We Don’t All Need MBA’s or Ivy League Degrees To Make Massive Dents In The World

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“The purpose of business is to produce happiness, not to pile up money.” — Anthony Robbins, Unshakeable: Your Financial Freedom Playbook

Before I continue, let me preface this by saying I’m not down on ivy league schools or masters degrees in business but I am up on opportunity. We are living at a time of unlimited potential. Never before have we experienced such a rapid growth in the number of 1099’s filed in the United States, young business owners seeing success for themselves and their families, as well as the number of young entrepreneurs who’ve begun working for themselves but not by themselves.

From app developers, to freelance writers, business consultants, marketing consultants, creative producers, and startup founders, there’s absolutely no shortage of people willing to take large and calculated risks in the name of designing their own dreams and futures. And why not?

Yet, despite the optimistic outlook, the majority of business owners still fall victim to the fear of turning their side business ideas into reality. Bentley University conducted a study this year where they found over 66% of individuals ages 18–34 cited a desire to start their own businesses. Pretty ambitious and high wouldn’t you think! However, as of 2013, only 3.6% of businesses in the U.S. were owned by those under the age of 30. And trust me, it’s not for lack of education or talent.

Let’s face it Millennials and Gen X’ers, student loan debts are taking a massive mental toll on all of us. Over the last decade, student loan balances hit a record high of $1.4 trillion, according to the recent report published by Experian. It’s the only debt we cannot declare bankruptcy on…

That’s a 62% increase in only ten years, which created an ungodly financial struggle for borrowers, according to a new report by Gradifi. Today, 80% of working professionals with student loan debt said it’s a cause of significant or incredibly significant stress, impacting our abilities to go on vacation, buy a newer car, pay monthly rent or even get necessities like food and clothing. Private schools, ivy league schools and MBA’s aren’t cheap today! Do you have an extra $100,000 to $250,000 just laying around, in a safe or investment account to fund those things?

Now I don’t know about you but the last time I checked being scammed by the system at a young age to go to school in hopes of getting a good corporate job is what all of us were sold on. Right? However, once you do your research, you’ll recognize that salaries are disappearing and this trend is not going away. The average income for people ages 18–35 has gone from $36,000 to $33,000 since 1992. This is not political since we’ve had a Democrat, a Republican, a Democrat, and now another Republican as President.

Let’s deeply think about this. 94% of all new jobs created in the past ten years, dating back to the Great Recession, are practically part-time or freelance work. Every time someone writes a line of software, a job is lost. This is not a bad or a good thing. It’s 100% factual. As an example, when the Internet was created, you no longer needed programmers to write networking code. People even tend to forget what that is today. When digital music started, music stores died. In came iTunes and out went Virgin Records, Best Buy and other record stores.

When self-driving cars from Tesla, Honda, Toyota, BMW, Mercedes, and on and on are on all of our roads, 90% of the auto industry will disappear. Similar to the collapse and inevitable merging of the airline industry. History does have a tendency to repeat itself. With 90% of the auto industry gone, the car insurance industry will disappear. The oil industry will turn upside down on its face. The real estate industry will change and so on. If you aren’t ready for massive change in the next 5–10 years you are in for a rude and unpleasant surprise. Here’s your…I told you so.

The 2018 Access Economy

As we are made aware of on a daily basis, Airbnb and Uber have revolutionized and innovated our entire economy in less than a decade. Nobody is really sharing enough today, which is sad. However, think of our economy as the access economy today. This is the business model of every business positioning themselves in this economy:

  1. A % of people have an excess of an item (e.x. empty rooms, empty car seats, shoes, consumables, etc).
  2. People want access to that excess at a prices less than retail cost
  3. Then there’s a platform or mobile application in the middle to help with discovery, transactions, problems, mediation, etc (Airbnb, Uber, shopping, etc).

