From a speech given by Jeff Bezos to a graduating class: After deciding to go out and make an on-line bookstore: "I was working at a financial firm in New York City with a bunch of very smart people, and I had a brilliant boss that I much admired. I went to my boss and told him I wanted to start a company selling books on the Internet. He took me on a long walk in Central Park, listened carefully... [more]
From a speech given by Jeff Bezos to a graduating class:
After deciding to go out and make an on-line bookstore:
"I was working at a financial firm in New York City with a bunch of very smart people, and I had a brilliant boss that I much admired. I went to my boss and told him I wanted to start a company selling books on the Internet. He took me on a long walk in Central Park, listened carefully to me, and finally said, "That sounds like a really good idea, but it would be an even better idea for someone who didn't already have a good job." That logic made some sense to me, and he convinced me to think about it for 48 hours before making a final decision. Seen in that light, it really was a difficult choice, but ultimately, I decided I had to give it a shot. I didn't think I'd regret trying and failing. And I suspected I would always be haunted by a decision to not try at all. After much consideration, I took the less safe path to follow my passion, and I'm proud of that choice."
In that day/age student debt was lower and also extinguishable with a bankruptcy.
I don't know if Jeff Bezos had any or not. But someone who has $150k-200k (or more if they have from both grad and undergrad) would be even less likely to make Jeff Bezos' decision. And if they have non they could even go out and borrow some as personal loans.
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Response by nyc10023
almost 16 years ago
Posts: 7614
Member since: Nov 2008
Av: I graduated with no student loans and 10k in the bank (IRAs). I will always be haunted that I am ultra-practical and didn't go for the higher-risk, big-loan path.
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Response by nyc10023
almost 16 years ago
Posts: 7614
Member since: Nov 2008
My parents paid for the first 4 months of college, and I paid for the rest (tuition + room & board).
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Response by AvUWS
almost 16 years ago
Posts: 839
Member since: Mar 2008
I am curious. A high-risk big-loan path in education?
I am all for high-risk, but as to the loan, borrow it and start a business with it. You will learn more from running the business than you would in your first 5 years in a cubicle at an IB or biglaw firm.
You might end up losing the $ or you might end up successful (or you might end up somewhere in the middle, or selling the company for a moderate amount, etc. etc.). You might still create a vast network of contacts. Play your cards right and you can still go back to business school or law school after. But you will have the freedom to make those choices.
Don't we all know people in law who would quit if they could afford to? I know I do.
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
"I will always be haunted that I am ultra-practical and didn't go for the higher-risk, big-loan path."
I'm not haunted that I did. The $$$ differential paid the loans off in 2 years, and its now mine forever...
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Response by nyc10023
almost 16 years ago
Posts: 7614
Member since: Nov 2008
Av: I don't want to get into it here for reasons of privacy. I shouldn't say "high-risk". But I've always chosen the lower-risk path. Super practical low-cost undergrad, free grad school. If my parents had paid or if I'd been bolder, I would have chosen a different major, different grad school and gone into debt for it.
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Response by bob_d
almost 16 years ago
Posts: 264
Member since: May 2010
This anecdote doesn't tell us much. Jeff Bezos went to Princeton, and now he's a billionaire. To whomever you think you are giving advice to (I doubt that many 17-year-olds are reading a real estate forum), there is no useful information here for them.
"You will learn more from running the business than you would in your first 5 years in a cubicle at an IB or biglaw firm."
A graduate of some bogus state school is not going to have the opportunity to run a business.
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Response by nyc10023
almost 16 years ago
Posts: 7614
Member since: Nov 2008
Exactly, bob_d. Who's to say that Jeff Bezos was inclined to be a risk-taker because he went to Princeton?
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
Bill Gates also went to harvard (at least for a little while). Did it make him the guy he is? Probably not.
But if you went to state U, you never got to be his classmate. Or the classmates of a lot of other people who you can learn from or get an opportunity from...
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Response by somewhereelse
almost 16 years ago
Posts: 7435
Member since: Oct 2009
"You will learn more from running the business than you would in your first 5 years in a cubicle at an IB or biglaw firm."
You'll learn different things about doing different things. Apples and oranges. Going IB or biglaw is going to offer some HUGE opportunities for many people.
But this isn't exclusive. Harvard man can do either. State U man probably can't do one, and is at a disadvantage at the other.
Having started some businesses myself, the opportunities that a good network can open are incredible. Many businesses in teh start up mode will have their success defined by one or two big opportunities - whether contracts, or fantastic hires, or something else of the sort.
Av: I graduated with no student loans and 10k in the bank (IRAs). I will always be haunted that I am ultra-practical and didn't go for the higher-risk, big-loan path.
My parents paid for the first 4 months of college, and I paid for the rest (tuition + room & board).
I am curious. A high-risk big-loan path in education?
I am all for high-risk, but as to the loan, borrow it and start a business with it. You will learn more from running the business than you would in your first 5 years in a cubicle at an IB or biglaw firm.
You might end up losing the $ or you might end up successful (or you might end up somewhere in the middle, or selling the company for a moderate amount, etc. etc.). You might still create a vast network of contacts. Play your cards right and you can still go back to business school or law school after. But you will have the freedom to make those choices.
Don't we all know people in law who would quit if they could afford to? I know I do.
"I will always be haunted that I am ultra-practical and didn't go for the higher-risk, big-loan path."
I'm not haunted that I did. The $$$ differential paid the loans off in 2 years, and its now mine forever...
Av: I don't want to get into it here for reasons of privacy. I shouldn't say "high-risk". But I've always chosen the lower-risk path. Super practical low-cost undergrad, free grad school. If my parents had paid or if I'd been bolder, I would have chosen a different major, different grad school and gone into debt for it.
This anecdote doesn't tell us much. Jeff Bezos went to Princeton, and now he's a billionaire. To whomever you think you are giving advice to (I doubt that many 17-year-olds are reading a real estate forum), there is no useful information here for them.
"You will learn more from running the business than you would in your first 5 years in a cubicle at an IB or biglaw firm."
A graduate of some bogus state school is not going to have the opportunity to run a business.
Exactly, bob_d. Who's to say that Jeff Bezos was inclined to be a risk-taker because he went to Princeton?
Bill Gates also went to harvard (at least for a little while). Did it make him the guy he is? Probably not.
But if you went to state U, you never got to be his classmate. Or the classmates of a lot of other people who you can learn from or get an opportunity from...
"You will learn more from running the business than you would in your first 5 years in a cubicle at an IB or biglaw firm."
You'll learn different things about doing different things. Apples and oranges. Going IB or biglaw is going to offer some HUGE opportunities for many people.
But this isn't exclusive. Harvard man can do either. State U man probably can't do one, and is at a disadvantage at the other.
Having started some businesses myself, the opportunities that a good network can open are incredible. Many businesses in teh start up mode will have their success defined by one or two big opportunities - whether contracts, or fantastic hires, or something else of the sort.