I take debt personally. I went to one of the most expensive universities in the country and walked out with 25,000 in student loans. Cheap comparatively? Yes, but that’s simply because my family footed the other 25,000 that wasn’t covered by my financial aid/government loan package. Otherwise, I would’ve graduated with 50 grand in loans. Mind you, I also finished school in three years, so it would’ve been even more debt had I taken the traditional four. Education is NOT CHEAP. New York University costs its students an arm and a leg, and I’m fighting to keep both of mine living at home and working a decent paying (wonderful) full time job. Not to mention, I did some galloping around the world for a year that also got charged to some plastic things that I now despise.
Seeing my bottom line: I’m encouraging young people to STOP living beyond your means, STOP taking out (potentially) unnecessary debt, and THINK about any financial moves you’re making…including one that may put a few letters at the end of your name.
Now, before everyone jumps down my throat, preaching the education gospel, I want us to be REAL. I know so many young people who are in school because #1 the economy sucks right now for getting a job or #2 they don’t know what they want to do with their lives yet, so they said “hey, let me just get a master’s.” These days, you’d be lucky if you walked out of a graduate program without (at least) 30,000 in student loans for ONE year. The truth is that there is far less financial aid available for graduate school programs even though there are more LOANS available.
I come from a line of educated family members. I swear to God, I can count on one hand how many people in my immediate family lineage (great grandparents, grandparents, parents, etc.) don’t have graduate degrees. In Black America, this is rare due to our history and struggle. However, I’ve gotten into countless arguments with my family about why I REFUSE to go to graduate school (at least for right now).
First of all, I am uber clear about where I want to go with my career. I’m never going to have one profession or one income source. It’s simple: I’m going to write, I’m going to make films, I’m going to work in (and own) a business, and I’m going to profit off my investments. If I am banking on achieving this type of career at a reasonably young age (thirty-ish), I need to be absolutely sure that investing tens of thousands of dollars into a master’s degree truly will bring me faster success.
No program is going to teach me how to write, I’ve been writing since I was five and my craft only gets better through practice. No school is going to teach me how to make films, since I plan to be on the writing and directing side it’s a matter of picking up a book and maybe taking a FEW classes (which I already took 6 film courses for free thanks to NYU), a whole 30-50K degree is unnecessary. I work in marketing and technology, the overwhelming majority of successful executives and entrepreneurs in this field do not have graduate degrees. So wait, why would I be the one to invest 70K in a business degree? (if not more). It’s one thing if I just had 70K laying around or even 30K laying around to put toward having a graduate degree in my back pocket, JUST in case it may magically make a difference in my future success. Unfortunately, the question that I get from publishers, film investors, and employers are show me your PORTFOLIO aka what case studies (or experience) do you have to PROVE to me that you can sell a book, produce a successful film, or launch an amazing social media campaign. Oh, you have a graduate degree? That’s nice. But that’s icing on the cake, what have you cooked? What are the ingredients up under the cornbread? Basically, we can do without your letters because we’re more concerned about whether or not you can produce a profit from your work.
I am aware that experience always comes through experience and education often is looked at as a way for people to attain new networks. I even look at education as a way to tap new networks. But if I’m already 25K in debt and, as an alum, have New York University’s network at my disposal (a damn good one at that), why the HECK would I invest another 30-70K in an ivy league or prestigious school’s degree. And call me elitist, but I refuse to go to a graduate school ranked less than NYU. It doesn’t make sense to go backwards in this case.
Mark my words, before I put 50K down on another degree, I will be debt free in everything. If the majority of Americans are middle class by income and not wealth (meaning that if they lose their job tomorrow, they’d lose their economic status), I am determined not to be placed in that category. I’ve watched this type of situation go down in my family through this recession and I’ve watched other family members stay afloat because they live BENEATH their “means.”
We need to stop drinking the KOOLAID. Every loan and cent that you take out, you’re going to have to pay back one day. There’s nothing wrong with investing in education, but don’t get excessive with it if you know that it’s truly unnecessary. If you’re going to be a professor, obviously you’re going to need a PhD by job requirement. If you’re going to be a social worker, you’re going to need a master’s by requirement. If you’re going to be an actor…ehhhh unless that graduate degree is paid for primarily by someone else, I wouldn’t be running toward that door. There are other ways to pursue passions.
I think that people would be amazed by how much they could accomplish by adopting a strong hustle mentality outside the classroom. You can still network, grow, and build success without a second (or sometimes first) degree. If we want to create comfort and wealth in our lives, we’ve got to do better with our spending. I’ve already promised myself to be completely debt free by 25 years old with a sexy savings that could lead to a first home purchase or new business launch. Everyone’s circumstance is different and I recognize that I am blessed to be able to live at home, work, and pay off bills. But progress starts with baby steps, and we all could be doing better.
Thoughts?