I’m super honored to be a part of F10′s ‘Ask the Experts’ series. The world’s best have gathered to provide amazing insight as to how build your business and take your life to the next level. Check out my most recent interview with them here.
Why College Is The Single Worst Investment A Parent Can Make
For decades, we have often heard that the journey to career success requires time-consuming, energy-exhausting, and resource-decimating stops along the pit row known as the secondary education system. While we all want the best for our children, as parents and small business owners (your family is, in virtually every sense of the definition, a small business), it is imperative that we pause to examine the educational myth that permeates society and choose whether or not to perpetuate this mentality.
Yes, college has its place for those who know the EXACT career path they wish to pursue. However, for the mass majority of parents, it shouldn’t come as a surprise when they put their child behind the wheel of a $100,000 car and subsequently crash it.
With rare exception, a person in their late teens or early 20′s is still a child. They have zero idea as to who they are, how they are inherently wired to excel, and what interests they wish to pursue for their career.
If you send your child to college expecting a solid return on your investment, start playing the Lotto. You have a better chance of winning.
It’s imperative we examine the drone-like mentality that pushes ordinarily smart people towards enrolling their child into the four to five year social experiment known as college. With astronomically high tuition costs (not to mention room, board, and living expenses), far too many parents are putting their financial future in harm’s way and making the institutions (or dare I say corporations) rich in the process.
To be clear, secondary education has its benefits. There is a proven correlation between knowledge and income. That said, we can no longer ignore the disturbing facts and objectively explore alternative options towards reaching the same destination.
Consider the following:
1) According to a recent study by Rutgers University, only 53% of students who graduated between 2006 and 2010 are currently working full-time.
Yes, we are in a recession, however, it has become increasingly evident that a college degree does not equate to job security. Further, 50% of those who are employed full-time work in positions where a Bachelor’s degree is not required. Scary.
2) Within 5 years, 87% of college graduates do NOT work in their field of study.
Why? Because 25 is the new 18. As life expectancy rates increase and we complete the transition from an industrialized society to one that is information based, the need to mature (both mentally and physically) slows in relation. Sending a high school student directly to college is a mistake. They’re simply not ready.
College is largely an advanced form of babysitting. Key difference being that, instead of the little angel getting their bottle from mommy, (s)he’s now getting it from the bartender. Is it really a mystery that the result of attending college straight from high school is often that Mom and Dad are broke and junior has a degree in art history with a minor in pre-unemployment?
3) Outdated mindsets continue to drive the educational system.
If you went to college, think back on your own education. When was the last time you used biology, chemistry, algebra, statistics, calculus, or philosophy? Unless you’re an engineer, scientist or teacher, odds are good it’s been awhile.
The average person retains less than 80% of what is learned in 24 hours. The average student loan takes over 13 years to pay off. What’s wrong with this equation?
While there is something to be said for having a broad understanding of our world, students waste 60 – 70% of their time and energy (and your hard-earned cash) on classes they don’t, and won’t ever, use.
The need for ‘General Education’ courses originally stemmed from believing that we must first expose students to multiple subjects so they could then choose which major to pick. (Loud buzzer noise please).
Could this be more backwards? For the student and parent, yes. For the government and institutions that propagate this educational myth, no.
College is a cash cow for the Feds (the spread between the average student loan interest rate and the Feds’ cost of funds hovers around 5 points) and the majority of Division 1 schools are doing just fine thank you.
The average salary of a Division 1 Dean is $253,017. A college graduate? Try $30k… with an average school loan debt of $20,000. Who’s really benefitting here?
So, what alternatives do we have?
1) Send your child off into the world before sending them off to college.
Planning on spending $21,500 this year on tuition (the average cost as of 2010)? Give ‘em $5,000 and a swift kick. Your child will learn significantly more about life, their options, and opportunities being on their own than they ever will being at home or in school. Both are sheltered environments. The world is harsh. Teach them this lesson early.
2) Have them volunteer, join the peace corps, get a job (god forbid), enlist in the military, network. Bottom line – try on a bunch of hats and see what fits.
The time to begin exploring options is when you have zero responsibilities. It never works when the equation is reversed. Encourage your child to soar and cut the rope. As long as they’re holding on to you or the current system, they’ll never attain their desired heights.
3) If, after being out in the world, they become clear on what they’re compelled to do (I call this your WHAT), have them research education alternatives and come to you with a game plan.
There are more options to create an outstanding career than ever before. From trade and vocational schools, to seminars, books on tape, internships, apprentice positions, working your way up through the system, and this new thing called the internet – students no longer need to be strapped to a chair in a classroom in order to gain the knowledge they need to propel their life forward.
