Is University a Scam?

Is university a scam?

Well, I wouldn't have said that. I'd have said it's outdated. But I feel the more and more it gets exposed for what it's creating, I would probably say it is a scam now, because, for example, I've got some stats here. The average student debt leaves university with £45,000 in the UK, but then they only come out with a job at 29,699, 15 months after the degree. So if the average degree is four years, it's three to five. Four years, get 45 grand in debt, wait 15 months and then you can start earning 30 grand. Whoa, that sounds a bit like a scam. And you know, in the creative arts, people earn more information if they didn't go to uni. And in the jobs where you get the highest uplift, you only on average earn maybe five, eight grand max a year more if you went to university, as if you didn't. But of course you're getting yourself in lifetime of debt.

What's the average salary like 25ish of somebody in the UK?

Well, why don't you have a look? Yeah, so the average salary is 33 grand in the UK, you go to university for three to five years, you get 45 grand on average in debt, and then your job 15 months later is 4 grand less than the average salary. Hello.

Joe. It's funny, those people always say, oh, you know, getting starting a business, why did you do that? It's risky. Or why are you paying for that? Course you know it's going to be a scam. But you might pay two grand for a course on, let's say, property investing or somebody want to be an entrepreneur and you go into business and learn pretty much everything you need. Obviously things change and there's accountability, but the majority of what you need really could be learned in three to five days, not three to five years for.

A couple of grand from someone who's actually made money.

Yeah.

Do you know, in the BBC there's a lady that said, I didn't go to college, I dropped out age 16. Now I'm a university lecturer. I mean, that sums up everything about the uk. And actually have a look at this. What's the average salary of a university lecturer? You can have a look at that too, David, who's going to go quickest? The average salary of a university lecturer?

Apparently it's 35 to 50,000. You'll typically earn around 40,000.

Okay, so the average salary for a university lecturer is 40 grand. One of the things you can learn in university is finance and business. So the average lecturer lecturing you on finance and business in uni makes 40 grand a year.

Sign me up. You yet?

They're teaching me business. Doesn't make any sense. I often make more than 40 grand in a day and I am an entrepreneur full time. How can you be an entrepreneur full time and a lecturer? You can't. If you're a lecturer, you're lecturing on the thing, but you're not doing the thing. So actually I would argue it's better to learn from an entrepreneur who's made money and pay a few grand to do a course or be mentored by them than it is to get a business and finance degree in university. Also, let's say you waste five or ten or fifteen grand in becoming an entrepreneur yourself or self teaching. Well, it's not as much as 44,940 in debt that you pay in college or university. And that's the average, by the way, the record is nearly $300,000. There's one guy who spent nearly $300,000 on college education.

Are there any circumstances you think it makes sense for people to go to university?

Yeah, to be a doctor, a dentist and a lawyer. It makes sense because they're probably not as easy to self teach. And I do warn people, be careful when you self teach. Self teaching how to fly an airplane, probably quite dangerous and saying, oh, don't worry about college, just give me the knife, I'll just start cutting, you know, for your surgery. So very practical, high risk vocations. Probably fine to go to college and get a degree and you're probably going to earn more than if you didn't. But business, entrepreneurship, marketing, content creation, influencer, E commerce, setting up your own agency, being a podcaster, YouTuber, creator, you name it. Way better starting when you're 15. I mean, Daniel Bitten, have a look at him. Daniel bitton. He earns 100 grand a month doing faceless content on social media. So you know, you see those YouTube channels or Instagram channels where they're often just visuals and quotes and voiceovers. He does 100 grand a month on faceless content on social media. Age 17.

That's insane.

