Latest / Financial Survival Network / Why Go To College -- Why Go To Night School -- Joseph Reinke #5891

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Why Go To College -- Why Go To Night School -- Joseph Reinke #5891 · Financial Survival Network

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Even with some of these programs that they're coming out pur stuit levels where you
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know you pay for twenty five years as a percentage of your income and the
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laws for game and even if you do that, you're still paying for twenty
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five years. It's still in burden over your head for twenty five years,
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Like, is that something that you really wanted to do? You're going to
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be fifty five years before the staying's gone. You're listening to Carrie Letz's Financial
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Survival Network where you get valuable information you just can't find anywhere else to thrive
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in today's trying times. You need the Financial Survival Network now more than ever.
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Go to Financial Survival and Network dot com and get your free newsletter and
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gift. Financial Survival Network now more than ever. And welcome you are listening
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to watching the Financial Survival Network. I'm your host Carry Lutts. Well,
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hey, nowadays, with the uncertainty of the economy and the just volatility in
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the geopolitical situation, where do you put your money? Where is safe?
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How do you get a return or do you just give up the return for
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safety? Well, our next guest, Joseph Rank, is with us.
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Now did I get that right, Yeah, close, go get it.
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Joseph Raggy is with us. And now normally I get the pronunciation of guest
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name before I say it. I forgot to do it. I was so
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into what he was telling me. Look, if you're in a quandary,
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you don't know what to do, this is the person that you want to
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hear from. Eight. I love the name of his site because it reminds
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me of something else. It's called fit bucks f I t b eux dot
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com. Make sure you go there after the show sign up. He's got
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something for you there. And Hey, if you got a question for John
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or myself, shoot me an email k l at kerry LUTs dot com.
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So Joseph, I should say Joseph, not John, but Joseph. So
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Hey, we're in the midst of a financial hurricane tsunami. Here you where
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you putting your money? So for me personally, I mean I go into
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businesses, so I mean I evenfessed a lot of my own businesses and stuff.
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But for consumers, what I always tell them is, you know,
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manage your risk and read your return will be there. That was what I
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was always taught growing up, and too often times like traditional financial planners and
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stuff. It's like just invest, invest, invest, invest in the market,
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invest in this. And it's like, well, how does that be
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that always be buying right? Oh yeah, exactly right, just buy bye
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bye, but I buy. And it's like, well, how does that
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play with all the other risk in your in your overall profile? So what
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does it look like in terms of what are your your desk that you hold,
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what about your family status, what about your income stream? Is that
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stable? Like all these things play a role and where you should be putting
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your money, and so you know, if you are in like an end
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stable industry, what it's like, Well, then yeah, don't take take
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too much risk, you know, put the money in just cash or whatever
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it is right now, Like you can earn five or set if you have
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short term goals like buying a house or whatever it is, it's like,
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why you take a risk with that money? So to answer your question just
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depends on what the person's goals are. I mean right now, the stack
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market, it's it's one of those things where I could give you odd reasons
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why it's gonna go down. I could give you, you know, a
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couple of reasons why it's gonna go up, No one really knows, but
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it just look at your risk, like in terms of allocations, you got
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to just look at your overall risk to your entire financial profile and what are
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your other goals and then make your decision from there. Okay, so goals,
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you got to start with goals, right, Yeah, everything comes down
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to goals, but realistic goals, right, I mean right to how many
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of you out there, like, hey, I want to be a billionaire
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by the time I'm twenty one. That's not realistic, is no, not
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at all? And we discuss when we build out like financial plans for people,
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we discuss focusing on two primary things. So we talked about, like
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Allocacia, what some of the data that I've done is, I said,
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okay, well, how do you simply break down a financial plan? And
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we break it down to the three categories, like this is my income of
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my day to day money. That's caglory number one. Categlory number two is
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assets in debt, which is like what we call money for future self.
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And then Categulary three is risk management so like insurances and whatnot. And so
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we say, from a high level, really your only goal is to say,
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can I increase how much I'm putting too that second cagulory assets in debt.
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And every year, every time I get a pay increase, can I
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increase that amount? So that way you get away from lifestyle greep and what
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I've found in research and in data that that is way more impactful than like
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compounding interests for examp. So I'll give you one example, like if I
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invest one hundred dollars a year for forty years and make five percent of that
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money, it's gonna be at like three hundred grand by the time at forty
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years. But if I just increase that dollar amount by twenty five dollars a
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year, it's over one point two million. And so that's oftentimes when we'd
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say to people for your long term goals, just every time you get a
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pay increase, start increasing how much money you're doing that second, that second
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category, and then from there's the short term goal. So like if you
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have one goal of saying, hey, like I want to pay off my
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car, I want to pay off stud the goals I want to save for
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a down payment for a house, get your minimals, Like if you have
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a four one K, you know, get the match. That's free money,
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go get it. If you have a raw thyrol to make sure you
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put some money in that. Everything else, go to that short term goal
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and get that one done. Once you get that goal done, go to
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the next one. Get that done, and then the next one, the
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next one, the next one. If you just keep it simple and you
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do that stuff over time, you're going to have a couple million dollars by
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the time to get retiring. That's a good thing. Yeah, that quick
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get a rich quick thing is ways like starting business. It is learning investments.
