College is the Next Bubble

I said it back in 2011 when I talked about the War on Greed and I’ll say it again now…

College is the Next Bubble

The signs are all around us. Just look at this recent article in the Wall Street Journal titled “Student Loans a ‘Train Wreck’ for Taxpayers.

It’s a mess.

I think back to a few years ago when I was on the treadmill one morning, happened to glance up and saw a swarm of angry people protesting on the TV screens in the gym. As I focused in on the news footage from my Fox local affiliate, at first it looked like Occupy Wall Street, but it wasn’t; it was a group of frustrated, screaming students on the CSUN campus.

They showed a student throwing a brick through a window, and as the shattering glass covered the cowering administration, I thought, it’s a sign—the bubble is about the burst.

Flash forward, scene two, there’s a guy screaming in front of a building, a young white male, he’s frantic, and he looks like he’s about to pick a fight on the football field. They’ve just passed a vote that allows a 9% tuition increase annually.

Unlike Occupy, the anger wasn’t because of a lack of jobs, it’s because we’re sending this generation right out of college into the worst job market anyone’s seen since the great depression, with a larger amount of debt than any other generation before them.

They have every right to be upset; the institution of college is failing us, just like our housing market failed us. The costs continue to go up, as the debt of the schools continues to grow, and the schools then pass this burden onto the students, and tuition goes up. It’s one vicious cycle that will continue until the bubble finally bursts and students refuse to pay back their loans. And unfortunately, student loans are for life, thanks to congress and our financial institutions.

So if you’re in college right now, what do you do? I have a few suggestions.

First, you could get a job. You could get a position or an internship in a company in the field of your interest that will one day become your career. I don’t suggest tending bar while you go to school waiting for the job market to return, because by the time you’re done, you’re time will be up, and you’ll be years behind everyone else. There’s no way to make a quick buck these days, unless you want to be bartending forever.

Unfortunately most teachers don’t care that your college ‘home’ is about to get foreclosed on, and they’re not going to be sympathetic when you tell them you have to divide your schedule between your class load and a full or part time job. They’re not going to be accommodating, so be forewarned.

Secondly, you can start getting a competitive edge in the job market studying something that your college professors won’t teach you—entrepreneurship. You can get an advantage now, and when you’re out of school you can open your own bar, or create the next Facebook, or find some other way to start a business and become a millionaire.

My advice is to learn the subject of entrepreneurship now, because there won’t be jobs waiting for you when you graduate.

The bubble is going to burst, eventually… you’ve been warned.

These days, if you want a dream job, you have to create your own. Otherwise, if you don’t, I’ll look forward to tossing one back with you at the bar, barkeep!

facebook comments:

Comments (14)
    Tim burns says:

    Get advice. Lets see who listens

    Tiger Berry says:

    Amen Ryan, the key point I took away from this article is the importance of all young people to learn about Entrepreneurship at as young of an age as possible. Great article!

    Kim says:

    That’s Why I chose to be a Entrepreneur when I was 15 years old. Sure it was hard for women back then and I have faced many Obstacles in the last 29 years, in which I’ll work my butt off to find those solutions. School is Great but Experience is the best Teacher!!! Thanks for Sharing Ryan!!!

    Somya Munjal says:

    I love this! Not only are you a personal hero but I literally created a company to help the youth be financially set. I jump started my company after reading your book! Thank you for being awesome!

    Lisa Eure says:

    This struck a chord with me. I was forced into entrepreneurship. Raised in an upper middle class family of a Fed Ex executive and an adoring house wife, the path was set. High school, college, upper middle class career, 401k, retire at 62.

    At the age of 12 my father gambled all his income and credit and went down the sticky spiral of bankruptcy and infidelity. Being a house wife for 15 years my mom picked up her boot straps and went back in to hair dressing, bought a mobile home in a tailer park that even pizza men wouldn’t deliver, and became an alcoholic.

    From giant sleepovers & theme park trips to no friends because you are trailer trash. The hard lesson I learned at 12 was money changes perception and comfort. I applied and landed an under the table job as a busboy the day after a pretty girl humiliated me in math class for wearing her dress that my mom must had picked up at the Salvation Army.

    Fast forward to 16. Holding down three jobs and high-school I came to a decision I regret because of the shame but I am thankful for because it created a sense of urgency in me.
    I dropped out and got my GED.

    I had to make my own path now. Corporate culture would not accept a high school drop out no matter how intelligent, hard working or loyal.