Now you're not going to college and getting a degree or what shall I choose at university? Faceless YouTube content make a hundred grand a month. You're just not going to learn that kind of stuff because it's not been going long enough. You're not going to get a proper education on AI, E commerce or social media or content creation or really much online at uni because it's all outdated and old. This recent budget should warn you that your pension is not safe and secure and they're coming for your inheritance. Do you even know how much is in your pension or where your pension is invested? Add to this the recent inheritance tax grab on your pensions and the risk of a market crash. You probably didn't know this and I didn't until recently, but physical gold can be added to your pension pot. Gold is inheritance tax free and has grown 700% in the last 20 years. You probably know from my content I'm investing heavily in silver and gold and that's why I've partnered with Direct Bullion. Myself and Nigel Farage are brand ambassadors and direct bullion can help you with gold to protect and grow your pension. I buy my gold and silver from direct Bullion and I don't earn any money on any purchases of gold or silver if you buy direct from Direct Bullion. So if you go to robmore.directbullion.com you can get a great price on your silver and gold and you can get the Pension Gold Investing guide completely free, for free. As you know, I don't do many strategic partnerships and when I do I do them with people who are credible, who've been doing it a long time, who invest in things that I invest into and gold and silver's going wild. I'm investing heavily in gold and silver and I recommend you check out robmore.directbullion.com.

I think with social media as such, really 2010 really been around pretty much since about 2010. A lot of the jobs sort of have come in the last 10 years, so no one's really done it long enough for that information to trickle down to universities. If you do marketing, they don't really touch on social media at all. We're both in podcasting. There's nothing in universities around podcasting at all. You've been doing it since 2016, but it's got really popular since COVID Really, you were really early to that. So none of this information is even in the syllabus yet.

And imagine how long it would take to change the syllabus in the school system, how much bureaucracy, how many layers of management it's got to go through. Whereas an entrepreneur can do something, make it work, and you can learn from them within weeks or months of them making it work. And marketing content, social media changing all the time. So you. Yeah, the thing as well with university that makes it A scam is that the system wants you for debt, interest and taxes. So the more in debt you are, the more you've borrowed from the system, which means you owe the system masses in interest and it means you don't have the autonomy, the freedom and the money to go and start your own business. So going through college gets you trapped by them because you get into debt for and from them. So I did some more research here and it can take 30 years to repay a student loan and you can pay up to 11 grand a year in interest payments on your student loan, because what they do is they charge you more the more you earn and you pay less and over a longer period, the less you earn. And it's a ratchet system. So you can either be paying a student loan debt off for 30 years, which basically means for most people into retirement, or if you earn all right, you're going to be paying 11 grand a year back. And that's just the student loan element, that's not the living cost element, because most people can't afford to live, so they're going to have to get loans just for rent. The average rent in the UK is £15,312 a year.

How much?

£15,312 a year. So someone goes to college. Oh, the average person, a student, spends £219 a week on basic expenses. Why would you do any of this? Why wouldn't you just live at home with your parents and start an E commerce business or a content business, or a social media business, or an agency online or a content editing business or an AI business or, you know, transcribing an editing business?

Why?

Why would you do all this now? The reason the education system hasn't evolved is because the more in debt you are to it, the more money you earn for it in interest, the less freedom and autonomy you have. Therefore, you have to do what it tells you. And you pay tax first. So when you're employed you pay. Well, actually you pay your student loan first, then you pay tax, national insurance, and when you add all that up, on average that's about half your salary. And then when you buy things, there's sales taxes put on and some things, there's multiple taxes. Do you know there's five kinds of tax? When you buy a car, in alcohol, I believe there's two kinds of tax and most of what you pay in alcohol and gambling cigarettes is like 80 tax. So just round that down to 20. So 50 of what you earn is tax and then 20 of what you Spend is tax. So right there you're probably at 60 of everything in tax, which means six hours out of every 10 you work, you're working for the government, four hours out of every 10 you work, you're working for yourself and your family. I mean, that is shocking. 60% of your waking working life. So if you work for 30 years, 18 years, you're working for the government, 12 years, you're working for yourself. That's why university is a scam.

That's a really miserable way of putting him.

That's why I teach people how to be entrepreneurs. That's why I'm on a mission to help as many people on this planet get better financial knowledge. Because the greatest thing about being an entrepreneur is you pay tax last and you pay yourself first. Freedom is great, autonomy is great. The single best thing about being an entrepreneur should pay yourself first. Because if you think about it, the work you do, you should pay yourself first because you did the work. Yeah, but you know, when you get a pay slip, it's, it's almost like those game shows where you lose and it goes, here's what you could have won to make you feel you could have won a million pounds, you won a tenner, you want a scratch card, well, you get your pay slip, here's what you could have earned, but, oh, you paid 40% in tax or 45, do you know, in the bracket between 100 and 125 grand, you pay 60% in tax in this, the UK, here's what you earned, here's what you've got left. As my dad used to say, four fifths of fuck all.

