Let’s look at the facts: the average college student leaves school with $30,000 in debt (according to U.S. News), the unemployment rate increased to 7.2% (up from 4.7%) for 2020 college grads (CBS News), and on average, tuition costs inflate by 8% every year (FinAid).So I wouldn’t blame you for wondering — whether you’re a parent or a just-graduated high-school student — what investments are better than a college degree. I myself am a college-dropout (I’m now 28) who’s built a successful freelance writing business that supports my family and allows us to live in Hawaii — no degree required.A friend of mine, Ryan Dossey (who also dropped out of college and high school), built himself a portfolio of over $8.8 million in real estate assets (with $1.94 million in equity) by the age of 26.
He also has founded two businesses that are doing over 7 figures per year in revenue. How’d we do it?Well, I sat down with Ryan Dossey and we discussed this simple question: what investments are better than a college degree?Here’s what we came up with.Here’s a hack that millennials love — and rightfully so. Get a mortgage to purchase a duplex (or triplex or quadruplex) and pay the minimum down payment possible.
Usually, that’s around 3.5%. Then live in one of the units and rent out the others.Imagine that you purchase a $250,000 duplex — that means you just pay $8,750 for the down payment (far less than most people spend on college).
Your mortgage is around $1,100 per month. And you can rent out the other unit for $1,200 to $1,500 per month. That means you’re living for free and building equity for free.
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