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The Wealth Without Wall Street Podcast - By Russ Morgan & Joey Muré 12th November 2020
The Value of Going to College | BYOB Book Review part 16
00:00:00 00:43:35

The Value of Going to College | BYOB Book Review part 16

#162: Why do people go to college? Is it a must? To continue our review of R. Nelson Nash’s book, Becoming Your Own Banker, let’s talk about the value of college education. People spend a considerable amount of money to go to college, business school, or medical school to learn a skill or get a certification. Taking the cost of a college education into account, is it worth it? Today’s students get sent to the business school to be trained, not to learn. Instead of spending money outright on college education, why not start saving? 

To illustrate:

1. Consider the standard cost of US$20,000 per year on a 4-year college education = US$80,000 (excluding board, lodging, other expenses)

2. If you put the same amount to an insurance policy, you will have a value of US$2,457,303, which will allow you to withdraw US$145,000 annually for 16 years while maintaining US$3,200,000 in death benefits. 

A person should not wait until he’s 70 years old before enjoying his retirement. Going to college is good, but why not consider internships or learning from experts as an alternative? Education is not limited to institutions. Your financial education is your responsibility. An insurance policy is a better place to save money. 

Top 3 Things You'll Learn:

  • What is the alternative if you don’t go to college
  • The value of getting a mentor 
  • The value of understanding infinite banking 

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