So what's the benefit then? So I obviously. Of what? I obviously know how you feel about university, but if we was going to steel man, the opposite argument. Let's say, for example, your child is set gonna go on university. How do you get them to make the most out of it?

Okay, well, the upstanding professions of society that we require for a functioning society, doctor, dentist, lawyer, accountant, they are all currently best serviced through college and university. So that's the upside. Also, maybe the social element, you know, maybe you're not that social at 18. You've got to learn to cook and clean and look after yourself as an adult. You socialize, you meet maybe lifelong friends, that would also be a benefit. Obviously there's some kind of benefit. Otherwise no one would send their kids or no one would go to college and college wouldn't exist. I'm very excited to announce a special long term partnership with Direct Bullion people must ask me hundreds if not thousands of times where I buy my gold and silver. How to buy gold and silver? Can you buy gold and silver in your pension? Many people know from my content I'm a huge fan of real money. They call gold God's money. So if you'd like information on investing in gold and silver, knowing where to invest, how to invest and how to invest gold and silver into your pension, which is huge, go to robmore.directbullion.com I get my gold at under spot price. This is not an affiliate deal. I won't earn anything on any of the gold or silver you purchase. I've got a special deal where I get a good price on my gold and silver and I've also got a very special deal for you, my loyal listeners and subscribers. Spot price or better@robmore.directbullion.com if you'd like to make, manage and multiply more money and build multiple streams of recurring income, and you'd like to meet one billionaire and at least seven millionaires face to face, I recommend you join us at an upcoming money maker summit. The link is robmore Live Money. Now, you need to be quick because we don't run many money maker summits throughout the year and we keep relatively small numbers. 100, 150 people, sometimes 200, sometimes less. You'll learn the strategies and tactics to get your tax bill down, your income streams up, start and scale your business, make, manage and multiply money. And if you upgrade to the VIP tickets, you'll be able to have dinner with multi millionaires, you'll be able to get champagne reception, Q and A sessions with multimillionaires. And whilst I do occasionally offer some subsidized tickets, there's just small upgrades for these special VIP tickets. So go now. @ Robmore Live forward slash Money in.

America, they do it a bit better. I think there's still more resource. For example, you know, even just access to libraries and computers and people is important, right? Not everybody has access to that. So fine, you can get a student loan which doesn't feel like you're paying at the moment because it's a loan, but that might give you access. In America they do have a lot of things like incubator programs and various things, especially in like the more technical universities. So there are a lot of businesses founded upon or invested in by the universities themselves, whereas I think in the uk, I haven't really heard much of that at all.

You know, some entrepreneurs say that McDonald's is not in the fast food business, it's in the real estate business because of how much real estate it owns. By the way, do I have a problem with universities being a for profit corporation? No, as long as they offer a valuable service to humanity. Now Cambridge and Oxford in the UK and I imagine, you know, Harvard and Ivy League in the US are probably going to bring the best doctors, the best engineers, the advanced society. So in those important vocations, I'm not against college, you just need to know the numbers and the facts and how much debt you're actually going to get in and how much you're actually going to earn. So come on then, tell us, how much is the endowment fund? How much do Harvard make from their investments?

$49.44 billion for $50 billion.

Is that a year in?

That's their total investments currently.

So they have $50 billion of investments. Not bad.

Yeah. So this is HarvardAmmon remains the largest among US universities and is greater than the GDP of over 120 countries.

Wow. So yeah, maybe there are other motives for colleges and universities that we're not fully aware of. And why should we be in major national debt for the rest of our lives? Like if you think about society and how it should function, surely we want good doctors, dentists, lawyers, solicitors, accountants, upholding important members of society. Surely we want that. And surely to a certain degree that should be a public service. Why should we have to get in debt for the rest of our lives to be a doctor? Really make any sense? Because if we didn't have any doctors, we'd all be fucked.

