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A place for Get Rich Slowly readers to ask questions
and exchange ideas
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 Post subject: What are my optipns
PostPosted: Wed Feb 22, 2012 6:04 pm 

Joined: Wed Feb 22, 2012 4:26 pm
Posts: 1
I've signed up, then withdrawed out of college 3 times. Nothing in college excites me,
And I don't want to work for anybody my whole life. So it's like a lose-lose situation. Once I'm able to save a down payment for a house (20,000) I will get one and later use a mortgage against the house to buy a business. Is this a good strategy

Current situation I work at a gas station
Car loan with a balance of 4900 to be payed off in 2 more years
I make about 2000-2200 a month and figure if I save for 2 years (200/wk) I can get a house.

Basically I wan to be financially independent and be able to live an enjoyable life. Did I make mistake dropping out of college?


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 Post subject: Re: What are my optipns
PostPosted: Wed Feb 22, 2012 6:16 pm 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5398
College may not be for you. Dropping out may not have been a mistake.

But I think you need to really ask yourself WHY you did not follow through and why you dropped out. What do you really want to do with your life and why.

Buying a business will only lead to success if you know how to make the business run profitably. In almost any business you might try you will be competing with others who have business training and likely an MBA. Will that make them any better? Probably not. But it will give them access to loans and other resources that will make it easier for them to run their business better at the expense of yours.

It seems to me that your need to have an honest talk with yourself. Decide what you want to do and then figure out what it will take to get there.


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 Post subject: Re: What are my optipns
PostPosted: Tue Apr 03, 2012 1:00 pm 

Joined: Mon Jan 02, 2012 3:21 pm
Posts: 89
Vocational / trade degrees can be a great option if you don't like the idea of a 4-year program. You end up working for someone afterwards, which may not be of interest to you, but you're not tied to an office.

I have a relative who tried engineering school but hated it. They instead pursued a 2 year electrical/instrumentation program and now make over $40,000 per year with great benefits.

Or, if you're willing to work like a dog for a few years to accumulate serious cash, consider going to an oil field area, like North Dakota, and working as a roughneck. I know a guy who earned $26/hr for the first 40 hours, plus time and half for the remaining 40 hours of his 80 hour workweek. Exhausting work, but serious money for not requiring any educational credentials.
http://trib.com/news/state-and-regional/article_63081f01-754b-5ddc-b129-d272ba5dd5fb.html

I don't know much about entrepreneurship, so I can't help there. Hopefully these ideas are helpful in showing examples of what you can do outside the world of 4-year college degrees.


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 Post subject: Re: What are my optipns
PostPosted: Wed Apr 04, 2012 5:20 am 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1778
Location: Ottawa, Canada
Psaco131 wrote:
I've signed up, then withdrawed out of college 3 times.


"Withdrew"

Psaco131 wrote:
And I don't want to work for anybody my whole life.


Oh, you hate working? There's a club for that. It's called "everybody." They meet every Friday down at the bar.

Welcome to adulthood. This is the part where you put on your big-boy pants, suck it up, and do what needs to be done.

Psaco131 wrote:
Once I'm able to save a down payment for a house (20,000) I will get one and later use a mortgage against the house to buy a business. Is this a good strategy


To be frank, no, that is a terrible idea, for many reasons. For one thing, you can't take non-existent equity out of a house. So you're relying on the home going up in value (how'd that work out for everyone in the US who bought a house between 2008-2010)? Secondly, that's called "leverage," and it's a way of ramping up the risk in the hopes of a bigger payoff. Thirdly, you appear to know nothing about running a business, and have demonstrated a difficulty with learning. How will you start a profitable business, or know how to select one to buy? How will you manage employees? How will you ensure your business is complying with all relevant state and federal laws with respect to accounting, taxes, accessibility, equal opportunity, export/import regulations, and everything else?

Psaco131 wrote:
Basically I wan to be financially independent and be able to live an enjoyable life. Did I make mistake dropping out of college?


Research does show that there is a link between lifetime earnings and higher education. That said, there are plenty of successful people who never went to/finished college.

What you require is a strong work ethic, a willingness to learn, and a good plan. But levering up on residential home debt to buy a heretofore unspecified business is not a good plan.


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