Latest / Success Story with Scott Clary / Lessons - Is College Worth It? | Jim W. Keyes - CEO of 7/11 & Blockbuster

Transcript

Lessons - Is College Worth It? | Jim W. Keyes - CEO of 7/11 & Blockbuster · Success Story with Scott Clary

• 0:00
  Today's success story podcast is brought to you by Van to now listen up this matters for your
• 0:04
  business and today's digital landscape security isn't optional it's essential without it
• 0:10
  deal stall sales cycle stretch out and scaling becomes really difficult why because investors
• 0:16
  customers partners they all expect businesses to demonstrate strong security practices before
• 0:22
  they commit to anything and if you can't prove trust you lose opportunity so whether you're a startup
• 0:27
  founder trying to lend that first big client or an established company scaling your security
• 0:31
  program vanta helps businesses of all sizes prove they're trustworthy by automating compliance
• 0:37
  across 35 frameworks like sock 2 ISO 2701 and hippa the exact certifications your prospects
• 0:45
  your customers are demanding and here's why you need to pay attention vanta gives you back precious
• 0:49
  time you're currently wasting on compliance their platform automates up to 90% of the tedious
• 0:54
  compliance work and it helps you respond to those endless security questionnaires up to five
• 0:59
  times faster and they also connect you with experts to get your security program running
• 1:03
  immediately in the results they speak for themselves a recent IDC report found that vanta
• 1:08
  customers achieve over 535 thousand dollars per year in benefits and the platform pays for
• 1:14
  itself in just three months so join over 10,000 global companies like Atlassian, Kora and factory
• 1:20
  who use vanta to manage risk and prove security in real time and don't miss this for a limited time
• 1:25
  only my listeners can get a thousand dollars off vanta that's real money back in your pocket
• 1:30
  visit vanta.com slash scott now before this offer expires that's vant.com slash scott for a thousand
• 1:39
  dollars off in this lessons episode we challenge the modern skepticism surrounding formal education
• 1:44
  and it's true value learn why attending the best school you can is an investment that pays lifelong
• 1:49
  dividends discover how fear driven narratives distort perceptions of college costs and debt
• 1:54
  understand how critical thinking not just credentials is the real power of education in an
• 1:59
  increasingly polarized world you know what i think we're doing i think that we have like we
• 2:16
  we put these people that this one entrepreneur that dropped out of school or university or college
• 2:23
  we put that person on a pedestal and then we're like you know what that's going that's going to be us
• 2:31
  and chances are like no offense chances are that's not going to be most people um now i think that
• 2:38
  there is so because there's i also believe that some schools overpriced i believe that some school
• 2:44
  school creates massive amounts of debt having formalized education is good for the right reasons
• 2:49
  but i don't think that hundred thousand dollar per year is required so i like you see what i mean like
• 2:55
  it's like it's good if it could be a little bit uncannadian so i never paid a hundred thousand
• 3:00
  dollars per year for college that to me is that is like post graduate stuff if you wanted to go to
• 3:05
  law school or med school fine but for undergraduate like sort of like getting like the basics down
• 3:11
  um it shouldn't be that expensive so it's it's it's a tough it's a tough balance you have to strike
• 3:17
  because some people i don't think it's smart to go into massive amounts of debt but then what do you
• 3:22
  do because are they going to respect a degree from like a second to your second rate college that
• 3:29
  isn't a hundred that i have no idea i i'm not american so i've never played this game or the system
• 3:34
  before but i'm curious like if you were going to give advice to say your your son or your daughter
• 3:39
  what what career path and assuming that they don't have scholarships where would you say they
• 3:44
  should go what's like the best outcome for debt versus network versus actual education um and all
• 3:53
  the other in silvery benefits you do get when you're in like a formalized educational setting simple
• 3:59
  answer achieve all you can achieve attend the finest school you can get into work your butt off
• 4:10
  to get into the best school that you can get and then go i don't care what it costs go to the
• 4:18
  finest education institution you can or as long as you can because what that will do for you
• 4:27
  is generate and then it will be an investment we're to talk about that investment i'm going to
• 4:34
  talk to you about it from a businessman's perspective which very few people are looking at
• 4:39
  but it is an investment that will pay dividends for the rest of your life
• 4:44
  now let's talk about the cost there's a lot of misinformation and it's dangerous misinformation
• 4:52
  because a kid like me would have listened to this and said well yet i can't afford it and besides
• 4:57
  Peter feel as tell me i don't need to anyway i can just go be an entrepreneur and here's the analogy
• 5:04
  it's like Michael Jordan saying you don't need to go to college just i didn't go go be a basketball
• 5:11
  player look how much money you'll make and some people will look at that and they'll strive for that
• 5:15
  but only one percent will succeed and somebody on and Silicon Valley can say the same thing you
• 5:22
  don't need to just drop on the school just go be an entrepreneur but do you have what it takes
• 5:29
  to be an entrepreneur and if you don't have that base knowledge and you fail as an entrepreneur
• 5:35
