Formal qualifications - help or hindrance?

[MarkB]

I'm thinking out loud here.

I'd be curious to know if others have experienced the same feelings I have had when it comes to IP's and investing.

I was fortunate enough to study at uni (2 degrees, business and economics).

But I must say that since then I have found a certain "intellectual inertia" when it comes to opening my mind up to new, informal ways of learning.

I'm getting better and I must say that Jan's books, along with those of Peter Spann, John Fitzgerald, Margaret Lomas and Robert Kiyosaki (aka "Rich Dad") have helped immensely.

(what has also helped is the growing realisation that formal qualifications mean squat in terms of financial freedom)

Am I simply someone who had their head stuck in textbooks for far too long?

Or is this a common issue?

MB

 

[NigelW]

Originally posted by MB364
I'm thinking out loud here.

I'd be curious to know if others have experienced the same feelings I have had when it comes to IP's and investing.

I was fortunate enough to study at uni (2 degrees, business and economics).

But I must say that since then I have found a certain "intellectual inertia" when it comes to opening my mind up to new, informal ways of learning.

I'm getting better and I must say that Jan's books, along with those of Peter Spann, John Fitzgerald, Margaret Lomas and Robert Kiyosaki (aka "Rich Dad") have helped immensely.

(what has also helped is the growing realisation that formal qualifications mean squat in terms of financial freedom)

Am I simply someone who had their head stuck in textbooks for far too long?

Or is this a common issue?

MB

MB

I think what going to uni does typically is put you behind those of your colleagues from school who went out and got a job straight away. Whilst your income generally far outstrips theirs once you hit the workforce, they could be doing better in terms of net worth if they assiduously saved and invested during the 3-5 yrs + you were learnin' and not earnin'!

To some degree, it's not how much you earn but what you do with it that counts. If you've been at uni not earning much for those years you can be financially developmentally delayed!

Some of the number crunchers could probably work out who'd be better off based on some hypothethicals...and certainly the recent boom in property prices would have helped accelerate the difference if our educated hypothethical person was not invested in that asset class compared with our hypothethical school-leaver property owner...

But it doesn't really matter how they're going. The important thing is where are YOU now and where do YOU want to go and how are YOU going to get there.

I'd be surprised if you couldn't find something of value in your 2 degrees to assist your investing. Your degrees are probably some of the MOST relevant to investing IMHO.

More importantly, you have hopefully developed from those degrees an ability to think critically and make evidence based decisions.

I'm a big believer in the saying that "the teacher arrives when the student is ready"...The key question for you now is: now that your're ready...what are you going to do about it?! Use your business/economics skills to earn and invest I say!

Good luck.
N.

 

[XBenX]

hinderance - I continue to study for the fun of it

 

[INVESTRON]

Some smart person once said " don't let schooling get in the way of a good education".

the richest people i know personally, have had little or no schooling.

i didn't finish year 12, but am now semi retarded - i mean retired.

 

[MarkB]

Nigel

Very true. Thanks.

One point of clarification - what does IMHO stand for?

(I'm almost embarrased to ask in case it is so basic or patently obvious that I should already know).

This student is very ready!

And to diverge slightly from a point made by Investron.....

Education and intelligence are not the same.

One of the most intelligent people I know has no formal qualifications. Yet, I can honestly say that he is more intelligent and has greater problem solving ability than I do.

We have, from time to time, mucked around with those dummy IQ tests on the net.

(I will admit that that such tests are of questionable methodology and even the whole notion of an IQ is a narrow application of "intelligence")

He has never failed to outscore me - though I am the one with the Master's degree in Economics and he the (car) tyre retailer (with some succesful investments I should add).

MB

 

[NigelW]

Originally posted by MB364
Nigel

Very true. Thanks.

One point of clarification - what does IMHO stand for?

(I'm almost embarrased to ask in case it is so basic or patently obvious that I should already know).

This student is very ready!

MB

In My Humble Opinion. Don't be afraid to ask!

Sounds like your friend might be a good first stage mentor? Can you leverage off each other's strengths and skills?

Cheers
N.

 

[bbg2003]

Two phrases come to my mind:

1. You're only fit for what you train for.

2. The brush don't make the artist.

What you have (I still study post grad too) are tools that are made to work well for their situation.
Personal investment is definetinly not the intention when writing curriculums for business & economics, and I'd argue the same for the securities institue as well.


best wishes
bbg2003

 

[Mikhaila]

Hi MB,

I think there is nothing wrong with you. You probably feel that way because it’s new to you. Probably because you were raised with “Go to school, study hard, get a good job etc.” mantra . There is nothing wrong with it too, but there are other ways. You have plenty of time to be where you want to be as you made the first step and the realisation of other ways already hit you.

As for the talk about how richest people have no schooling, I’d say nonsense! Yes, there are examples here and there, but we usually hear lots about uneducated people who made it. The reality is there are far greater number of those who educated and who made it compare to uneducated who didn’t.

Be proud of your two degrees and you can be sure it will help you with your investments if you decided to go this way. Formal education is not going to make you rich, but it is far better foundation that many others have.

Cheers
M.

 

[jahn]

Hi
There's a really good book out there at the moment called 'Emotional Intelligence', and it clears up a few discussions re abilities, IQ's, education, qualifications, etc
It indicates that you can be well educated, or not, but an over-riding issue can be whether you handle your emotions well during the issues at hand; deals, negotiations, proposals, etc.
jahn

 

[Peter_Tersteeg]

I'm quite proud of my formal qualifications - BEng (Software). They're not easy to obtain and they are in demand, thus they are valuable.