    Sink or swim. I eventually leveraged my income at 27 to open my own food truck. It did well but I hated the industry and doing dishes, so I sold it for $20,000 more than I put in after three months of owning it.
    Reading this puts the smell of blood in the water again.
    Thank you.

    Verne Potvin says:

    Ryan… well said.

    Todays generation wants everything.. and I mean everything. without a cost. without consequences. without accountability. But on the otherhand, who do we blame.???? Them.?? Partially. But more so the last generation. Their moms and dada that gave them everything on a silver plate. so they have come to expect that. Its not neccessarily laziness, but human nature. Contine getting something for nothing, and you come to expect it and even worse say its your right to have it.

    The economy is in a shambles. the job market for these guys are all screwed up. we are still working as if it was the industrial age, instead of the fast paced information age.. time for colleges and higher learning to get things straight. Teach the kids how to be entrepeneurs. Teach the kids about investing, and saving and finances. not the type from an accountants book, but the real life living financials. we would be better off in the longrun and so would they.

    Vanessa says:

    I’m glad you brought this to my attention because I have been a college student for sometime and have questioned whether I will get a decent job after I graduate. So I have remained flexible and opened to all other opportunities beyond the classroom.

    Verne Potvin says:

    Vanessa;

    This is sure something we can help you with. Entrepeneurship is where it is at.
    If you want, email me at vernejv@gmail.com. would love to chat more and quite likely help out.

    Best regards

    verne

    Nate Scott says:

    Great post Ryan! Very complimentary to a blog post I made in October 2012. For years we’ve been told that the surest way to make more money is to invest in yourself by getting a college degree but with the cost of college rising faster than inflation is college really worth it. As a former C-level executive and serial entrepreneur, I think it depends on the lifestyle that you desire.

    Although I graduated from the U.S. Military Academy with a Bachelors of Science degree in Engineering and Sociology, an MBA from George Washington University, and a Financial Planning certificate from Georgetown University, I can tell you that my most valuable education came as a result of being introduced to the world of personal growth and entrepreneurship via network marketing. When I learned to study successful people and to control my thoughts, I discovered that I held the key to creating the life that I desired. Our present and future is greatly determined by the books we read and the people we associate with. Thoughts lead to feelings lead to actions lead to results.

    My personal mission is to create a $10M endowment fund to foster personal growth and entrepreneurship so that other young men and women can experience a similar awakening that I did in 1996 which lead to my becoming a millionaire at 32. Iron sharpens Iron. I appreciate you.

    Moises Colon says:

    I am one of those students. I am thankful i found inspirations like yours. Proud to be part of the ViFam.

    Kyle says:

    Hey Ryan,
    Great post first of all. I just graduated from cal state university. It was very common monthly there would be protests on tuition hikes and salary increases. I have graduate with tens of thousands of dollars on debt with nothing but a piece of paper telling me that I am efficient in way subject. Luckily though I graduated with a bachelors in entrepreneurship. This is a new program that many colleges are beginning to integrate into there curriculum and degrees. I would highly recommend to anyone to check out this degree. Not only are you learning how to successfully launch a company and find funding but the networking alone with like minded people is amazing. Thanks for the relatable post!

    Kael says:

    I can totally relate to this. I’m one of those people who gained a great education only to find himself educated with nonpractical stuff that was so far from what I wanted to do with my life.

    Adam says:

    Entrepreneurship for sure Ryan. I couldn’t get a job after I graduated for 3 months. I took up an unpaid internship and moved back in with the parents to get experience. That experience helped me get employment in the field.

    “Formal education will make you a living, self-education will pay you a fortune.” Jim Rohn That’s where you start your entrepreneurial journey. :)

    As someone with multiple college degrees, I’m actually with you on this one. One of my college degrees is in Higher Education Administration. I have since left that field. I left due to illness, but I could feel the bubble building and was glad I had an excuse to get the heck out. I value very much my college experience. I particularly value the people I had the opportunity to meet – I would not have met them otherwise. I was also exposed to ways of thinking I would not have been exposed to otherwise. I was able to develop confidence because of the many accomplishments that are required to obtain a degree (at least at the institutions I attended). I still believe in education, but I think the face of education is changing. I think everyone, regardless of what path, benefits from challenging themselves. College is one of those ways to challenge yourself. Having been a college administrator, there are many college students who are in those seats because their parents either went to college or wanted them to go to college. I believe the ideal college environment involves people who have fought to get there. The bubble bursting may refresh things to that point.

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