  just as if you may try to be a basketball player or you fail what do you have to fall back on
• 5:40
  then what and that's then what that people are taking into consideration that i worry about so
• 5:45
  much so my advice is work as hard as you can and get into the best school you possibly can
• 5:54
  okay let's talk about the price let me get you some math i just read an article in Forbes
• 5:59
  and they talked about the exorbitant price of college education today it's just grown crazy
• 6:05
  with inflation yeah well in nineteen eighty dollars and they use this example in nineteen eighty
• 6:15
  it only costs ten thousand dollars in the room board and tuition just to the map get on your
• 6:21
  on your iPhone and run everything what is ten thousand dollars in twenty twenty three
• 6:29
  it's just straight value of the dollar it's fifty five sixty thousand dollars
• 6:35
  okay wait that's what college costs today so you're telling me it's not any more expense
• 6:40
  than it was in nineteen eighty yeah what do we remember I talked about fear
• 6:49
  and people are scaring people to death they're throwing all this
• 6:53
  a hundred percent because i i'm not even american and i hear i hear enough of this about college
• 7:01
  debt and tuition for me to have an opinion about it even though i never went through the system which
• 7:06
  actually when you say it a lot it kind of sounds a little bit nuts but you you get the second hand
• 7:12
  information it's going exactly and it and it is somebody is afraid of something and they're
• 7:18
  stirring up all this stuff you know maybe somebody had a lot of debt and they're mad about
• 7:23
  there and they're and they don't have a good job in that i'm gonna say that that doesn't happen
• 7:27
  it's not everybody shouldn't isn't cut out for school and not everybody who takes on that debt
• 7:32
  will be able to pay for it but here's the way i look at it as an investor i mean you don't buy a
• 7:37
  business as an entrepreneur you would never ever buy a business based on today's dollars what we do
• 7:44
  as business people as we have an opportunity here's a company i'm going to buy instead of ten
• 7:49
  thousand dollars i'm going to spend ten million dollars you buy this business right what is the
• 7:54
  first thing we do we run a net present value of future income streams that will come from that
• 8:01
  business when we discount it back to today's dollars so why don't we do that when we look at a
• 8:07
  college education no no we either is it just fear i don't know why we don't do that i don't know
• 8:13
  i've never heard that analogy before but it's very correct so it's a business decision maybe
• 8:18
  it's a personal investment that you're making in yourself you're turning yourself into a corporation
• 8:24
  if you will that will have earning streams into the future at future dollar value not at today so
• 8:31
  somebody looks at me say i can't pay a thousand dollars a year i'm going to get out of that i'm
• 8:35
  only going to make fifty thousand dollars a year well yeah but that fifty thousand in today's
• 8:41
  dollars twenty years from now will be two hundred and fifty dollars two hundred fifty thousand
• 8:45
  dollars a year because you have that college education so it's the it's it's like buying a
• 8:51
  business it's no different we would never buy a business any business if we measured the value
• 8:57
  the way we measure a value the value of a college education i just want to take a second and thank
• 9:01
  cornbread ham for supporting today's episode now cornbread ham CBD gummies have been this really
• 9:07
  nice addition to my wellness toolkit i don't use them every day just when i want to win wine after
• 9:12
  those extra busy weeks but they're perfect for those moments when you want to take the edge off
• 9:18
  and just find your balance really just shut off from work now what makes them special is how
• 9:22
  cornbread ham crafts them they only use a flower of USDA organic ham plants that's the best part for
• 9:29
  the purest most potent experience no fillers no artificial fluff just clean full spectrum goodness
• 9:36
  in delicious watermelon berry and peach flavor i keep them in my night stand for those moments when
• 9:41
  i just need a little extra help relaxing and i love how transparent they are too every batch is
• 9:45
  third party lab tests it's you know exactly what you're getting and they put together a special
• 9:49
  offer for all success story podcast listeners all listeners can save 30% off their first order
• 9:56
  just head to cornbread ham dot com slash success and use code success at checkout that's cornbread
• 10:02
  ham dot com slash success code success for 30% off your first order of these amazing dummies
• 10:09
  that's so interesting but it's very it's it's very correct it's very like that that that it's
• 10:15
  very correct um it's simple but you have to simplify you have to get correct yeah no i'm just i
• 10:21
  now you you you got me thinking now but i never thought about it that way yeah uh because all you
• 10:28
  hear are these conversations about like student loan forgiveness and when you hear so many conversations
• 10:33
  about student loan forgiveness then you start to think well i wow that must be like a serious issue
• 10:37
  like that must seriously be impacting people because that's all i keep hearing about so if there's
• 10:42
  such coverage fear news coverage equals fear in most circumstances um if there's such coverage
• 10:49
  about this and that must be something that's really weighing heavily on the recently graduated
• 10:55
  you know us student american student but um i guess yeah that's a very smart way to think about it
• 11:04
  you like that we had heavily on me i thought i'm never it is step back man but i i had confidence
• 11:12