Going to Uni and obtaining a degree is not all that different from leaving school at 18, getting a job & investing at 19. In both, there is a significant learning curve and success in a given field (property investment or professional employment) can be measured to some degree. It's how you feel about it that counts.

Plenty of people without a degree can write computer programs and spreadsheets. Chances are that with my qualifications I could write programs which are far better for their purpose, but that's what I do and what I spend years learning to do well. If I had spent that time in the property or share market, chances are that I would be a lot richer, but I wouldn't be able use computers the way I do now.

In hindsight, I don't regret studying at uni and getting a job. Being a software geek/guru is something I wanted to since I was quite young. If I had my time again however, I would change what I did with my spare time. If I had done that, I would probably be a lot more wealthy, and I would be able to program computers well.

 

[Kevmeister]

There's just lots of factors to consider. I'm a software engineer like PT_Bear but I did not complete my degree(s) - combined BSc/BEng. I deferred for a year after breaking my leg, got a job as a trainee programmer, and never went back.

But that was OK for me because I was a child computer geek (starting at 12/13) and university to me was always about getting a piece of paper more than truly learning anything. My own interest in the subject matter meant that I had a continuous momentum to drive my self-learning further anyway, and that continues to this day.

Of course (and luckily for me), software engineering is one of those professions where you can still get a job without the formal qualifications. Fat chance if you want to be a doctor or lawyer instead.

But, as PT_Bear alludes to, what I did in my spare time (had I known then what I know now), and what I did with the first few years of my earnings, could have made a remarkable difference to where I am now on the "road the wealth". Some good investing decisions way back then could have possibly seen me retired by now.

Never forget, however, that whilst some people (like Dolf De Roos) will be proudly able to say "they made it" without ever actually having a job, the majority of us need a job for income to fund our future financial independence. Robert Kiyosaki will epouse things like "don't work for money, let money work for you" without ever pointing out the fact that in order for that to happen, you actually have to have some money to begin with.

And, sure, it's not so much the amount you earn as what you do with it (read Richest Man in Babylon), but I also like to think that if a hypothetical Mechanic earning $30K per year can achieve financial independence in 15 years, then what can an Economist or Lawyer achieve if they subscribe to the same investing philosophy when they earn $60K or $100K or $200K per year?

 

[INVESTRON]

i have a B. S. A. = bull sh*t artist.

 

[natmarie73]

I will agree with the view that formal qualifications mean squat in regards to financial freedom. However, it takes a certain sort of entrepeneurial person to leave school and make a motza by 25. Most of us will have to work for a while. If a formal qualification gets you a job as a lawyer over a job as a process worker it will be that much easier to find the money with which to invest and therefore retire early. The bank will love you a lot more too as in some instances a person's job is used as part of the lending criteria.
So I would say that my personal opinion is that formal qualifications are much more of a help than a hindrance.

I personally don't have any uni qualifications and am luckily employed in a half decent job which allows me to invest. I know though that in order to get an even higher income in order to borrow more money and service more properties I will need to earn more PAYE. So off to Uni I go.

Don't forget that an education can give you a lot more than just a good job - it teaches you to analyse information and ask questions instead of just accepting what people say is "fact". These skills come in very handy for general life as well as investing.

Nat

 

[Steve KKK]

One other point to make in regards to formal qualifications is that you soon learn that Uni should not be the end of your education.

Use the skills and knowledge that you aquired in your Uni days and extend on that by continuing your education on more specific course/training in the areas that you feel you need to develop to make you a better investor/wealth generator.

I have an Accounting degree but have never actually used the majority of what I formally learnt in the real world. But it has given me a base to develop my skills in other areas such as business development, wealth creator's mindset, investing skills, investor finance (I am currently acquiring accreditation to become a mortgage broker), real estate (I attended the Real Estate Institute's basic RE Agents course to learn just how an RE Agent thinks and what they legally have to do, not to become a RE Agent).

I have read/attended/studied a range of wealth creation programs (Kyosaki, Spann, Proctor, Robbins) which do not contradict my Uni teachings but allow me to use my Uni acquired skill more effectively to assist in my own goals which include (but are not limited to) wealth creation for myself and my family.

No Uni course that I know if teaches you the mindset required to accumulate wealth. It is either instilled from an early age by your family (if you are lucky enough to have such family members) or you need to acuire it through less 'formal' education.

Steve KKK
Please note: All views expressed above are mine personally and not necessarily those of this station.

 

[D.T.]

Hi all,

In response to this topic i have to say i agree with Sir Les J Hooker when he said "Attitude, not Aptitude, determines Altitude"

-Regards


Dave

 

[kuso]

Originally posted by INVESTRON


i didn't finish year 12, but am now semi retarded - i mean retired.

Sorry, my post doesn`t add to this thread in anyway, but this really had me LMAO! lol

 

[kierank]

Originally posted by Steve KKK
One other point to make in regards to formal qualifications is that you soon learn that Uni should not be the end of your education.

It is my belief that the day I don't learn something new is the day that I died - it is only then that I will truly rest in peace.

 

[XBenX]

very good point KieranK - i like that one

 

[tamara]

Hi

I believe that education is not only about the content of the knowledge but the more importantly the skills that you develop. These skills then will aid you in engaging in a life time of learning.

Tamara

 

[Aceyducey]

Originally posted by kierank
It is my belief that the day I don't learn something new is the day that I died - it is only then that I will truly rest in peace.

Kierank,

I have always considered the day I die to be one in which I will learn something very important

Cheers,

Aceyducey