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But those are full time jobs, wull time careers. So like if
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you want to dive into that, yeah you can do it. But for
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you know, the majority of the population, if we sit there and say,
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hey, this is something that concrete we can do, it's those goals
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and again the big level of high levels moving more money to that second cagalory
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and then focusing on one short term goal at the time. Yeah all right,
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so we like that put the concept of human capital and investing in yourself.
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Now, what I have found myself is every time I've ever invested in
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myself, I reaped huge dividends. But that's not something like the CFA can
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really quantify can you Oh, that is what we're trying to do. So
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what are the big things? So there's this theory and finance that when you
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look at sell one's future income at the risk of that income, that's when
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we talk about financial planning. It dictates that number dictates how much like life
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and surance you have, should you be buying that house or not? How
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should you have your investments allocated? And today, no one's ever been able
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to quantify that risk. And so some of the algorithms that I created as
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I say, look, I'm used to quantifying risk for investments, just stock
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market investments and everything else. Can I quantify this risk for people and their
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income streams? And so that's where we started clipping data on and it's like,
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okay, well, what happens if I want to go out and learn
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coding, what if I want to take at the science class, Like what
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if I want to go get my master's degree? What is the impact not
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only just on an income level, but on a reduced risk level. And
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so we have taken that and have quantified it, and that's how we actually
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you're ever building our AI is off that quantification of human capital analytics Yeah,
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that's mind field. In data. I spent eight hundred dollars on a course
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called the Podcasting from A to Z and I can't even begin to tell you
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the return over the past twelve years, but it's many, many times the
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eight hundred bucks. And I had a discount coupon it was originally a thousand,
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so thinking if it was a thousand, it's so many rewards. So
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obviously, if I was getting a degree in puppetry going for my master it's
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probably wouldn't have had as positive an outcome. So but coding, if you're
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like basically in retail and you learn how to code, you can wind up
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with an eight to tenfold increase in your income within a very short period of
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time, can't you. Yeah, that's correct. That's actually why, like
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I'm in Tampa Bay right now because I'm speaking at a conference on this exact
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topic, because you know, going back to those cabularies that I told you
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about, where cagulary one is like your income minosere expenses, and cadguary two
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is like savings for assets in debt. What all these quote unquot financial gurus
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out there they all talk about is cutting your expenses, but you could only
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cut so much. Like there's a floor of zero. So even if you
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cut all your expenses, that's it. But income it can grow infinitely.
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So these more the more skills you learn, and like you said, you
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spent eight hundred dollars on a podcast that's going to grow infinitely potentially. And
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then I look with like some of these grass schools, like the DOE just
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came out with the report that most graduate studies are not worth the costs.
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It's like, oh, yeah, I could have told you that, like
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the return is on there. Yeah, so yeah, absolutely. Well,
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if you become a professor at a semi prestigious university because you got your English,
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your doctorate in English, it paid a fortune. But you know,
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most people don't even don't even have jobs in the degree the area of the
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degree that they received. I mean, I guess I did it, got
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general business and law. But it's so much different now because my legal education.
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I made it back literally in less than six months. Yeah, but
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that was forty years ago and almost forty I don't make myself any older than
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I need to be. But nowadays, man, I paid a total of
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fifteen thousand bucks for three years of the law school. Maybe, yeah,
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I think I paid fifteen thousand, and that included the various fees. Nowadays
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though they pay a quarter of a million. That's kind of heavy. So
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what about what does your algorithm say about going to a state school as opposed
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to going to an ivy League school. Oh, there's a drastic, drastic
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different especially you know, depending on profession. So I'll give you an example,
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like if you go and get your NBA for all Stanford, okay,
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we will see data that says, okay, like your average undergrad makes about
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fifty grand a year. An NBA from Stanford, it's going to make about
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one hundred twenty thousand dollars on average that graduation. So we look at that
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difference seventy thousand dollars. That's like incremental value. But then if you even
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dig deeper into that data, you will say, okay, well, the
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average NBA salaries only eighty Stanfords one twenty, So it makes it difference.
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But even within Stanford, like those that had less than three years of experience,
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it's not one twenty, it's more closer to eighty. Those that have
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more experience, it's like one eighty. But so that's like an NBA.
