What can I do to be financially stable if I drop out of college?

Submitted by Internalbias43 t3_1277tq0 in personalfinance

Context: I have heard tons of success stories of people who dropped out of college and became rich or financially stable. I am a first year community college student,but UC (California University) seems hella expensive for me and I may not be able to withstand the work. If I drop out of college, what should I do to be financially stable?

Edit: I am just asking what I should do in case I drop out of UC, I am still in community college for those of you who are asking.

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84740296169 t1_jed173g wrote

Those are people who dropped out of Harvard. Not Community College.

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Internalbias43 OP t1_jed1fle wrote

I'm not talking about community college. In talking about when I'm in UC.

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dontwantacaraway t1_jed7xrz wrote

Bill dropped out of Harvard to prevent Harvard from seizing his patents. He then was supported by his upper middle class millionaire parents until Microsoft took off. This was also in the 70s so unless you have a breakthrough AI patent you will likely end up working a dead end job making 84% less than your peers.

Now if you want to find a trade I STRONGLY suggest asking around to find someone to job shadow to make sure you don’t end up quitting halfway through trade school. A degree will open up several opportunities, but leaving a degree without a legitimate plan to advance your education and technical training is setting yourself up for a life of misery

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bolozaphire t1_jed1a62 wrote

Don’t drop out. For every rich drop out there are A million homeless

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academictoss t1_jed2n1c wrote

If you’re planning on dropping out of UC, don’t go there in the first place. You’re in community college now, finish up and find a job. Don’t go to UC if you’re seriously considering dropping out before you’re even attending. I’m confused by this whole post. The “billionaire dropout” syndrome is when you have already well-connected, well-established rich kid who already has a business going (with a not so small helping hand from family) while being part of an Ivy League university. 99% of college dropouts do not go on to be wildly successful because the dropped out. Maybe in spite of, or they found something more meaningful, profitable, etc… but this whole “xyz person dropped out of college and became a multimillionaire at 25” story is very bullshit.

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theoriginalharbinger t1_jed1jjb wrote

> should I do to be financially stable?

Find out something that is some combination of (A) Difficult / requires skill, (B) Unpleasant / undesirable, and (C) Necessary

"Diving for treasure" would fulfill A and B, and scooping dog shit would be B and C, but you really gotta tag all 3 to make the big bucks.

That usually means things like plumbing, tile setting, and other skilled vocational work.

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torunmetsfan t1_jed1iye wrote

Spend less than you make, no matter what. Initially you might have to just work a lot of hours at potentially multiple hourly jobs, but long run def look at finding a trade that doesn’t require a degree.. Mechanic, Nanny, orderly, chef, plumber…

But whatever you do, just… spend less than you make

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SupremeEscape t1_jed1ku1 wrote

I was in your position a few years ago. The school work is just grunt work. Nothing should be too challenging. If you find a job and sit through college your future will be easier.

If you think of a good idea or business. Start executing in your free time. You’ll know it’s time to drop out if you have something truly amazing when you start making money or growing more than you could imagine.

Don’t drop out without a successful side gig or business. (Over 100k a year)

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HorizontalBob t1_jed234b wrote

Get a good job. Ideally, that job would require training like a trade. While there are some good job that don't, the likelihood of being replaced by cheaper labor or automation is higher.

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lakehop t1_jed38d1 wrote

You will likely earn back your investment if you take your last two years to go to university. However if you really feel nervous about taking out the loans and don’t want to go on to a four year college, look into courses you can do at community college that qualify you for a decent job without needing to go on to a four year university.

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Hacimnosp t1_jedklp4 wrote

If you want to drop out of school you need to make sure you keep learning. Read books, listen to podcasts and even YT has great content if you look. If you look at all the richest people they are still learning. The successful drop out decided to do it as school was not a efficient use of their time. Most of them already had a plan/opportunity in place before dropping out though.

Find a high paying skill/trade and focus in on it. There’s lots of good jobs out there that will pay you to learn the necessary skills. The. It’s all about leveraging you time and effort.

I’m dropping out of school after this semester also. I have a career already lined up in sales. Last year I make just over 100k and this year I’m on track to make 250k+. I never did sales before last year and I only did it for part of the year. Most of my success came from expanding my knowledge, working with mentors and grinding.

Edit: spelling

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nkyguy1988 t1_jed17w6 wrote

Get a job in an in demand skill, something like the trades. Either that, or invent something that literally changes the world.

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TygarRawrs t1_jed1y6n wrote

  1. can you apply for scholarship/FAFSA/etc.

  2. by "can't withstand the work" do you mean the content is too hard? if so, just park yourself in office hours all day long and remember that c's get degrees (tho it'll prob kill a good chunk of your chance at a masters)

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PlayingWithFIRE123 t1_jed34s1 wrote

If you can withstand the work of college you won’t have the grit needed to be successful. Pick up a trade and start an apprenticeship.

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GlobalDynamicsEureka t1_jed41yv wrote

If you can join the military, they will pay for any school you can get into. You should be able to sign up for 4 years and use your community college credits to rank up immediately (at least in the Air Force). You will learn whatever job you get. You will have four years of experience in that job. You can probably get a job right out of the military. Then you can go to school for free, and they will also pay your housing while you go to school.

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Opportunity_66 t1_jedahmu wrote

Wow! There’s a ton of bad advice in here! I will tell you that running to a job may help you with expenses but it’s unlikely that you’ll find something to cover everything. So that’s the bad advice I’m talking about given you will work your butt off but be dependent on a job that doesn’t pay enough. However, if that’s what you need to do to start on your new journey then do it.

I would start building your resume and your profile based on what jobs you will target. You definitely need a solid financial plan. Cut your expenses as much as you possibly can and see what it will take for you just to live. Then start saving up money even if you have to start with $20 per day. Start a side hustle as well that you will use to fund living expenses and your self investments. You also need to start building an emergency fund.

Next, I believe that everyone should have more than one source of income. This means you’re earning money outside of a regular job (it doesn’t mean get multiple jobs). Start researching the skills you have that you could market. If you don’t have any then research skills that are desirable and ones that people will pay money for. Focus on one skill that you like and learn how to master that skill. Then promote your services, once you earn steady income then learn another skill that will get you paid.

If you do it correctly you will have the skills that will out pace anything that an employer would be willing to pay you. Keep building from there and learning more about how to set your money up to work for you. This way you will be placed in a great position no matter what happens.

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musing_codger t1_jeelcuq wrote

To do well financially as an employee, you have to skills employers are willing to pay for. College is one route. Learning a trade is another. In tech, many people are self-taught.

An alternative is to start your own business.

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