Dr. Harold Wong
Now that we are in the holiday season, the greatest gift to your kids would be to offer a different path than expensive college so that they can be financially successful.
I met a lady who had settled in Scottsdale, was divorced, and owned five rental houses that took 20 years to acquire. Her son wanted to attend a very expensive school. The cost to attend for four years was $307,044. He wanted to then get a Harvard MBA, and $268,172 was the cost of the two-year program. Her total cost would be $572,216 and would require that she sell three of her rental houses. She asked me what advice I could give to her son.
Let’s examine the research by Thomas Stanley, PhD, who for 40 years has studied how folks become multi-millionaires. On page 34 of The Millionaire Mind is a chart that looks at the Top 30 Millionaires’ Success Factors. The top five factors are as follows: “Being honest with all people” and “Being well disciplined” are tied for #1, “Getting along with people” is ranked #3, “Having a supportive spouse” is ranked #4, and “Working harder than most people” is ranked #5.
In contrast, Ranked #21 is “Having a high IQ/superior intellect,” ranked #23 is “Attending a top-rated college,” ranked #28 is “Investing in the equities of public corporations,” ranked #29 is “Having excellent investment advisors,” and ranked last at #30 is “Graduating near the top of my class.”
Here’s an alternative career path in HVAC (Heating, Ventilation, and Air Conditioning). It costs $15,000 to $35,000 for a two-year associate’s degree or $1,200 to $15,000 to get a certification, which takes 6 to 12 months. In Arizona the average pay is $54,779, and top earners get $74,551. However, my own HVAC tech works for a large company that pays its techs a commission on HVAC sales. He told me that the top HVAC techs earn $150,000 to $200,000+ annually. Four of the top five “Millionaires’ Success Factors” determine how much you earn, with “Having a supporting spouse” being random, given that half of all first marriages end up in divorce.
You can earn even more by starting your own HVAC company. In Arizona there’s a huge demand, given our brutal heat, and HVAC companies don’t have enough workers. You cannot export HVAC jobs to China, and they can’t be replaced by artificial intelligence. Also, Mom doesn’t have to endanger her own retirement by spending $575,216 for her son’s higher education.
Attend my Free Live Seminars: Wednesday, Jan. 22, or Thursday, Jan. 23, starting at 6 p.m. at Hyatt Place, 3535 W. Chandler Blvd., Chandler, AZ 85226. The seminars are followed by a free catered meal. The topic is “Beat Inflation by Saving Taxes and Increasing Income!”
To RSVP for the seminars or to schedule a free consultation, please contact Dr. Harold Wong at 480-706-0177 or [email protected]. His website is www.drharoldwong.com.