Are you considering going to college? Patrick Bet-David reveals the shocking truth about college and why more than half of graduates don’t end up using their degrees. Whether you’re a student or a parent, this information is crucial in making the best decision for your future. Don’t miss out on this important discussion about the realities of college education.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
So let me preface something before we Get into the episode there's going to be A lot of you upset with me in this Episode because some of you are going to Go talk to your parents to your friends To your counseling to your teacher why Did you make me go get this degree and Some parents are going to watch this Video you're going to send this to your Kids and say why did you major in this And waste mommy and daddy's money Because the underemployed people that Are watching this you're not going to be Very happy you want some numbers here Check this out according to researchers At Labor analytics form burning glass Institute and nonprofit strata Education Foundation they track the career Paths Of 10 million individuals analyzing the Resumés of workers who graduated between 2012 and 2021 within one year 52% of Them after graduating are underemployed Within 5 years 45% within 10 years 45% And if you're wondering what is the Definition of underemployment according To Federal Reserve Bank of New York it Means working in a job that typically Does not require a bachelor's degree so You spend $200,000 $100,000 of your Parents money maybe your own money maybe You got a Sally right now that you're Dealing with making those payments and You have a job right now that has Nothing to do with your degree and guess
What we're going to give you some data Today you know what that data we're Going to give you what data has the Lowest unemployment rate in America Today and a bunch of other things it Definitely makes you question today's Educational system because we were Promised you go get this job guaranteed Pay benefits let me go get a college Degree but that promise is no longer as Accurate as it once used to be today We're going to talk about that in this Episode If you get value out of this video give It a thumbs up and subscribe to the Channel but let's get right into it Parents if your kids are not yet going To college pay attention to this kids if You're watching this maybe you're 16 17 Years old pay very close attention Watch What it says here when it comes out to Major Choice many 18 to 22 year olds Base their major choices on personal Interests rather on labor market market Demand and Supply gaps what does that Mean pursue your passion and Everything's going to be perfect oh my God I love art I'm going to go work at a Museum and I'm going to work as art Person at this Museum making $32,000 a Year but I'm going to love it but I live In New York and oh my God my rent is $4,200 mom how am I supposed to pay this Rent you chose Fine Arts as a major
Nobody told you to do so and by the way Since we're talking about Fine Arts Let's go to the community of Fine Arts The wonderful human beings in America That go and spend $200,000 getting a Fine arts degree I have a couple friends In this industry I'm sure I'm going to Get some uh nasty DMS and text but let's Get into it here we go unemployment rate Of recent college graduates in the US as Of February 2023 by Major what do you Think is all the way at the top fards Got a big lead with 12.1% unemployment Then it's [Music] Philosophy I love philosophy but not as A degree then you have sociology then You got family and consumer Sciences Then you got mass media then Commercial Art and graphic design foreign language Performing Arts public policy and law International Affairs then you got Engineer technology political science by The way every one of these the Unemployment rate is higher than what The unemployment is right now in America And by the way we can keep going the Overall number like the overall at 5.1% Is what the average numberers for Unemployment right so if you go above 5 Want all those Majors the unemployment Is above average of the rest of the Numbers now what's below it okay here's What you'll find business management
You'll find computer science Pharmacy Biology advertising in public relations Criminal justice geography Finance Chemical engineering Computer Engineering even Theology and religion Pays more so think about it I don't know Why Theology and religion pays more but It does chemistry accounting nursing so Now again remember this is not like a Conversation about oh let's laugh at you Because you took that degree or not I'm Not trying to do that all I'm saying is You've done it already it is what it is Okay you've already made the decision You got to move forward this is for some Other people to create awareness but Watch this if we're going to think Logically right okay I want to think a Little bit logically about my career Path and then later on when I make my Money I want to invest into my passion Okay no problem if you can do both You're part of Lucky few but watch this These are the jobs with bachelor's Degrees that have the most job openings Today number one General and operations Manager number two RNs okay number three Software developers four project Management specialist then it's Accountants and Auditors then it's Elementary School teachers doesn't pay That well but there's a lot of openings Then it's management analyst then it's Market research analyst then it's
