College student looking for advice

[TNH]

Hello everyone,

I am a new member to this forum, but I do not own an NSX yet. I currently drive a Mercedes CLK 430, but am looking to purchase a 91-93 NSX in the next few months once the CLK is sold. I have been reading this forum for a while to learn as much as I can about your cars before buying one.

I have completed two years of college, basically my general education. Now it is time for me to seriously get into a major, and start thinking about a career. I wanted to ask the members on this forum for advice as to what would be a good field to get involved in. I really don't know what I want to do, I just want to be succesful enough to live comfortably. I know it is a difficult question, but I just want everyone's opinion. I have many older friends that just graduated college with broad majors, and are really doing nothing with their lives at the moment. I don't want to be in that position, I would prefer to have more of a career lined up after school rather than a broad selection of common jobs.

Any opinions are greatly appreciated.

 

[nsxtasy]

Choosing a major does not determine a career, although it does determine a direction. A few specific majors (e.g. architecture) are vocationally-oriented, but most are not.

For most fields, you can major in anything. If you want to go to medical school and be a doctor, everyone thinks you have to major in biology, but the fact is, you can major in music, math, or philosophy, as long as you take the pre-med courses needed to apply to med school.

Major in whatever field you enjoy studying, and don't worry about your career. You can major in anything you want, and still have pretty much the same opportunities upon graduation that you would with any other major.

Find your passion, and then figure out how to make a living from it.

 

[hlweyl]

A bit of advice from me would be that unless the Mercedes was a gift to you, I don't think it is a good idea to buy expensive cars before you complete your education, have a stable job, AND already own a house.

Now as far as a career goes.... what do you really like to do? What interests you? There are so many possibilities at this point. Engineering? Medicine? Law? All are noble professions.... well maybe not Law

I got a degree in Nuclear Medicine 10 years ago and I'm relatively happy. What I do not recommend (i'll probably get flamed for this) is to get a 4 year degree in business only to get out there and try to start your own business. There is such a high failure rate and I've known countless people who have done this only to go into serious debt while trying. Many people start their own business because they want to be the boss and not work that hard. The successful business owners (and there are some on this board) are willing to work very long hours and give 100% of themselves into their business. If you're a little lazy like me , this is not the life for you!

Either way, good luck to you.

 

[PHOEN$X]

It would help if you specified your location in your profile. If you're in India, now's a great time to get into IT and engineering. Not so much if you're in the U.S.

Health care seems like a safe choice, considering the baby boomer generation is getting close to the retirement age.

 

[steveny]

School is a very small factor in being successful. Effort and ambition are far more important. I never completed college. If I had to do it all over again, using the same set of circumstances, I would not change a thing. On the other hand knowing what I know now I would have went all the way and finished for my PhD in finance. Either way I would still work for myself.

 

[Zuerst]

I think I'm an year younger than you, but like you I really don't have a solid idea of what I'm going to do after I graduate. I'm doing EE Pre-Med and my plan right now is work hard and try to get into medical school and if I don't get in I'll have an engineering degree to fall back on. OR if some company offer me some good starting pay and good opportunity for funture development right out of college I may drop the notion of going to a medical school altogether. Who knows maybe after a few years in with, hopefully, some internship, co-op, and/or volunteering in hospital or researches I'll have a better idea of what to do.

 

[ChopsJazz]

Do what you love, the money will follow.

 

[peiserg]

School is a very small factor in being successful. Effort and ambition are far more important. I never completed college. If I had to do it all over again, using the same set of circumstances, I would not change a thing. On the other hand knowing what I know now I would have went all the way and finished for my PhD in finance. Either way I would still work for myself.

I don't follow. You never finished college, which i thought means no B.S. or B.A. or whatever, and you were working on your PhD? Don't you need a BS first before any graduate program will take you into a PhD program?

 

[peiserg]

Find your passion, and then figure out how to make a living from it.

Now that is some good advice..

 

[JAYS NSX]

From a purely practical perspective, I would do a couple of things if I was (which I was in the past) in your position.

***Short Story***
1995 and I am a doorman on 67th and Broadway making $12.00 an hour (but 9k at Xmas ) High school buddy walks up (We graduated in 1991) and inquires as to whether or not I can get him a job. He had graduated in 1994 with a Bachelors in Biology/minor in Chemistry but could not find a job.

Four-year degrees are nice, but they do not guarantee a job!
************

1. Decide how much money you need to make to live comfortably while still saving for retirement. (IMO 5-7k year absolute minimum)

2. See what job/career choices will afford you this salary, see what the cost of entry (degrees, experience) is into these jobs/professions.