Yes, I was talking to my girlfriend about this because she did psychology and essentially there's built in prejudice into certain fields like that. So essentially once you've invested all of that money and like you said, you, you live on, you know, basically no money for seven years of university and then when you go, you earn fuck all. So unless you've come from a somewhat wealthy background or somehow raised money or raised way more debt, you basically can't go into any of these fields. So it's always going to be the same people in the same families going to these, you know, lawyers, psychologists, dentists, doctors, etc. And there's not really much you can do about it because of how expensive it's becoming more and more expensive.

Here's what they don't tell you about as well. How much the family, the parents got into debt putting their kids through. They talk about the student loan and the cost of going to college, but I bet the parents help with accommodation, travel, food, how much are our families putting themselves in massive debt. Which of course the banks loan the money and then they get all the interest and the thing, one of the things that really pisses me off about the banking sector is that they didn't have to earn the money they lend, they just press a button, create some digital currency because you know, we talk about money being printed, well, most of it isn't printed. The loan that you get from the bank, that, the 10 grand loan that's paid into your account, that money was never printed, that was just digits on a major computer network and they didn't have to earn that or work for that or create any value out of that, but they're going to earn all the interest on it and it benefits them for you to be into in more debt, one because you're going to pay more interest, but two because you're going to be stuck and you can't get out and then what you're going to do when you're broke and you need more money, go back to them. I need money for my conservatory, I need money for my car, I need money to scale up for my house and need money to go on holiday and, and of course the big banks own all the credit card companies, they're all interlinked. So yeah, it's not fit for purpose for the benefit of humanity anymore. The banking system, the, or the education system.

I 100% believe if you're not sure on whether to go or not, you shouldn't. But I also can't. So I went to university, I did a law degree. Absolute waste of my time, hate paying it back each month, makes me miserable.

Yeah. However, still paying it back.

Yeah.

How much did you get into debt? Going to law uni.

So I must have had. So it's basically 30 grand just on the education and then maybe another four year on maintenance loans. Ish. For three years. So. Yeah.

Did you get, you didn't get student loans?

Yeah, but there's about. Yeah. So that's 9,250 pound each year for the education. For the education and then a maintenance loan of about 4,000. But I got fucked on this. So my, my parents got hit really hard in 08 so then they started renting for a few years as we had to relocate and then my dad took out part of his pension to buy a house. Not all of it, just a decent deposit. And then what happened is Student Finance England went oh, you're just taking a big lump sum. So basically I got One of the lowest maintenance loans, they wouldn't offer me any higher. So I had to work two jobs because my parents used that money for the deposit of the house. It's not like they had spare money to give me. I couldn't get a loan on it, which now is a good thing. But at the time I was like, I'm fucked. The first probably four months of university I was an eight pound a week shopping budget, maybe nine. Really low.

So what's the interest on your all your debt combined? What do you pay a month?

I don't actually know.

No.

So it's a bit easier now. I own a limited company and I'm not an employee anymore so that was one of the big things. I got hit with a massive student loan after having a good month once and I was like, I need to leave employment right now.

Yeah.

Because it's just all gone. All of it. Yeah. Tax, national insurance. But I can find out what my.

Interest Just while you're finding out your interest, let me read you this because I've created a post for LinkedIn talking about this very subject. Once you go to university to get a degree or college, you essentially now work for the government. Here's why. One, your degree has taught or indoctrinated you that you will be getting a job. Two, your degree has got you in so much debt you can't afford to start your own business. Three, you pay your tax on your loans first before you see any of what's left. Four, with income tax, loan repayments, national insurance and tax on what you buy, even lower earners are paying more than half their income and spending in tax and higher earners are paying up to 70%. You're probably then in debt for 30 years. You go and get a home loan, you're probably going to get a 30 year mortgage. This takes you into retirement. The average person dies within about three years of retirement and then any assets you've built, you'll pay up to 40% inheritance tax on it. And yet some people say our university isn't a scam. I mean if it's not a scam, it's a battery chicken farm. That is what it is.

Well, clearly they are in the property business because every time I go back to, to my university town. This is a new building. Yeah, 200 apartments there, hundred here. How's that happen? Well basically they've done the Rob Moore model. So you and your business partner have both a property portfolio and an information business. The information business is cash flowing, does really well and that can then be invested into the hard asset of property, which is exactly what the university is doing.