Personal service managers pays the most By the way $110,000 a year Secondary School teachers so obviously a lot of This stuff that we read about the Average parent is going to sit there and Say let me actually see why I'm putting Money into this degrees is it even worth It or not and kids are smarter today Than before they're looking at College I'm talking to my son one of my son says Dad I'm not going to go to college I Said why not and the other one says I Think I'm going to take a break for one Year and work within a company then I'm Going to decide what degree I want to Get now of course they can change right Now but this is their decision because My other kid wants to go to college no Problem right but they themselves are Talking to their peers and seeing what Decision they want to make watch this According to gallab confidence and Higher education among Americans dropped Sharply from 57% in 2015 to 36% from 57 To 36 Americans do not trust higher Education today so it's wild while we're Looking at all this stuff with college Degrees and a report comes out Pew again Talking about who is most threatened by AI people with more degrees or people With fewer degrees and watch what it Says if you look at this chart right Here it says what shares of workers are Most exposed to AI in their jobs less
Than high school diploma 3% High School Grant 12% some college 19 Bachelors 27% of people with a bachelor's degree Their job can be replaced by AI so what Is what is the point of this how should I strategize if there's ever been an era For you to really think about what job You're going to be taking that's going To be around 5 10 15 20 years from the Or a degree that's going to give you the Right skill sets for that this is the Time to question it the most so the one Topic most people don't want to talk About is trade should I go pick up a new Trade when you look at trade skill Shortage the construction industry faces A gap of 500,000 workers why because a Lot of these Older Workers are starting To retire and there's not a lot of People that want these jobs right so According to Bureau of Labor Statistics The construction industry is projected To add 700,000 new jobs just between 2018 and 2028 but the shortage threatens This grow the application rate for Technical jobs like plumbers and Electrician dropped by 49% just in two Years from 2020 to 2022 and according to Anthony caravale director of georgestown University Center of education and the Workforce America de-industrialized in The second half of 20th century and Education was reimagined to emphasize Seeking foryear degrees and by the way
When you look at this data people think Well there's no way there's money in That 30 million jobs in America today Pay $55,000 a year that don't require a 4year degree but what's the point here Am I encouraging you to not get a degree I got four kids kind of a message is That if the kid wants to go into stem And you're going to do something that's A specialized job that there's a long Lifespan for you to do that job yes Let's entertain it and talk about it but These types of conversations must be had With the kids because I love what Tom Said Tom said look if you want to do This job I'm not paying for the degree There you want to do this degree I'll Pay for that and that's a conversation That parents can have with their kids You want to get this degree I'm willing To fund it for you you want to get this Degree I'm just not going to give you That much money so what if you as a Parent who's paying the money if you're Getting a full right scholarship great They have the choice to pick and choose But if you're going to agree to finance Money yourself you can say I'll pay 100% For this I'll pay 50% for this I'll pay 25% for this I'll pay zero for this you Pick and choose which one you want to go Because my job is to invest into you That's going to give you better rate of Return later on in your life not
Investing to you to go four years and Look at Art and say how awesome it is And four years later after you're done With college spending $200,000 living Off of $32,000 you're saying Daddy I Don't have enough money can you send me $2,000 of money he said what the hell Was this all about what a waste of Investment parents also have to think About having money to retire on so they Don't have to come to their kids and Saying honey you need to support mommy And daddy you don't want that either so There's a predicament going on that this Decision needs to be made look at your Career in the following way what if you Handle marriage the way you handle Career many times what if we're like oh I love him I'm so passionate about him I'm so passionate about her but you know For a fact this marriage is not going to Work out should you get married well What are you saying should I just marry For money no magic first but you also Got to ask the questions because Marriage is more than just oh I love her You got kids diapers cost expenses In-laws will it work how's it going to Be struck there's a lot of things to Marriage outside of just I lover just Like there's a lot of things about the Degree and the career path you take just From I'm so passionate about this thing Here and that's what I'm going to be
Doing so think more about I know it's Stu for the younger generation but that Would be my biggest challenge to you if You got value out of this video give it A thumbs up subscribe to the channel if You've not seen that video that we did On what industry AI is going to be Replacing click here to watch that video Take care everybody bye-bye Bye-bye