3. Get the help wanted ads and look up the job/career of your choice to see who is hiring NOW to get an idea of the job market outlook. This of course may differ 3 years from now, but it is better than nothing.

4. I always recommend a two-year degree that virtually guarantees you a good paying job for those unsure of their future. Nurse, x-ray tech, dental hygienist, physical/occupational therapist(may be more than 2 years).

5. If you can earn a living doing something you are passionate about, you my friend have found the key to happiness. I love my profession and feel that I am one of the luckiest guys on the planet. However, having this wonderful phrase become reality is a truly difficult, albeit pricelessly rewarding proposition.

And the most difficult advice of all......forget the fancy cars until your education is complete. Downgrading to a 1991 Accord and busting my hump in school for 3 years will pay dividends that my children and grandchildren will eventually reap.

Remember, you have to invest most heavily in the only guaranted stock I know, yourself!

 

[len3.8]

I don't follow. You never finished college, which i thought means no B.S. or B.A. or whatever, and you were working on your PhD? Don't you need a BS first before any graduate program will take you into a PhD program?

I would have went all the way and finished for my PhD in finance.

 

[blackcat]

WOW... What a question.... I have some ideas... I am 32 years old and live in Tempe, AZ...

Here is how my life has gone... Graduated from college with a degree in Marketing.

1ST job out of college --- Stockbroker, Dallas TX --- The firm churns clients and new trainees... 20 trainees hired and fired within 5 months... Every two weeks two people eliminated ala Survivor... Trainees are shown Senior brokers making 10k to 15k a month.. We are paid $250 a week to cold call from 8AM to 8PM and work 5 hours on Saturday.

They gave all of our accounts to the senior brokers and hired a new crop of people... I never got to take my series 7 and was among the last two who were fired.. I thought I made it.. How cruel this world can be...

What I learned from this business however slimy is the ability to Strongly sell.. Most business owners have the ability to convince people about their product/service. Work ethic seperated the good from the bad in this business.

Feeling really down about myself, ( realize I am only 21 and naive about the real world, I am still blaming myself for getting fired at the brokerage firm)I hear about commercial real estate in Houston, TX. The job is 100% commission and I make about 25k in about 6 months and I say to myself after taxes what the hell do I have.. I will never get rich... I knew I had 10 times more drive and desire than the next guy but how do I position myself to succeed. Picture this... Single guy, no close friends in Houston, working all the time and realizing it would take me ten - fifteen years to make significant money in Commercial Real Estate. Houston has the worst humidity in the world so I say to myself there has to be a better way.

I end up talking to a friend from Seattle who tells me about working on the crab boats in Alaska and the fish trawlers in Alaska.. He tells me I can make 25 to 60 thousand in 2 months up in the Bering sea... I say NO way and he lets me talk to some of his friends and they go in length about the working conditions and PAY.. I say to myself a life of mediocracy or try the adventure and money... Well being the risk taker I go for the money and promptly call my MOM and tell her that her son is going to the Bering Sea for fortune... She tells me I am a lunatic and say It's my life... I work in 40 below zero weather with twenty to thirty foot waves... The wind chill is something you cannot believe. I say to myself 500 to sometimes a 1000 dollars a day is worth it. I worked among a lot of Russian immigrants and convicts. Hey at least I knew I was only doing it once. in 9 weeks.. I am not very religious but several times I prayed we would make it through the storm.. I end up taking home 35k in 9 weeks.. I knew I had the seed money to start anything i wanted and I could look for a job that I wanted. I decided to get some more business experience and take a job that I could use as a stepping stone later in life.

I get a recruiter and get a sales job in Telecom and end up the top sales rep in Dallas so they move me to NYC. I am the #1 Major markets rep in NYC so they offer me a MGT job in Ft lauderdale. I accept and away I go.. Well managing sales people is a lot like babysitting. I am fed up with the suit and tie corporate BS and realize my 35k saved from Alaska has grown to 80k my the age of 25.Two years in corporate america was enough and I realize my 35 k from Alaska turned into 80k in mutual funds. I have a friend in Phoenix that daytrades for a living making 15k to 20 k a month working a couple of hours a day... However he had two years of trading under his belt. I decide I can do it as well and move to Phoenix and give up the corporate america job, 401 k and steady paycheck.

It takes me a year of big highs and big lows of daytrading... I end up the year with 35k positive..(I turn 80k into 115k) I am bummed out but my friend tells me that I learned a skill. Mentally i am exhausted and put trading out of my mind for 4-5 years... On a side note no limit poker players are crazy. I could never do that.