Can't blame them.

No, it's a great business. Made you very really rich. But that's exactly what every time I go back. So I went to Lincoln as soon as I finished. They created a med school that basically added 500 new students. And they created a massive apartment block next and to house all of those. It's like. Because it's insanely profitable, you can basically pay 8 to 10 lecturers on their 40 grand and then get 500 students on 40 grand.

It's a very good model. Let me read you this on my Instagram because we need to add university to this. Okay, let me find it. So a country run by banks will always be in debt. Health care run by Big Pharma will never cure disease. A state run by war will never know peace. A nation run by media will never know the truth. You can't have an education system that teaches you how to be awake because the education needs to teach you to be dependent on it. So it is by its own definition a paradox because it will never teach you what you really need to know because it would render itself obsolete. A health care corporation would render itself obsolete if it cured disease. An education system would render itself obsolete if it taught you how the education system really works, how the government really works, how the banking system really works. So that's how it is. And we're waking you up to all of this on this show.

It's a fucking scam. 8%, by the way. Paying 8%, right?

Yeah.

That's a lot of money.

Yeah, it is.

On something I'll never use again.

And also interest rates were virtually zero and now are coming down and you're still paying 8% interest, which is nearly double what you can get for a mortgage. You're supposed to be by the system nurtured into an upstanding member of society who's learning law. Yet you're getting charged double for that privilege in interest of what owning a home would charge you. That's mad.

And here's where it all come crumbling down was I was doing a lot of work experience. And in my end of my second year, I saw my. It was over Christmas. But my ghost of Christmas future was so after your three year law degree, you then have to do your postgrad and then you have to do your training and there's like more six years all in. And I saw somebody. There were 29 went to the same university as me. I would say brighter than I was. Or better at law, at least. Still in the mail. Mail room. 15 grand a year at 29 years old. Wow. Almost 30. And I was like, this is fucked. And then even if I get in there, unless you go in, do really well, start your own firm, you're not going to earn loads of money. So it's like, oh. So even within law, you still have to own your own company for it to do really well, but you also need to be really good and respected within the legal field before you can start your own company. So this makes no sense. Fuck this. I left.

Yeah. So did you. Did you get your degree?

Yeah, I finished it.

Yeah.

But that's purely just for my own satisfaction.

Yeah.

And then I messaged you.

Yeah. And here we are.

Yeah. Four years on, I've made a lot more money. Thanks.

Good for you. Yeah, good for you.

Good for all of us.

And of course, you're never going to learn in the system how to get your tax bill down.

Why?

Are they going to teach you how to get your tax bill down?

Yeah, of course.

Why would they do that? It's like eating your own arms. No one's ever going to do that.

Yeah.

The only way you get your tax bill down is by being an entrepreneur, paying yourself first. And you won't learn that in the education system in its current form.

Boom. It's a scam.

All right, so is it a scam, then? Have we decided it's a scam?

100%. Unless you are going to be surgeon, doctor, dentist, lawyer, Pilot. Pilot. Well, even then you don't need to go to university, but. Well, I suppose it's their own training, isn't it?

Yeah. I mean, maybe if you want to be a pilot, the best thing is to just learn it through a big airline.

Yeah.

Yeah.

Because they'll pay for it.

Yeah.

Or even if you go through the air Force, I think, fine, you have to do a few years, but they'll pay for all of it for free. I think, actually, if you go into. If you want to be a doctor, I'm pretty sure you can do it through the military for free. Obviously, you have to spend so many years in the army, so that's a personal choice, but the government clearly will teach you these things for free if it benefits them. Yeah. And either benefits them by you serving in the army or. Or you getting out ridiculous loans in university.

All right. And if you don't risk anything, you risk everything.

This episode was brought to you by Disruptive Media, helping bold entrepreneurs stand out through podcasting video and social content. Visit disruptivemedia.co.uk to learn more. This episode was brought to you by Disruptive Media, helping bold entrepreneurs stand out through podcasting, video and social content. Visit disruptivemedia.co uk to learn more.