Valuetainment - How Bezos Obsession with Customer Service Built His Empire

00:00:00.000 So let me preface something before we get into the episode.

00:00:02.000 There's going to be a lot of you upset with me in this episode because some of you are

00:00:04.620 going to go talk to your parents, to your friends, to your counseling, to your teacher.

00:00:08.320 Why did you make me go get this degree?

00:00:10.100 And some parents are going to watch this video.

00:00:12.400 You're going to send this to your kids and say, why did you major in this and waste mommy 0.90

00:00:15.900 and daddy's money?

00:00:16.780 Because the underemployed people that are watching this, you're not going to be very 1.00

00:00:20.040 happy.

00:00:20.360 You want some numbers here?

00:00:21.080 Check this out.

00:00:21.760 According to researchers at labor analytics firm, Burning Glass Institute and nonprofit

00:00:25.960 Strata Education Foundation, they track the career paths of 10 million individuals analyzing

00:00:31.940 the resumes of workers who graduated between 2012 and 2021.

00:00:35.900 Within one year, 52% of them after graduating are underemployed.

00:00:40.740 Within five years, 45%.

00:00:42.720 Within 10 years, 45%.

00:00:44.800 And if you're wondering what is the definition of underemployment, according to Federal Reserve

00:00:49.360 Bank of New York, it means working in a job that typically does not require a bachelor's

00:00:55.280 degree.

00:00:55.500 So you spend $200,000, $100,000 of your parents' money, maybe your own money.

00:00:59.280 Maybe you got a Sally Mays right now that you're dealing with making those payments and

00:01:02.000 you have a job right now that has nothing to do with your degree.

00:01:04.680 And guess what?

00:01:05.140 We're going to give you some data today.

00:01:06.160 You know what that data is?

00:01:06.880 We're going to give you what data has the lowest unemployment rate in America today

00:01:10.860 and a bunch of other things.

00:01:12.060 It definitely makes you question today's educational system because we were promised you go get this

00:01:17.960 job, guaranteed pay, benefits, da, da, da, da, da.

00:01:20.500 Let me go get a college degree.

00:01:21.940 But that promise is no longer as accurate as it once used to be today.

00:01:26.860 We're going to talk about that in this episode.

00:01:28.440 If you get value out of this video, give it a thumbs up and subscribe to the channel.

00:01:40.720 But let's get right into it.

00:01:41.740 Parents, if your kids are not yet going to college, pay attention to this.

00:01:44.840 Kids, if you're watching this, maybe you're 16, 17 years old, pay very close attention.

00:01:48.880 Watch what it says here when it comes down to major choice.

00:01:51.380 Many 18 to 22 year olds base their major choices on personal interests rather on labor market

00:02:00.040 demand and supply gaps.

00:02:01.600 What does that mean?

00:02:02.360 Pursue your passion and everything's going to be perfect.

00:02:05.440 Oh my God, I love art.

00:02:07.720 I'm going to go work at a museum and I'm going to work as art person at this museum making

00:02:12.140 $32,000 a year, but I'm going to love it.

00:02:14.600 But I live in New York and oh my God, my rent is $4,200.

00:02:17.740 Mom, how am I supposed to pay this rent?

00:02:21.440 You chose fine arts as a major.

00:02:23.860 Nobody told you to do so.

00:02:25.060 And by the way, since we're talking about fine arts, let's go to the community of fine

00:02:28.640 arts, the wonderful human beings in America that go and spend $200,000 getting a fine arts

00:02:34.540 ticket.

00:02:34.740 I have a couple of friends in this industry.

00:02:36.340 I'm sure I'm going to get some nasty DMs and texts, but let's get into it.

00:02:40.340 Here we go.

00:02:41.420 Unemployment rate of recent college graduates in the U.S. as of February, 2023 by major.

00:02:47.360 One of the things all the way at the top, fine arts, got a big lead with 12.1% unemployment.

00:02:53.440 Then it's philosophy.

00:02:59.420 I love philosophy, but not as a degree.

00:03:02.040 Then you have sociology.

00:03:03.240 Then you got family and consumer sciences.

00:03:05.520 Then you got mass media.

00:03:06.960 Then commercial art and graphic design, foreign language, performing arts, public policy and

00:03:12.000 law, international affairs.

00:03:14.080 Then you got engineer technology, political science.

00:03:16.340 By the way, every one of these, the unemployment rate is higher than what the unemployment is

00:03:20.080 right now in America.

00:03:21.040 And by the way, we can keep going.

00:03:22.260 The overall number, like the over under at 5.1% is what the average numbers for unemployment,

00:03:28.180 right?