I start a Prepaid Phone card co and Make money hand over fist... Illegal hispanics buy a ton of phone cards and Phoenix is chock full of them... Well with a carrier back ground I buy equipment and become one of the largest distributors in the USA... Money pours in.... It looks like the movie Scarface with the amount of phone cards we are selling.. 2.5 to three million dollars of sales MONTHLY. I am working seven days a week 17 - 18 hours a day..
I rode this business way up and way down... I made a lot and lost a lot and got out ALIVE... The stock market goes way up and down along the same period. I learned a lot about friends here and lived huge and saw what money can do and saw the pain it creates as well.. Got a real good grasp on how to handle a lot of money. Pressure was big and I went out like a man by paying every one I owed unlike a lot of other people I knew when the waters got rough.. I get out and look for the next idea...

I have a friend that had satellite connections and we decide to partner our connections, capital and strengths to start a GPS business and I can live with the slow and steady growth... i day trade in the AM and make an average of 200 to 300 dollars a day by trading for an hour only... this adrenaline rush keeps me happy... I usually wake up at 7:15 AM and trade till 8:30 am and then go back to sleep until 10 to 11 am.. Get to the office by 11 am or noon and work til 7 or 8 pm. I love this schedule.. I usually go to sleep around 2- 3 AM... Just like college... I am single so no worries or anyone to answer to but myself... I have more FREEDOM so I wonder how can I have the ultimate freedom of having PASSIVE income and not work at all.

I love the bookstore and knowledge in general and I have been reading a lot of the RICH DAD POOR DAD books and learn a lot about work/income and choices people make.. I start a real estate investing company with a close friend and let me tell you what has transpired so far... We buy three properties and one is closing tommorrow.. One is APril and one in August.. The builder has to build them out.. First one already rented and the homes have appreciated 25k... Holy SH#T!!! Two and a half months I can't believe I never invested in real estate earlier.. I own my own home but never gave much thought to real estate..

Last Friday I told my mom this is how my day went ...... I wake up and make $380 daytrading... (45 minutes work) go back to sleep until noon.... Wake up and jump inthe NSX (I usually only drive it on Friday, SAturday and Sunday) cruise about 100 mph down the highway to work (GPS Business)Tell my Sales Mgr he is doing a good job( I don't deal with complaining sales people) I mainly make sure operations run smooth... This is such a good day... All my businesses are growing and I am living on my terms... By the way it took a 4-5 year hiatus from trading to come back and realize I could trade and consistently make money..

My life three to five years from now will be talk to my property mgr every couple of weeks and grow this business so I have the homes doing the work and someone else paying the mortgage while creating me cash flow... i have an exit strategy for my GPS business and I want to spend my time doing stuff I love. Traveling and a life of leisure. I want it bad enough, hopefully fate will be on my side.

If I could give you some advice it would be to

1. Honor your promises
2. Make good connections and hang out with people you can learn from. SHare whatever knowedge you can too..
3. Be BOLD... Take chances but put yourself in a position where you can take chances... Most people are afraid or put themselves where they can't take any chances in life.
4. read, read, read... ask questions and learn from your mistakes....
5. make sure you maintain good credit... this is a big one... ALways pay your bills on time...
6. Bet on yourself... Why live someone elses dream...
7. Plan well and execute better..
8. Hardly anyone has a plan for their life that stays on course.. If life throws you some curve balls you better learn how to hit those as well...

Brian

I realize I may get flamed for this post but I don't give a sh#t. The college kid wanted some different view points and I am expressing mine.

 

[PHOEN$X]

I am not very religious but several times I prayed we would make it through the storm.. I end up taking home 35k in 9 weeks..

Dude, no wonder seafood is so expensive!

Sounds like you've had one heck of an interesting life. You should write a book about it in your spare time.

 

[steveny]

I don't follow. You never finished college, which i thought means no B.S. or B.A. or whatever, and you were working on your PhD? Don't you need a BS first before any graduate program will take you into a PhD program?

If I had gone to college I would have gone all the way to PhD. level is what I was trying to say. This is assuming that I know what I know now not what I knew then.

 

[steveny]

2.5 to three million dollars of sales MONTHLY. I am working seven days a week 17 - 18 hours a day..
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This is what it takes to be successful. I had to put everything aside and work these kind of hours too. I too made a lot of the same type of choices you made. With a lot of effort they all paid off and I retired at 35. However, I am getting ready to start up another business because I am getting bored with trading the market. Its a lot of fun but I really need to do something with my hands. In order to do this I need to sell my NSX and take a lot of risk but it will be worth it in the end because I know that I will put in 100%. Ironically, like you, the business I am going to start up is real-estate. My first business was real-estate maintenance and management so I know the business very well.

