You’re not the only one who doesn’t like college. According to the Bureau of Labor Statistics in America, 31.6% of Americans who had graduated high school in 2014 hadn’t enrolled at a college or university before spring 2014.
A college degree may lead to higher-paying jobs that can provide financial security. However, it doesn’t guarantee financial success.
Continue reading to discover three ways you can still make big bucks without a college education.
- 1 1. Leverage Compound Interest
- 2 2. From Now You Have to Start A Business
- 3 3. Pay attention to your wallet
- 4 4. Make a Product
- 5 5. Renting Your Assets
- 6 6. Marry The Millionaire
- 7 7. Increasing Knowledge by Read
- 8 Top 5 Millionaire Success Stories Without a College Degree
1. Leverage Compound Interest
There is no better strategy for wealth building than investing early and leveraging many decades of compounded annual return.
Let’s take Mark and Jim as an example.
Mark didn’t go to college but he did work from the age of 18 and was able to invest $2,000 each year in investment for 47 years until he reached 65.
This investment generated a hypothetical 8.5% per annum and gave him a $1.06million investment portfolio when he retired.
Jim attended college but was burdened with student debt that made it difficult for him to invest in his future. Jim finally put $3,000 in the same investment Mark had used at 26.
He then added $3,000 each year until he reached age 65. Jim had a portfolio that was only $814,790 when he retired, even though he invested half the amount as Mark.
Mark didn’t have a college degree and ended up with a larger portfolio than Jim. It’s compound interest.
This is interest that is added to investments that earn interest over time. Mark began investing at a younger age than Jim.
He earned years of additional interest, which over the years resulted in nearly $200,000 more portfolio value.
Jim and Mark have taught us that investing is more about when you start investing than how much.
2. From Now You Have to Start A Business
People without a college degree are often the ones who start businesses. People who study trades in order to become electricians, heavy-equip operators, or plumbers are all examples of high-paying jobs with great potential for small business owners.
The average plumber in the United States earned $53,820 per year in 2013, but many others earn more.
A person who earns this much money can take advantage of the retirement plans offered to business owners such as the simplified employer pension or SEP-IRA plan. They can then accumulate a lot of money over the course of a career.
The average person can put 25% of their annual compensation or $52,000 into a SEP IRA in 2015. A plumber who is self-employed would save 25% of the hypothetical $53,820 per year to invest in a SEP-IRA in 2015. This would leave him or her with a portfolio worth $3.65million, surpassing both Jim and Mark’s savings.
3. Pay attention to your wallet
While most Americans struggle to stay debt-free, few things can have such a big impact on your finances as cutting back on spending and avoiding any debt.
As of this month, the average American household has more than $32,000 in student loans and $15,706 in credit cards. This means that thousands of dollars go to interest and principal that could be invested.
Even though most Americans don’t have a college degree, it is possible to benefit from being able to save money to pay down any debts.
Small daily expenses can add up over the course of a lifetime. This means that it is important to carefully review every dollar in your monthly budget. You can save money by buying a used car instead of a new one, cutting your cable to cut costs, and quitting high-cost vices like smoking.
Consider this: A study by WalletHub found that smoking a pack of cigarettes a day for five decades can cost the average smoker over $1 million. This is a huge amount of money.
4. Make a Product
Everyone talks about selling Kindle books or digital books to make money, but there are many more. There are a lot of premium products on the Internet, both for individual journals or corporate sites. Gumroad sells music and books as well as programming and movies. And that’s just the beginning.
Vendors can reap the benefits of any valuable or engaging material. Before you start offering anything, think about how to reach out and open up new opportunities.
Talk through your interaction while filming your next workshop. Hire a video editor manager to edit the final outcome. Then, transfer it to Gumroad to make an additional income stream.
5. Renting Your Assets
Leasing your possessions could allow you to make a lot of money. Some people won’t be able to handle pressure washers or power tools, so you might have to lease your possessions for at most one day. You could, for example, buy a fun castle and rent it out to others at a fee.
Then, you should reinvest any money you have made into the business to purchase more fun things, etc. This is how one small rental can be the first step to a profitable business. This is tied to building a millionaire mentality.
6. Marry The Millionaire
Weddings with the RICH are the easiest and fastest way to become a millionaire. There are more than 15 million tycoons worldwide, with over 2,000 being very wealthy. It is becoming more common for people to marry rich.
Many young women and men are happy to marry someone who is more financially secure. This may seem like a great opportunity, but you must still manage the person consistently. Imagine what your daily routine would look like if you were to have a friendship with someone you don’t know.
7. Increasing Knowledge by Read
Many college courses require a lot of reading. You can access everything you need, from textbooks and research papers to the daily news from professionals, for free. You can get a library card at your local library and order the books you need. Or search online.
You can search for your specialty area to find a list of books. There may also be used books available in your local university bookstore, which you can access even if you are not a student.
Top 5 Millionaire Success Stories Without a College Degree
If you do not believe in people that can’t succeed without going to College, you need this in deep attention.
1. Bill Gates
It is hard to believe that such a bright man was a Harvard dropout. Bill Gates was 13 when he became interested in PC programming. He spent his first $20,000 on a PC program to observe Seattle traffic patterns with Paul Allen, Microsoft’s prime supporter.
Five years later, the two created the global programming organization. Forbes reports that he is the richest man on earth with $129 billion in assets.
2. Steve Madden
Steve Madden attended the University of Miami briefly, but he returned to his hometown New York immediately after his father stopped subsidizing his schooling due to his carefree lifestyle.
Before he started his own business in 1990 with $1,100 in his bank account, he worked for a variety of footwear companies.
Anger now has a fortune worth $300 million. He has also made his footwear brand a lifestyle brand that offers attire and other extras.
3. Mark Zuckerberg
Mark Zuckerberg was still in secondary school. He co-created a Winamp module to create redid playlists. To go to school, he turned down offers of employment and launched “The Facebook” in his Harvard apartment in February 2004.
Zuckerberg was inspired by the success of the interpersonal interaction site and decided to leave school to lead the stage. Forbes estimates that the tech giant, aged 36, is worth $105 billion.
4. Simon Cowell
Simon Cowell left school at 17 after being expelled from various organizations for his bad conduct. He worked his way up in the music industry, becoming a producer and A&R expert. In the end, he founded the now-defunct Fanfare Records.
Cowell was later appointed as an authority on “Pop Idol,” a British talent show. This led to raving success like “American Idol.” Cowell’s total assets are $600 million.
5. Larry Ellison
After leaving two colleges, Larry Ellison relocated to Berkeley, Calif. where he learned fundamental computer skills in a variety of positions.
In the end, he was looking for work as a programmer at Amdahl and established Software Development Labs along with two colleagues.
They also reached an agreement to create a data administration framework called Oracle. The other benefactor of the global tech organization has amassed $73 billion.