April 8, 2019

My thoughts on student debt and the status quo

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Let me precursor this post by stating that I went to a private university and graduated with a bachelors degree in business so I am by no means against higher education. In fact I think that it is very important for countries to invest in their future world leaders because we will one day be governed by today’s youth.

HOWEVER

There is an undeniable looming crisis in higher education and nobody is talking about it. We have a systemic belief that a college degree is the ticket for reaching prosperity but we’re ignoring the fact it’s leaving millions of people with crippling debt. Universities keep raising tuition rates and banks keep handing out loans. It’s the perfect storm.

It doesn’t take an economist to see there is an issue when student debt far surpasses the average annual income. What’s extremely concerning is how there is no scrutinization in the world of underwriting student loans. An 18 year old wants to take on a massive debt without any income verification or any proof of being able to pay back that note? No problem. A 25 year old wants to take out a loan to start up a business. Eh, tough shit.

How do you spot a bubble? Take 1.5 trillion in debt and then spin a scary narrative. Borrowers are going to start defaulting on loans when they realize they can’t repay their $100k debt off of a Biblical studies degree. The majority of Americans are so burdened by financial debt that there’s no room left in their budget to spend money on products to keep the economy churning. If there was a way to build a credit-default swap and short the student debt I would double down. We’re in serious trouble.

So on that positive note, why are millions of young Americans still signing themselves up for this misery? I was actually one of them so let’s dive into it. I graduated with about $50k in debt and started my first 9-5 job underwriting MCA loans at a financial firm. I quickly realized this wasn’t going to cut it so I took on 2 other side hustles just to get by. Within 8 months I pulled the plug on my career and decided to waitress/bartend full time until I could figure out what the fuck I’m going to do. I didn’t let emotion interrupt logic and it was the best decision I ever made. I knew I wasn’t going to settle for the false blanket of “security” these jobs promise you. I wanted financial freedom and knew I had to go all in. “Burn the ships!” as Cortés said.

Here’s the deal. I think if you’re going to school to become a doctor, lawyer or some specific trade where the ROI warrants the investment- DO IT. But if you’re going to school to get a business degree or some other bullshit degree, maybe reconsider. It’s 2019 and we have an advantage presented to us that has never been seen before. You no longer need to spend obscene amounts of money to get a degree because the startup costs to pursuing your dream may be $0. You want to get into broadcasting? Great. Go start a channel. Want to start a yoga mat business? Great. Build your brand on social media. See where I am going with this? The internet is your oyster!

If you are not leveraging social media platforms you are severely missing out on some big opportunity. I don’t care what your line of work is, if you are not branding yourself or your business in this day in age you will get out-executed by your competition. For someone in real estate who is complaining about sites like Redfin slicing their margins because of automation, you need to get more creative with how you do business. We are currently living through one of the most pivotal times in history that hasn’t been seen in decades. We are shifting from brick-and-mortar to click-and-order. Instant gratification.

In my next post I am going to discuss some companies that are absolutely CRUSHING IT in today’s market because of their genius marketing- and I mean genius. I think you’ll extract a lot of value from it that you can apply and fit into your own mold.

As always, thanks for coming by!

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4 comments so far.

4 responses to “My thoughts on student debt and the status quo”

  1. Really nice post, student debt is definitely a huge problem!

  2. Brett Goldstein says:

    Extremely well written!

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  • I feel like brightening up my room for summer with these fun pillows from @shophesby 🌱
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It’s the cutest little boho boutique and they’re having a sale today! ⫸⫸ use code “EXTRA” for 20% off your order. I also linked on my blog some of my favorite mix-and-match throw pillows that are super trendy right now. Mudcloth and leather are the buzzwords this year and I’m not mad about it😋
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But on another note, can’t decide if I want to keep the color scheme crisp white or if I should add pops or color to my bedroom. HELP!
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  • How’s this for a statement piece? Convincing Pasquale to let me get an olive tree for the living room! 🤞🏼 @em_henderson
  • I can just picture it now, Sunday morning breakfast at this big beautiful table with our 7 kids running down the stairs🤣 Pasquale and I can’t wait to have a big family!
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Is anyone else as obsessed with wood tones as I am?! It seriously never gets old
📷 @caskro
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On another note, you’ll be seeing this chandelier again real soon because I just finished up @kristen_karalis apartment & it is to dieee for🌿🤩 This was my first (and probably favorite) interior project. Even though she resisted some ideas at first she trusted me with my vision and let me run with it & lets just say she’s officially the #hyggehome queen. I’ll be blogging the big reveal in early June!
  • Happy Mother’s day and Sunday friends. In case you need to be reminded, you are enough and you are appreciated! What a beautiful time to be a woman. Don’t underestimate yourself, ever. You are stronger, bolder, smarter and more capable than you may realize. Cheers to females uplifting and inspiring others, the world is a better place because of you.
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Sooo I crossed off 2 major items on my list and it feels like a boulder has been lifted off of my shoulders. Office makeover complete✔️and wedding venue locked down✔️ (I am so over the moon to reveal the details on this >> It’s like the boho gods curated THE most perfect location I didn’t even know existed🧚🏼‍♀️) and what perfect timing too, I was about to throw in the towel out of frustration. It seems like every venue is an over-priced catering hall with the same factory style wedding. Can’t wait to share the planning with you guys!
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OH and how fun is my office chair?! I wasn’t sure about it at first but I’m obsessssed. I’ll be sharing all of the details on my blog, I didn’t get a chance to post last night but it should be up by Monday🌛🌜
  • It’s OFFICE REVEAL day! I’m so happy I could cry. Here’s one of my favorite parts of the room, my zen little nook🌱
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When designing this space it was important for me to have a creative corner where I can think/read/write sans distraction. I’ve been finding it hard lately to be alone in my own thoughts because of all the stimulation and instant gratification we have right at our fingertips. Gone are the days we’re forced to stare at a wall when we’re bored🤣
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My goal is to implement more time to think completely unplugged and unfiltered with just a notebook and a pen - and maybe some hot lemon water. Just like the gym, client meetings and other non-negotiables, I’m challenging myself to block out 1 hour once a week to just think. 🧘🏼‍♀️✨
Anyone have any tips/advice for meditating?
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PS- my pillow cases were just $39 (for ALL four!) I’ll be posting my whole office makeover on the blog tonight. http://liketk.it/2BL5b #liketkit @liketoknow.it
  • My favorite lil svet♥️ (sorry @anna_kruz) #iabtsolutelydo
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