8. Hardly anyone has a plan for their life that stays on course.. If life throws you some curve balls you better learn how to hit those as well...
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9. Read Rich Dad Poor Dad

 

[KGP]

Wow

Interesting story Blackcat. I'd say that anyone venturing into the Bearing sea to make a living is motivated.

 

[peiserg]

blackcat, interesting indeed.

From another perspective here. perhaps more mainstream? don't know for sure.

I went to state school (couldn't afford private, doubted i could get in anyways, so never applied), B.S. in Bio with minor in Chem, physics, and calculus. Med school, residency, etc. MOst of the time I can pay my bills pretty well, but I owe a lot in student loans. And I do mean, a lot.

Most people would look at what I pull in per month and say ahh this guy's got it pretty good, but never bother to check the facts... 8 years of pulling 30-40 hour shifts (as in, don't go home, probably don't get to shower, certainly don't get to sleep and this is before you make any money!), the constant worries of being competent when finished, etc. Now, yeah, everyone worries about competency I suppose, but in my particular high risk area if you suck, then you get real good at chest compressions and artifical respiration real fast.. Not quite on par with the guy selling lemonade who worries if he doens't mix in the right amount of sugar that the lemonade won't taste quite right..

One thing i've realized. Not a SINGLE major decision you make in life will be from a fully informed standpoint.. Marriage, kids, career, car to buy, etc.. there's ALWAYS some things you didn't think about before hand, either for better or for worse..

oh, sidenote for blackcat... an extremely attractive blond in my residency spent a summer on the fish-trawlers in alaska during college cause she didn't have a pot to piss in.. her rich friends bowed out after a week, she stuck it out for 3 months.. and she is (by physical appearances anyways) the absolute LAST person you'd expect on a boat in the bering sea in the middle of a freezing storm.

 

[steveny]

MOst of the time I can pay my bills pretty well, but I owe a lot in student loans. And I do mean, a lot.

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Not to hi-jack the topic but this point is something I have thought and talked a lot about lately. It almost seems to me that the cost of an education, the time spent not making money while you are getting an education, could easily be offset by a decent job and a good saving practice.
Say 5 years in school equals 100k in debt. While 5 years at a 40k a years job is 200k in proceeds. Living way below the means and investing 100k of the proceeds one could far surpass the value of a degree in dollars because of the time expired over the five years of earning/saving and not borrowing for schooling which has to be paid back, taking away from future earnings.

 

[JAYS NSX]

MOst of the time I can pay my bills pretty well, but I owe a lot in student loans. And I do mean, a lot.

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Not to hi-jack the topic but this point is something I have thought and talked a lot about lately. It almost seems to me that the cost of an education, the time spent not making money while you are getting an education, could easily be offset by a decent job and a good saving practice.
Say 5 years in school equals 100k in debt. While 5 years at a 40k a years job is 200k in proceeds. Living way below the means and investing 100k of the proceeds one could far surpass the value of a degree in dollars because of the time expired over the five years of earning/saving and not borrowing for schooling which has to be paid back, taking away from future earnings.

I may be missing something, but this does not compute in my head. If I owe 100K after 5 years in school, but make 80K versus 40k, it will only take me a few years to easily surpass the 100k that was invested. In 10 years, I would have significantly more money nested. The following excerpt is an excellent analogy:

Acceleration

Putting all of this into perspective:

You are driving the average $140,000 Lingenfelter "twin-turbo" powered Corvette Z06. Over a mile up the road, a Top Fuel dragster is staged and ready to launch down a quarter mile strip as you pass. You have the advantage of a flying start. You run the 'Vette hard up through the gears and blast across the starting line and past the dragster at an honest 200 mph. The 'tree' goes green for both of you at that moment.
The dragster launches and starts after you. You keep your foot down hard, but you hear an incredibly brutal whine that sears your eardrums and within 3 seconds the dragster catches and passes you. He beats you to the finish line, a quarter mile away from where you just passed him.

Think about it, from a standing start, the dragster had spotted you 200 mph and not only caught, but nearly blasted you off the road when he passed you within a mere 1320 foot long race course.
That, folks, is acceleration.

 

[DocL]

Maybe you should be the one giving us advice.

If you're only in your second year of college and driving a Mercedes CLK 430 and want to get an NSX I don't see the need for this discussion.

