Hello All, One more point I would like to make on the topic. As we all pretty much agree, you donât have to go to college to trade but it can possibly open some doors at a minimum. I will always advise someone to get some advanced education but as some others here show, that is not the only path to your personal success. But as I said before, most everyone is not going to trade their own account their whole adult working life. That means they will at some point work in some capacity or in some form. The world today is much different than even my parentâs generation (I am 35). The days of the average person working without a degree and earning a solid middle class life are dwindling quickly today. In past generations it was possible to get out of high school and work in a factory, mill or whatever and have pretty much anything you want within reason. Lack of Education, arguably, was not as important as today and more importantly, the future. Now, if you are hired by GM, you start at 10-13 an hour and the guy next to you who has worked his whole life is making 25+ an hour doing the SAME job you are. I could not handle that myself. Nor would I want to raise a family on that 13 an hour. So what are your options? You can: take a menial job, work in a factory, learn a trade of some kind, try self employment, join the military, go to college or some combination. Those are your basic GENERAL CHOICES. Those of us over 45 or 50 in a secure environment (which doesnât exist in my opinion) might be able to get away with thinking they still live in the industrial age and not the information age. Those that are much younger do not have that luxury unless they want to work twice as hard for less and less. Change is happening faster and faster, either you learn new skills to keep up or get left behind. The world is more automated everyday. Businesses that used to use tens of thousands now are lucky to use a few thousand. If you do not want or canât learn the skills of the future, whether in college or elsewhere, that is your business. Donât make it mine by having society support the tons of underachievers that are coming down the pike at an alarming rate. Education is more and more important every year that passes us all by. I want every advantage I can get. And those who have a bias against or dislike certain groups; be they college grads, cops, landscapers or whoever are limiting their own options whether they think so or not. I want the best people around me I can get no matter their background. In my generation the middle class will be much smaller than it is now. You will either be moving up or moving down. You can debate or completely disagree with my viewpoint as much as you want but that will not change the reality of the future or the hands of time. The choice is yours. Those who can make it on their own terms, people such as Giles and others, are few and far between. I congratulate them all and hope they enjoy continued success. The fact is the majority will probably have multiple jobs and/or careers. But if you are young or young at heart, make your decisions carefully. Your future depends on it. Good Trading and Best Wishes to all. BM
I am 38, so what's changed so much??? Really? SO explain to me all the degrees with no job??? Looks they are in the same boat you quote... If anything, Opportunities are greater, courtesy of all the downsiing in the 90's REAL ENERGETIC and DRIVEN people learned the joy of consulting... That requires NO college degree. Like Yoda said... There is no Try.. Do or Do not....
The size of the middle class has nothing to do with college education, it has to do with taxation. If everyone who got a degree got rich, the bar would be raised significantly. Middle class is just that- the middle....the average, the median, whatever you want to call it. No matter what there will always be a middle class. Where do you think we get all the taxes from? Sure, everyone can go get a degree, but I promise you that until the U.S. becomes a 3rd world country, there will always be a middle class, the Gummint will ensure this....as the middle class is the life support of this country. They take the middle class money and give it to the poor...rinse and repeat, that's how it works. The only way the middle class would become the "lower class" is because the Gummint took all their money to the point they only could support themselves equivalent to lower class...which is quickly becoming the case.....however there will always be the so called middle class, if only in the form of those who are taxed up one side and down the other. The middle class will continue to exist even if only technically based on their gross annual income.... None of this has any bearing on having a degree. Even in a corporation, 80-90% of success is political. I have seen people with MBA's get shot down because they wouldn't kiss ass or see things the VP's way or whatever you want call it. It's all about following the person who has the money and being political, not really about the degree...it's either who you are friends with or who you are sleeping with for the majority of workers in the corporate world....
It is a sad fact of life. As the old adage goes, it's not what you know but who you know. I won't ever do well in the corporate world because I tend to have a dislike for authority figures. More often than not I get into conflict with a boss. Ironically I have studied politics.
Obviously "who you know" helps, but this has always been the case. It's human nature and this will never change. Nevertheless, if a trader sucks he will suck no matter who he knows. He might be given an opportunity, but will be quickly discarded when sh!t starts hitting the fan. Neither a college degree nor who you know will make anyone a good trader.
Giles, The fact that you are asking what has changed is amazing to me. Let me just start with a few examples that seem obvious: When you (and I) graduated from HS computers were just starting to be mainstream. My first computer was a 10 MEGAhertz processor, a massive 1.44meg floppy, with 128K of ram. This conversation would not be taking place in this forum then. Internet service was 33k if you were lucky. Technology has changed dramatically. Online trading for all intents and purposes did not exist. The INTERNET in its present form did not exist for the masses. The jobs that just the Internet and related jobs adds to the economy that did not exist then is astounding. If you told us when we were kids that in 20 years we could trade from home, on an electronic, level playing field with Wall Street you would have been committed. I could go on but I think I have made my point. All those who have degrees and no job are lazy just like the rest of the people with no job without a college degree. I agree with you 100% on this. But they can find a job that pays well easier than some punk who dropped out of HS or college and said screw school I donât need it. I also agree that opportunities are far greater now than ever before in our nationâs history, for BOTH grads and nongrads. But most people are just lazy and not driven. Period. And letâs face it, most will not survive long term as a consultant or self employed for these same reasons. At the end of the day it doesnât matter whether you agree with me or not nor does it bother me if you think my view is total crap. Run your life as you see fit and I will do the same. We both have different perspectives, that is fine and that is one of the many things that make this country great. Just adding some input for those making these decisions so they weigh differing opinions. Trade. Donât trade. Go to school. Donât go to school. Itâs your life. Enjoy the ride. But no matter what you do, do not blame your success or failure on anything other than yourself and the choices You made. To everyoneâs continued success. BM
Sorry pal, you didn't get my point. Nothings changed. People are still the same... There are the WILL DO's and the WONT Do's That HAS NOT CHANGED.. The message you stated from youngsters today was the same message I heard 20 years ago, and will be heard 20 years from now and so on.... NOTHING has changed.....
Having a degree is a sign of discipline not learnedness. It is often a litmus test by others whether the applicant had enough wherewithal to finish something he started. Actually one can learn about a lot of good stuff in college and still trade if the funds are available. Later in life you might find it useful to show a finished educational reference (i.e. a degree) no matter what that might be.
Reaver, I never said the middle class would disappear just be smaller. They take money from everywhere they can to make up for the underachievers, lower class or whatever you want to call them. And I would also venture to guess that the majority of the middle class or at least upper middle class is college educated. Your right it doesnât have anything to do with a degree and in hindsight I should have left my thoughts on that out. But I respectfully disagree that 90% of your success has to do with politics. Politics certainly has some influence but at the end of the day you are responsible for your own destiny. If someone has a problem with the way things are being run or disagree with policy, you have choice. You can suck it up or leave. And as canuckrookie says who you know can certainly open some doors. I too have a problem with incompetent authority figures. I wish their were some easy answers but the world doesnât work that way. Best of luck to you. BM