And, once they present these options – here’s an idea – have them pay for their education (or at least a solid chunk of the cost). People inherently value what they spend their own money on.
Ultimately, as parents, it is our responsibility to raise adults who contribute positively to our world and prepare them to not only have an inordinate impact on those who share the world with us now, but also those of lifetimes to come. Sure, college in theory makes sense. But it’s not a necessity.
Just ask the employees of Apple, Microsoft, Facebook, Dell, Ford, and so many other companies if they wished their founder had attended, or stayed in, college.
Therefore, we must teach our children how to tap into their inherent blueprint and heed their natural gifts. Then, and only then, will you realize a meaningful return on your investment.
After all, one in every four college graduates still lives with their parents. Odds are good, that’s not the return most parents had in mind…
Steve Olsher is the father of three, author of the 2010 Self-Help Book of the Year, Journey To You: A Step-by-Step Guide to Becoming Who You Were Born to Be, founder of The Reinvention Workshop, host of Reinvention Radio, Co-Founder and Chairman of San Francisco-based Liquor.com and President of Chicago-based real estate development firm, Bold Development. For more information, please visit www.SteveOlsher.com. And, for a no-strings-attached copy of Journey To You, please visit www.JourneyToYou.com
I was thrilled to sit down with Kristin Tews of Personal Best Radio on 1220 AM WKRS on September 20. Maybe I should try comedy? What do you think?
I am honored to have been featured in this month’s edition of The Chicago Egyptian newsletter. As a graduate of Southern Illinois University at Carbondale, it is quite humbling that they chose to write about my story of reinvention given the tens of thousands of incredible graduates they could have chosen to write about. You can view the story here: http://mail.ia.siu.edu/display.php?M=3925687&C=c983a259183aa2bbc6895e51ddceb414&S=1067&L=344&N=385
CHICAGO – Steve Olsher’s debut book, Journey To You: A Step-by-Step Guide to Becoming Who You Were Born to Be, snags 2nd place in the “Self-Help: Motivational” and 3rd place in the “Self-Help: General” categories in the 2011 International Book Awards competition.
Jeffrey Keen, President and CEO of JPX Media Group, said this year’s contest yielded a large number of entries from authors and publishers around the world, which were then narrowed down to the final results.
Keen says of the awards, “The 2011 results represent a phenomenal mix of books from a wide array of publishers. The International Book Award’s success begins with the enthusiastic participation of authors and publishers and continues with our distinguished panel of industry judges who bring to the table their extensive editorial, PR, marketing, and design expertise.”
“I’m honored and very excited to receive these awards,” says Steve Olsher, author. “First-time authors can only hope to receive a wee-bit of recognition for their efforts. To be acknowledged at this level is truly humbling.”
Steve Olsher is the Founder of The Reinvention Workshop, host of Reinvention Radio, and author of Journey To You: A Step-by-Step Guide to Becoming Who You Were Born to Be. He is based in Chicago, Illinois and available for interviews. Copies of the book, excerpts, or book cover image are available upon request.
JPX Media Group is located in Los Angeles and is involved in numerous aspects of the entertainment and publishing industries. A complete list of the winners and finalists of The 2011 International Book Awards are available online at http://www.InternationalBookAwards.com.
Bold Press is a Chicago-based independent publisher that focuses on introducing unknown authors to the public. The company specializes in first-time authors who empower readers to become leaders driven to make a monumental impact.
Steve has been invited to discuss becoming who you were born to be and learning how to discover your WHAT on ABC’s ‘Better Connecticut’ on May 25, 2011.
The show, which airs in the greater Connecticut area on WFSB in Hartford, features tips, tools, strategies and helpful information all designed to help viewers live better, live fully and live with purpose.
Steve will be sitting down with two-time Emmy-award winning journalist, Kara Sundlun, who co-hosts the show and is also the anchor of Channel 3′s Eyewitness News at Noon.
If you’re in the area and would like to attend the taping of the show, please visit and fill out the form shown.
I’d love to have you there!
I’m honored to announce that I have been invited back to Fox TV’s ‘Real Milwaukee’ and, this time, they want me to co-host the show! Woo-hoo!! ‘Real Milwaukee’ is a fun, shoot-from-the-hip morning show (think The View combined with Good Morning America) and it should be a blast. If you’re in the Milwaukee area, please tune in!
Journey To You was recently reviewed by one of the internet’s leading blogs – www.imlivingthethriftylife.blogspot.com.
Melissa had some interesting/positive things to say about the book and discusses how it has helped her get on path to creating her desired life.
Read the review by clicking this link.
Steve to be on Straight Talk with Senator Holland Redfield, Tuesday February 1st at 11:30 am EST. Please tune in if you can!