 

[steveny]

I may be missing something, but this does not compute in my head. If I owe 100K after 5 years in school, but make 80K versus 40k, it will only take me a few years to easily surpass the 100k that was invested. In 10 years, I would have significantly more money nested. The following excerpt is an excellent analogy:

Compound interest is the most powerful force in the universe, more powerful than a dragster. It can be fashioned to work for you or against you.
If the person working a average job is investing properly those investments will pay the difference between the 40k and the 80k and continue to grow as time goes on. The person at 40k a year has the head start on compound interest. The person making 80k can not save at the same rate because he/she is paying back loans with money that the person at 40k is saving.
Point being that an education, while for some is the only way to get a job, is not always right for everyone. I know now that it may have taken me longer to succeed with an education because of the time spent getting it. On the other hand I would have been more successful with an education because of the connections made through getting it. This is only because of the 110% effort that I am willing to put in to something. I have always felt that an education will NOT determine ones success as greatly as someone's need to succeed. Many people feel that a degree is as good as gold and will guarantee success. To me these people have lost faith in their own ability and are more likely to fail than the person who is willing to work their a$$ off without a degree. With more and more people getting degrees the separation to come will be between those willing to work their a$$ off and those that are not, with or without a degree.

Here is an example
non-college grad saves for 40 years has a 380% return on investment at 4% annually
college grad saves for 35 years because school takes away five years of earning, maybe more because of having to pay back loans takes from savings. this person would have a 294% return on investment at 4% annually.
Keep in mind that the 100% more return is money that did not need to be earned. Its free money.

 

[nsxtasy]

Education is not strictly a dollars-and-cents calculation. Neither is a career choice.

Education is about learning, and about broadening horizons.

Furthermore, for many career choices, a college degree, and for some an advanced degree, is a prerequisite.

Most college-age people do not know what they want to do for a living. Education gives them exposure to a wider variety of areas of knowledge than a job does, and may kindle an interest in something that they otherwise may not have considered.

When you choose a career, you will probably be spending 40-80 hours a week for 20-50 years in that activity. If you enjoy what you do, that makes you a rich man (or woman), regardless of your income level. Just as the knowledge and understanding you achieve through your education also enriches your life.

Those of you who try to reduce this to math calculations of x dollars spent and y dollars made are missing the point - of education, of careers, and of life.

$.02

 

[steveny]

Education is about learning, and about broadening horizons.

I agree 100%

Most college-age people do not know what they want to do for a living. Education gives them exposure to a wider variety of areas of knowledge than a job does, and may kindle an interest in something that they otherwise may not have considered.
[/B]

This is where I was a little different than others at that age. I knew that I wanted to make money immediately.

When you choose a career, you will probably be spending 40-80 hours a week for 20-50 years in that activity. If you enjoy what you do, that makes you a rich man (or woman), regardless of your income level.
[/B]

I could not imagine how bored I would get working the same job for that period of time. To me it would be the equivalent of being imprisoned. Same pay regardless of effort by the hour or salaried position. I like to be rewarded for all my effort. By running your business one is not at the mercy of the boss or lay-offs. IMO owning your own business is less risky than working for someone else.

Those of you who try to reduce this to math calculations of x dollars spent and y dollars made are missing the point - of education, of careers, and of life.

$.02 [/B]

Unless of course what we enjoy doing deals with math calculations of x dollars spent and y dollars made. I so enjoy putting deals together.

 

[Joel]

Blackcat,

I've been to Alaska. Your mom was right, that's CRAZY! But you had to do what you had to do. I bet the times when you get to see the northern lights up in the sky were pretty amazing. They are a fantastic view!

Thanks for sharing your life story. It's interesting where people came from. Most of the time, it's from humble beginnings.

 

[Kroger]

Well as a current college senior I'll give you my advice, and how I went about picking what I would like to do.

At the end of my highschool year I had pretty much decided I wanted to be an engineer. Because of my love of automobiles I felt that my engineering degree would also open up that window of possibly owning an RnD sector etc... for either a distributer or working at some high tech facility... I co-oped at Honda Mfg and RnD here in Ohio, a very great experience.

Another reason I had picked engineering is because it was something different and new to me. My family has been very succesful in life and pretty much do whatever they like and they obtained that from business, but my father didn't go to college and my mom (parents are divorced) she was a chem and zoology major having nothing to do with business. Engineering I felt would be something different learn something else and possibly go towards that goal of owning some sector in the automobile industry.

So thats my story now heres my advice, and I think nsxtasy said it best Find your passion, and then figure out how to make a living from it. if you do that nothing can stop you... the sky will be the limit.

Also the "Get rich quick" think doesn't happen to many let alone all.... ALL great business owners have failed but get back up on their feet becaue they have that drive to succeed.


I have a very high intrest in the market and our economy which has trickled down from the succesful parents. Both have retired almost 10 years ago at a young age of 40 so on that note I rececently started to take classes for my finance minor that will compliment my engineering degree very well.