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But then you deal with other types of graduate degrees. So like we worked
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a lot with doctors in physical therapy, for example, And it doesn't matter
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if you go to a USC for example, and pay two hundred grand,
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or if you go to a state school. Your income's basically the same.
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It's very very minor, and you're probably gonna be graduating making it about eighty
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thousand dollars a year. And so to your point, it's like, yeah,
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like go to the JC, go to the state school, keep the
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cost down and then it could be worth it. But I literally I talked
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to someone the other day between undergrad at and getting their DPT. They have
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five hundred and fifty thousand dollars in Steward Well and day, oh my gosh,
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we're a job that pays eighty five thousand dollars. That's nuts. Yeah,
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it's insane. And again, a government just came out with the report,
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I think it was like two days ago saying that graduate school is basically
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not worth it anymore because it's not the incomes I'll cover anywhere near what the
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cost is. And it's like, yeah, you're right, like it's very
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expensive. Yeah, And that's why you should go to a community college instead
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of a full blown four year school for year college, and you should overload
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credits and then go to your state school that accepts every credit from community colleges
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in that state, and you could save eighty percent on your income and maybe
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you'll get thirty percent less than somebody who graduates from Yell or Harvard undergrad maybe
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it even be worse. But if you can't pay for it out of pocket,
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then not having that debt, that's a way of lower your costs for
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the next twenty five years, isn't it? That is correct? And even
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as some of these programs that they're coming out for student levels where you know,
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you pay for twenty five years as a percentage of your income and the
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laws for giving even if you do that, you're still paying for twenty five
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years. It's still a burden over your head for twenty five years. Like
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is that something that you really wanted to do? You're ever to be fifty
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five years one of those things gone? Like ebody even have kids and now
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you're taking out loans for them too. Why in Dahl, it's just this
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endless cycle. And I really encourage people it doesn't matter what you're going into
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and even if you don't ever think you're gonna use it. But thin things
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like coding, data science like you said the podcast, Yeah, like learn
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those things. Like you know, I'm not a coder by any means,
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Like I'm more data and I build out altams and higher engineers, but I
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know basic things like Python and HTML and that type of stuff. And just
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knowing that basic information when I walk down the street, the number of business
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ideas that I see that I know that I can hold out just because I'd
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have that basics of information that's what's going to drive are coming through through the
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roof if you're really looking at that stuff. So I encourage agreeing to learn
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that stuff. And it's cheap to learn it too. Hey, it's funny.
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I was just looking at Facebook and I saw a friend of mine who
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was an airline pilot for forty five years. He bumped into a guy on
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his on his way through Newer Care reporter or LaGuardia, and this guy he
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had met like twenty five years ago. The guy sold him a pager,
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that's how long ago it was. And he had a talk with the guy,
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said, you know, you should become a pilot. Man, it's
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great lifestyle, incomes, great opportunities, especially now at the shortage. And
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he bumped into this guy twenty five years later in LaGuardia Airport and the guy
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had was flying off to someplace. He'd become a pilot. Now that's not
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a lifestyle for everybody by any stretch, but that's something that over the years
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has proven extremely well paid, great benefits, great opportunities. And if you'd
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like to travel a way to see the world on somebody else's dime, just
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one example. And you don't need to a college degree to become a pilot,
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although it doesn't hurt. Yeah, yeah, And there's there's a lot
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of degrees like that, So I'll give you an example. Obviously, we
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hire engineers, and I was just talking to our CTO the other day.
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I don't see us really hiring out of universities if we need injury level engineers
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anymore. Much Rather go to the code schools and hire people out of code
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schools, or just hire people that are taught and then give them a test
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to see how much they know or they don't know, and it hire them
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off of that. Just because of what we're seeing when we interview people like
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we actually see better, better people coming out of the code schools. Most
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of the time it's because they have some experience in that quote unquote real world
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already, Like they're they went to old school because they had they were doing
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some other profession and they needed they for some brother exactly, great point.
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Well, okay, but really enlightening your Joseph wasn't kind of like what we
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set out to start talking about. But I think it might be much more
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valuable for you guys out there. Joseph Rankie and the site is fit bucks
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f I tbux dot com. Make sure you go there take a look at
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what he's got. I think you'll be as fascinated as I am. And
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if you got a question for Joseph myself kl at carry Lutz dot com.
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The link to its site is in the show notes to this interview on Financial
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Survival Network dot com. Just click it, it'll take you there. And
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while you're at the site, lease sign up to your free newsletter. Joseph
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A pleasure, Thanks so much. Yeah, thanks for having me, Thanks
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for listening to carry Letts's Financial Survival Network, your solution to today's trying times
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for the latest go to financial survival network dot com. Financial Survival Network now
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more than ever