00:03:28.380 So if you go above 5.1, all those majors, the unemployment is above average of the rest

00:03:34.000 of the numbers.

00:03:34.440 Now what's below it?

00:03:35.260 Okay.

00:03:35.500 Here's what you'll find.

00:03:36.260 Business management.

00:03:37.280 You'll find computer science, pharmacy, biology, advertising and public relations, criminal

00:03:42.980 justice, geography, finance, chemical engineering, computer engineering, even theology and religion

00:03:48.940 pays more.

00:03:49.680 So think about it.

00:03:50.480 I don't know why theology and religion pays more, but it does chemistry, accounting, nursing.

00:03:55.860 So now again, remember, this is not like a conversation about, oh, let's laugh at you

00:03:59.600 because you took that degree or not.

00:04:00.840 I'm not trying to do that.

00:04:01.680 All I'm saying is if you've done it already, it is what it is.

00:04:03.980 Okay.

00:04:04.100 You've already made the decision.

00:04:05.220 You got to move forward.

00:04:06.000 This is for some other people to create awareness, but watch this.

00:04:08.300 If we're going to think logically, right?

00:04:10.680 Okay.

00:04:10.960 I want to think a little bit logically about my career path.

00:04:13.720 And then later on when I make my money, I want to invest into my passion.

00:04:16.280 Okay.

00:04:16.540 No problem.

00:04:17.000 If you can do both, you're part of the lucky few, but watch this.

00:04:19.560 These are the jobs with bachelor's degrees that have the most job openings today.

00:04:24.060 Number one, general and operations manager.

00:04:26.580 Number two, RNs.

00:04:27.640 Okay.

00:04:27.860 Number three, software developers.

00:04:29.680 Four, project management specialists.

00:04:31.460 Then it's accountants and auditors.

00:04:33.160 Then it's elementary school teachers.

00:04:34.680 Doesn't pay that well, but there's a lot of openings.

00:04:36.400 Then it's management analysts.

00:04:37.720 Then it's market research analysts.

00:04:39.700 Then it's personal service managers.

00:04:41.340 Pays the most, by the way, $110,000 a year.

00:04:43.780 Secondary school teachers.

00:04:45.040 So obviously a lot of this stuff that we read about, the average parent is going to sit there

00:04:48.440 and say, let me actually see why I'm putting money into this degree.

00:04:51.040 Is it even worth it or not?

00:04:52.020 And kids are smarter today than before.

00:04:53.560 They're looking at college.

00:04:54.420 I'm talking to my son.

00:04:55.220 One of my sons says, dad, I'm not going to go to college.

00:04:57.360 I said, why not?

00:04:57.900 And the other one says, I think I'm going to take a break for one year and work within a company.

00:05:01.360 Then I'm going to decide what degree I want to get.

00:05:02.800 Now, of course they can change right now, but this is their decision.

00:05:05.520 Because my other kid wants to go to college.

00:05:08.000 No problem, right?

00:05:08.940 But they themselves are talking to their peers and seeing what decision they want to make.

00:05:12.720 Watch this.

00:05:13.240 According to Gallup, confidence in higher education among Americans dropped sharply from 57% in

00:05:18.640 2015 to 36%.

00:05:20.320 From 57% to 36%.

00:05:22.060 Americans do not trust higher education today.

00:05:25.180 So it's wild.

00:05:25.780 While we're looking at all this stuff with college degrees, then a report comes out, Pew, again,

00:05:29.440 talking about who is most threatened by AI, people with more degrees or people with fewer

00:05:34.600 degrees.

00:05:34.980 And watch what it says.

00:05:35.680 If you look at the chart right here, it says, what shares of workers are most exposed to

00:05:39.920 AI in their jobs?

00:05:41.140 Less than high school diploma, 3%.

00:05:43.140 High school grad, 12%.

00:05:44.600 Some college, 19.

00:05:46.060 Bachelors, 27% of people with a bachelor's degree, their job can be replaced by AI.

00:05:51.580 So what is the point of this?

00:05:53.820 How should I strategize?

00:05:54.780 If there's ever been an era for you to really think about what job you're going to be taking

00:05:57.880 that's going to be around 5, 10, 15, 20 years from now, or a degree that's going to give

00:06:01.140 you the right skill sets for that, this is the time to question it the most.

00:06:04.080 So the one topic most people don't want to talk about is trade.

00:06:08.140 Should I go pick up a new trade?

00:06:09.800 When you're looking at trade skill shortage, the construction industry faces a gap of 500,000

00:06:13.960 workers.

00:06:14.420 Why?

