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Get A Good Education
“Education is another form of investing. Typically, additional training or education will have a cost. If you are going to invest in education, ensure that it will lead to better work so there is a good return on your investment. President Gordon B. Hinckley counseled that the “world will in large measure pay you what it thinks you are worth, and your worth will increase as you gain education and proficiency in your chosen field” (“A Prophet’s Counsel and Prayer for Youth,”
Ensign, Jan. 2001, 4).”
-Chapter 10 part 1:
Introduction
88% of millionaires have a college degree (not important to be prestigious).
7/10 of millionaires never got a student loan.
96% like or love their job - Millionaire.
1/3 still working full time, only 38% retired once millionaire.
99% are described as a hard workers.
Chris Hogan
While listening to a podcast episode of Money For The Rest Of Us I learned about a study you have to see. It takes most degrees and colleges and tracts graduates' income afterwards. That way they can help you see the ROI (return on investment) of your degree and college choice.
Take my college BYUI which is the best in Idaho.
But when looking at my degree only 90ths for business degrees.
So be sure to look at it from multiple angles (State, degree, graduation rate, ROI…)
Advice for Picking a Degree
Recently I gave advice to my brother. He doesn’t know what he wants to do / study. I advised he work for or job shadow to learn what you like to do. Trade schools are also fine.
Outside of education I mentioned great ways to start a business on the side in the lesson.
“Sometimes it may be appropriate to incur debt to gain an education, but there are also many other ways to pay for school. Explore all other options before turning to debt. If you do go into debt for education, strive to pay it off as quickly as possible.
The Education for Better Work self-reliance group may be a great option for you when considering investing in education.”
How to pay for school:
Another way to increase your ROI is to reduce expenses. College students have the same expenses as everyone else plus paying for tuition and books. So take a look at the lessons on
and for ideas.
The big 4 will be:
Start by reducing the expenses of the big four.
Bonus
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