money works. When I hear Kyosoki talk about assets and liabilities when he really means capital and expense expenditures I know he will end up trying to treat all money like all other money. He will end up replacing a roof out of cashflow and getting mortgage to buy a car. Accounting teaches the difference between one kind of money and another. He will eventually run up on a limitation to how much money he can acquire because of his limited knowledge of money.

Im currently in my third year of school getting my accounting degree, all i have to decide now is whether i want to continue on and go to law school or not.

I would go on to law school. I have to warn you that you will have the same problem I have. I have a degree in engineering and an MBA. My employer pays me a lot of money to manage one of the corporate functions. You will get offers to work for firms that will pay you a lot of money. You will be able to work and make the kinds of money that other people can never make unless they work for themselves or buy a bunch of real estate. Your contemporaries will work all day go home to their lake house on the golf course and play nine holes and go to the clubhouse hang out with their friends and have a few drinks. You will have to decide instead of dong that you will spend your spare time finding stinky old broken down houses with equity in them. A lot of people don’t. I “preach” to them every day. I tell them that it is better use of their time to buy some houses instead of “living the life”. It is a hard sell. I am rarely successful. That is why I show them that I live the life and invest in real estate. I have the 5,000 sqft house and play golf as much as they do. They used to argue that they could make as much in stocks as I do dealing with toilets tenants and taxes. They really can’t but it is hard for them to believe it. You need to keep your eyes on where you are going. In other words avoid getting satisfied in the career. Because no matter how much money they pay you or what your title is you are still JUST AN EMPLOYEE.

I’m currently working on two businesses, one with a partner. Hopefully if i go to law school when i graduate a career wont be an option, instead ill have already built a nice business and be ready to start investing in real estate.

joker,
If someone is helping pay for your school and you are not going deep into debt, for heaven’s sake go!

I agree with GoldRiver’s plan. And a degree, actually ANY degree, does open employment doors that otherwise are shut. But it is much better if your new knowledge is of interest to you. That’s when you can utilize it.

Good luck AND GET YOUR DEGREE.

Furnishedowner

Thank you all for the great input. I want to ask one more vital question. My long term goal is to be an entrepreneur in business and real estate, so MBA or JD? :anon

Where ever your interest is greater. Take a Real Estate law class and see if it interests you. Also try a part-time job in a property management, real estate, or law firm. Even volunteering. Find out what floats your boat and good luck.

Furnishedowner