00:06:14.640 Because a lot of these older workers are starting to retire and there's not a lot of people

00:06:18.460 that want these jobs, right?

00:06:19.520 So according to Bureau of Labor Statistics, the construction industry is projected to add 700,000

00:06:24.780 new jobs just between 2018 and 2028, but the shortage threatens this growth.

00:06:29.940 The application rate for technical jobs like plumbers and electricians dropped by 49% just

00:06:35.220 in two years, from 2020 to 2022.

00:06:37.620 And according to Anthony Carnavale, director of Georgetown University Center Education and

00:06:41.960 the Workforce, America de-industrialized in the second half of 20th century and education

00:06:47.460 was re-imagined to emphasize seeking four-year degrees.

00:06:51.160 And by the way, when you look at this data, people think, well, there's no way there's money

00:06:54.080 in that 30 million jobs in America today pay $55,000 a year that don't require a four-year

00:06:59.340 degree.

00:06:59.740 But what's the point here?

00:07:00.760 Am I encouraging you to not get a degree?

00:07:02.360 I got four kids.

00:07:03.180 Kind of a message is that.

00:07:04.160 If the kid wants to go into STEM and you're going to do something that's a specialized job,

00:07:08.620 that there's a long lifespan for you to do that job, yes, let's entertain it and talk

00:07:12.560 about it.

00:07:12.900 But these types of conversations must be had with the kids because I love what Tom said.

00:07:17.020 Tom said, look, if you want to do this job, I'm not paying for the degree there.

00:07:19.940 You want to do this degree?

00:07:20.820 I'll pay for that.

00:07:21.480 And that's a conversation that parents can have with their kids.

00:07:23.800 You want to get this degree?

00:07:24.860 I'm willing to fund it for you.

00:07:25.920 You want to get this degree?

00:07:26.640 I'm just not going to give you that much money.

00:07:28.100 So what if you as a parent who's paying the money, if you're getting a full ride scholarship,

00:07:32.100 great, they have the choice to pick and choose.

00:07:33.680 But if you're going to agree to finance money yourself, you can say, I'll pay 100% for this.

00:07:37.900 I'll pay 50% for this.

00:07:39.100 I'll pay 25% for this.

00:07:40.320 I'll pay zero for this.

00:07:41.260 You pick and choose which one you want to go.

00:07:42.620 Because my job is to invest into you that's going to give you a better rate of return later on in

00:07:47.140 your life.

00:07:47.520 Not invest into you to go four years and look at art and say how awesome it is.

00:07:51.020 And four years later, after you're done with college, spending $200,000, living off of $32,000

00:07:55.600 and saying, Daddy, I don't have enough money.

00:07:57.020 Can you send me $2,000 of money?

00:07:58.300 And you say, what the hell was this all about?

00:07:59.660 What a waste of investment.

00:08:00.880 Parents also have to think about having money to retire on so they don't have to come to

00:08:05.040 their kids and saying, honey, you need to support mommy and daddy.

00:08:07.680 You don't want that either.

00:08:08.500 So there's a predicament going on that this decision needs to be made.

00:08:11.420 Look at your career in the following way.

00:08:13.940 What if you handle marriage the way you handle career many times?

00:08:17.620 What if we're like, oh, I love him.

00:08:19.860 I'm so passionate about him.

00:08:21.160 I'm so passionate about her.

00:08:22.560 Well, you know, for a fact, this marriage is not going to work out.

00:08:24.520 Should you get married?

00:08:25.480 Well, what are you saying?

00:08:26.260 Should I just marry for money? 0.81

00:08:27.860 No.

00:08:28.440 Magic first.

00:08:29.340 But then you also got to ask the questions because marriage is more than just, oh, I love

00:08:33.860 her.

00:08:34.860 You got kids, diapers, costs, expenses, in-laws.

00:08:39.040 Will it work?

00:08:39.940 How's it going to be struck?

00:08:40.760 There's a lot of things to marriage outside of just, I love her, just like there's a

00:08:44.440 lot of things about the degree and the career path you take, just from, I'm so passionate

00:08:48.440 about this thing here, and that's what I'm going to be doing.

00:08:50.100 So think more about, I know it's tough for the younger generation, but that would be my

00:08:53.400 biggest challenge to you.

00:08:54.400 If you got value out of this video, give it a thumbs up, subscribe to the channel.

00:08:57.020 If you have not seen that video that we did on what industries AI is going to be replacing,

00:09:01.220 click here to watch that video.

00:09:02.240 Take care, everybody.

00:09:02.900 Bye-bye, bye-bye.

Valuetainment - April 20, 2024

How Bezos Obsession with Customer Service Built His Empire

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