How Bezos Obsession with Customer Service Built His Empire
Episode Stats
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225.59628
Summary
In this episode, we talk about why college is no longer working for you and why you should have gone to college. According to the Federal Reserve Bank of New York, 52% of recent college graduates are underemployed within 1 year of graduating, and 45% within 5 years, 45%.
Transcript
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So let me preface something before we get into the episode.
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There's going to be a lot of you upset with me in this episode because some of you are
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going to go talk to your parents, to your friends, to your counseling, to your teacher.
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And some parents are going to watch this video.
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You're going to send this to your kids and say, why did you major in this and waste mommy
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Because the underemployed people that are watching this, you're not going to be very
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According to researchers at labor analytics firm, Burning Glass Institute and nonprofit
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Strata Education Foundation, they track the career paths of 10 million individuals analyzing
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the resumes of workers who graduated between 2012 and 2021.
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Within one year, 52% of them after graduating are underemployed.
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And if you're wondering what is the definition of underemployment, according to Federal Reserve
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Bank of New York, it means working in a job that typically does not require a bachelor's
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So you spend $200,000, $100,000 of your parents' money, maybe your own money.
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Maybe you got a Sally Mays right now that you're dealing with making those payments and
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you have a job right now that has nothing to do with your degree.
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We're going to give you what data has the lowest unemployment rate in America today
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It definitely makes you question today's educational system because we were promised you go get this
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job, guaranteed pay, benefits, da, da, da, da, da.
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But that promise is no longer as accurate as it once used to be today.
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We're going to talk about that in this episode.
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If you get value out of this video, give it a thumbs up and subscribe to the channel.
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Parents, if your kids are not yet going to college, pay attention to this.
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Kids, if you're watching this, maybe you're 16, 17 years old, pay very close attention.
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Watch what it says here when it comes down to major choice.
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Many 18 to 22 year olds base their major choices on personal interests rather on labor market
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Pursue your passion and everything's going to be perfect.
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I'm going to go work at a museum and I'm going to work as art person at this museum making
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But I live in New York and oh my God, my rent is $4,200.
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And by the way, since we're talking about fine arts, let's go to the community of fine
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arts, the wonderful human beings in America that go and spend $200,000 getting a fine arts
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I'm sure I'm going to get some nasty DMs and texts, but let's get into it.
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Unemployment rate of recent college graduates in the U.S. as of February, 2023 by major.
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One of the things all the way at the top, fine arts, got a big lead with 12.1% unemployment.
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Then commercial art and graphic design, foreign language, performing arts, public policy and
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Then you got engineer technology, political science.
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By the way, every one of these, the unemployment rate is higher than what the unemployment is
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The overall number, like the over under at 5.1% is what the average numbers for unemployment,
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So if you go above 5.1, all those majors, the unemployment is above average of the rest
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You'll find computer science, pharmacy, biology, advertising and public relations, criminal
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justice, geography, finance, chemical engineering, computer engineering, even theology and religion
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I don't know why theology and religion pays more, but it does chemistry, accounting, nursing.
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So now again, remember, this is not like a conversation about, oh, let's laugh at you
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All I'm saying is if you've done it already, it is what it is.
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This is for some other people to create awareness, but watch this.
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I want to think a little bit logically about my career path.
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And then later on when I make my money, I want to invest into my passion.
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If you can do both, you're part of the lucky few, but watch this.
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These are the jobs with bachelor's degrees that have the most job openings today.
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Doesn't pay that well, but there's a lot of openings.
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So obviously a lot of this stuff that we read about, the average parent is going to sit there
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and say, let me actually see why I'm putting money into this degree.
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One of my sons says, dad, I'm not going to go to college.
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And the other one says, I think I'm going to take a break for one year and work within a company.
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Then I'm going to decide what degree I want to get.
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Now, of course they can change right now, but this is their decision.
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But they themselves are talking to their peers and seeing what decision they want to make.
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According to Gallup, confidence in higher education among Americans dropped sharply from 57% in
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While we're looking at all this stuff with college degrees, then a report comes out, Pew, again,
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talking about who is most threatened by AI, people with more degrees or people with fewer
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If you look at the chart right here, it says, what shares of workers are most exposed to
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Bachelors, 27% of people with a bachelor's degree, their job can be replaced by AI.
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If there's ever been an era for you to really think about what job you're going to be taking
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that's going to be around 5, 10, 15, 20 years from now, or a degree that's going to give
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you the right skill sets for that, this is the time to question it the most.
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So the one topic most people don't want to talk about is trade.
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When you're looking at trade skill shortage, the construction industry faces a gap of 500,000
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Because a lot of these older workers are starting to retire and there's not a lot of people
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So according to Bureau of Labor Statistics, the construction industry is projected to add 700,000
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new jobs just between 2018 and 2028, but the shortage threatens this growth.
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The application rate for technical jobs like plumbers and electricians dropped by 49% just
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And according to Anthony Carnavale, director of Georgetown University Center Education and
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the Workforce, America de-industrialized in the second half of 20th century and education
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was re-imagined to emphasize seeking four-year degrees.
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And by the way, when you look at this data, people think, well, there's no way there's money
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in that 30 million jobs in America today pay $55,000 a year that don't require a four-year
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If the kid wants to go into STEM and you're going to do something that's a specialized job,
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that there's a long lifespan for you to do that job, yes, let's entertain it and talk
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But these types of conversations must be had with the kids because I love what Tom said.
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Tom said, look, if you want to do this job, I'm not paying for the degree there.
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And that's a conversation that parents can have with their kids.
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I'm just not going to give you that much money.
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So what if you as a parent who's paying the money, if you're getting a full ride scholarship,
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great, they have the choice to pick and choose.
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But if you're going to agree to finance money yourself, you can say, I'll pay 100% for this.
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Because my job is to invest into you that's going to give you a better rate of return later on in
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Not invest into you to go four years and look at art and say how awesome it is.
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And four years later, after you're done with college, spending $200,000, living off of $32,000
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Parents also have to think about having money to retire on so they don't have to come to
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their kids and saying, honey, you need to support mommy and daddy.
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So there's a predicament going on that this decision needs to be made.
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What if you handle marriage the way you handle career many times?
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Well, you know, for a fact, this marriage is not going to work out.
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But then you also got to ask the questions because marriage is more than just, oh, I love
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You got kids, diapers, costs, expenses, in-laws.
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There's a lot of things to marriage outside of just, I love her, just like there's a
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lot of things about the degree and the career path you take, just from, I'm so passionate
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about this thing here, and that's what I'm going to be doing.
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So think more about, I know it's tough for the younger generation, but that would be my
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If you got value out of this video, give it a thumbs up, subscribe to the channel.
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If you have not seen that video that we did on what industries AI is going to be replacing,