If you brainstorm long enough, which most of you aren’t, where there is excess in your life you can create a business in this model and new economy. Even an excess of knowledge that others might not have is incredibly valuable! Hence why we are calling this the Information Age. We’re drowning in it!

Here is your daily economics lesson: what happens when people have access to stuff they never had access to before?

Supply goes up. Demand remains essentially the same. So Economics 101, price eventually falls, which means deflation for the first time in hundreds of years.

Warren Buffett once said, “Deflation is the worst thing that can happen to the economy.” Logically think about it, if prices fall, people wait until they get even lower, so demand decreases, eventually prices fall even more. So less jobs are needed, so less people have money, and then demand goes down even more while supply gets higher than its ever been before. Wow!!

That’s a death spiral whirlwind no one wants to be a part of. Elon Musk recently addressed this problem. He said, “We might need UBI: Universal Basic Income for everyone to handle the economic collapse that will result.” Maybe...who really knows? Nobody knows so I’d suggest building or putting something in place now when you don’t need it for a time in the future when you will.

The Importance & Value Of Reading

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I cannot stress this enough! This knowledge, both applied through action and retained in my mind, will go on to pay me hundreds of times over that I’ve acquired in the past two plus years. That alone is greater than any ivy league degree or MBA in my opinion. I call this my Personal MBA courtesy of Donovan Vogel himself! The dividend’s, compounding growth and reinvestments aren’t too far away at all!

I simply couldn’t justify the cost of a masters degree or MBA program yet when I still have student loan debt from my undergraduate days that I need to pay off first and foremost. I don’t know about any of the other Millennial or Gen X readers out there with debt but I despise the calls I get from Sallie Mae, Navient or whoever the heck else it is banging the phones looking to collect other individuals money. That, again, is why 90% of Gen X & Gen Y are stressed about finances. Talking about money shouldn’t lead to yelling, angst, stress or frustration. These talks need to be communicated properly, effectively, stress-free and be fun whenever discussing the topic of money. I mean I’m under the assumption everyone loves money for the good that it can provide, correct?

“Whatever the mind of man can conceive and believe, it can achieve through a positive mental attitude.” — Napoleon Hill

For way less than $500 these past two years, every month or so, I invest my money into myself, personal and business development and my bookshelf. Funny enough, I need a second one now! I’m grateful to have learned that from mentors of mine at 20, 21 and 22 years of age. Once again, I don’t say this to impress you simply to impress upon you all what it takes to mold and develop the right attitude and knowledge. In 2016 I read 40 books and, now in 2017, I’m on pace to read a little more than 40 books. The most important aspect of all of this is that you’re taking personal action in whatever endeavor that may be to immediately apply this knowledge. Theorists are alright but artists and practitioners are much more valuable in today’s economy.

Going back to the fundamentals, any CEO, start-up founder, corporate executive, manager and individuals striving for more out of their life are reading anywhere from 40 to 60 books per year. Trust me, I’m friends with and have associated myself with plenty of these people. Why do you think they’re so successful? It isn’t a coincidence and they didn’t simply jump up the ladder of success. As Anthony Robbins says, if you want to be successful go find someone who already has what you want and model their values and actions in life.

I can’t be the only one who hates all of these how to’s and 7 keys to success garbage. The difference between success and failure is simple you see. The individuals who succeed go on to do what the individuals who fail didn’t do or were not willing to do. We are already aware that formal education will only get us so far in life. Our self-education needs to reflect the daily methods of brushing our teeth. I’d certainly hope we are all brushing our teeth at least twice a day! Shouldn’t that be how our mindsets around education work? We aren’t simply brushing our teeth for ten or twelve years and then stopping. No, we are always continuing to expand our minds, expanding our wallets, perspectives, personal happiness and success. That my friends is how we’ll make massive dents in the world.

My Very Best,

Donovan Vogel

Written by

Philadelphia based teaching financial literacy | Prospering all other hours | Writer | Lifter | Reader | Traveler | Freedom & Wellness

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