  that if i keep learning and i keep excelling in my job i'm gonna keep getting raises over time
• 11:17
  and that that went away it was shocking at ultimately what an investment that was what a good
• 11:28
  investment now i was arguably probably an outlier in that i leveraged my degree into
• 11:37
  much greater opportunity leading to or just by showing 500 companies so i'm in some ways i'm
• 11:44
  as much an outlier as an outlier into that and that yeah yeah but i mean okay so let's be candid
• 11:50
  you didn't need the salary of ceo fourton five hundred to pay off the bet it's not like that's
• 11:56
  when you paid it off when you are making that much money like you can pay it off at a much earlier
• 12:01
  stage two right like so i don't want somebody to think like well i'm not gonna be see yelling
• 12:05
  that's not the point we're having it's not that um what are some other things that you think we
• 12:11
  have to unlearn about education oh so there's so much to unlearn in today's narrative because
• 12:21
  there's so much bashing of the education um i know there's there's a lot of noise now about
• 12:28
  what what teachers are teaching um what schools are doing again it i encourage everyone to separate
• 12:37
  the fear factor because some of this is motivated by fear i may not like the teachers union so
• 12:44
  i'm gonna bash the teachers union um i'm i may not like uh what's being taught so i'm gonna
• 12:52
  bash the teachers for teaching the wrong things at the end of the day i i do a lot of work with
• 12:58
  public school systems i do a lot of work with post-secondary schools i set a board of two colleges
• 13:05
  these are some of the most conservative people i know that sit on these boards and the idea that
• 13:11
  they would foster an environment not just not just condoned but fostered to um try to
• 13:22
  change the minds of young people is mind boggley i i look at it and i say what are we afraid of
• 13:29
  i think we're teaching people how to think and that's the idea that it i did in teaching them how to
• 13:35
  think we're gonna cause them to question certain things yet when they question them then we
• 13:42
  recoil from that and are afraid of what they're being taught but that is the way that you should
• 13:47
  that is the most useful thing in my opinion that i actually got from from my formal education it
• 13:52
  was critical thinking exactly that's what i got from it yeah thank you it's a whole chapter
• 13:57
  in my book but if you think of where we are as a polarized society we're encouraging critical
• 14:03
  thinking right in school that's the idea so they'll think oh this is a bell curve and you've
• 14:09
  got the extremes on both ends of the bell curve and both of those extremes when you have true
• 14:17
  critical thinking are gonna recoil at what the response might be it could be from the left or
• 14:26
  the right they'll recoil from it and say oh my gosh what in the world are we teaching them
• 14:31
  well we're teaching them to think and and that's what's often missing in this equation so
• 14:39
  again it just you know comes back to this idea of what in the world we're afraid of
• 14:47
  you know it's very interesting because i've noticed a trend with even young families because
• 14:52
  i'm i'm at that stage of my life where we have friends with kids and and growing up
• 14:57
  homeschooling was like never even a thought that wasn't a thing but now i hear that more and more
• 15:04
  and more the people on a homeschool because they're so scared of the education system and when i
• 15:10
  was a kid i mean my mom would look at me like i had three heads if i said i want to be homeschooled
• 15:16
  like she'd be like what are you talking about like shut up and get on the bus and go act like
• 15:21
  irregularly so it's definitely it's definitely um i understand where you're coming from i
• 15:27
  understand i understand why you want to sort of fight back and why you focus on education now
• 15:32
  because you see a world fit like filled with fear it's filled with fear i mean i got you your
• 15:37
  examples are great when i had an uh an assistant i was interviewing and we were talking about the book
• 15:43
  and i said a big part of your job is gonna be uh this book called education is freedom
• 15:48
  and uh and she said well i hope it's okay i i i didn't go to school i said yeah it's
• 15:54
  everyone has a choice as long as you're learning and able to do the job um i'm happy but i hope
• 15:59
  you'll continue learning and she said oh no i believe in education i believe in it so much that i
• 16:04
  pulled my son out of high school and i said what she said yeah i didn't like what they were
• 16:12
  teaching him it was scaring me they were teaching him crazy things um and i would felt that he was
• 16:18
  being indoctrinated and uh et cetera et cetera and so i said well what's going to happen and she
• 16:26
  said well i'm homeschooling her i said okay but is he going to be able to get into college and she
• 16:35
  said now he didn't really care about college okay is he getting to play sports um homeschooling
• 16:42
  he's gonna miss out on football and baseball and things like that she's well you know yeah but there's
• 16:47
  a trade-off and it was for me really hard to hear because i think about that young person and what
• 16:57
  they'll miss what the opportunity they'll miss because they lack that uh the collaboration
• 17:04
  i don't yet the community that they'll they'll get in that school environment and it was
• 17:10
  triggered purely out of fear sadly thanks for tuning in if you found this valuable don't forget
• 17:16
  to hit that subscribe button so you never miss an episode and if you want to dive deeper into
• 17:20
  this conversation check out the links in the description to watch the full episode see you in the
• 17:25
  next one