103: Ben Wildavsky - The Economics of Learning: Insights on Higher Education

Upcoming Event! How Can Mindfulness Help You Reach Financial Independence? Do you want to reduce money anxiety, but don’t know who to trust? Would you like to learn how to set up and manage your own retirement plan? Do you want to know how we create a passive income stream you can’t outlive? If yes, join us and learn how to answer the 4 critical financial independence questions:Am I on track for financial independence?What do I need to do to get on track?How do I design a mindful investing portfolio?How do I manage that portfolio and my income over time through changing markets? Learn more: https://courses.mindful.money/financial-independence-bootcamp In this episode, I speak with Ben Wildavsky, a seasoned expert in education policy and a visiting scholar at the University of Virginia School of Education and Human Development. Ben shares insights from his new book, "The Career Arts: Making the Most of College, Credentials, and Connections,” new from Princeton University Press in November 2023 which delves into making the most of college through career credentials and connections. We explore the value of college education in today's economic landscape, discussing the balance between acquiring broad skills and targeted skills that the job market demands. Ben's perspective is rooted in extensive research and personal experiences, making our conversation not only informative but also deeply relatable for anyone thinking about the true value of higher education. Ben also opens up about the concept of social capital and its critical role in career advancement, especially for first-generation college students. He provides practical advice on how students can build their networks and leverage these connections to enhance their career prospects. This discussion is particularly close to my heart as we navigate the complexities of preparing students for a world that values both academic and practical skills. Ben's thoughtful approach to these topics, combined with his genuine passion for education, makes this episode a must-listen for parents, students, and educators alike. Join us as we unpack the tools necessary for turning educational investments into successful careers.📺 Watch on YouTube https://youtu.be/oKtYnD6RPc4Key Takeaways 00:02:21 - Early years and lessons on success 00:07:12 - Discussion on high school to college transition statistics 00:19:11 - Three important skills students should acquire in college 00:34:04 - Advice to parents about college preparation for their childrenTweetable Quotes"I still believe there is a strong case for taking on a moderate amount of debt for college. You're young, acquiring skills that the marketplace rewards. Borrow money, earn your degree, then get a job and start paying it back. You've invested in what economists call human capital.""Growing up, the notion of upward mobility and the American dream was apparent to me. My father, a child of immigrants, managed to go from modest beginnings to becoming a professor and owning a house in Oakland Hills. It taught me that with fortune and hard work, higher education can propel you forward.""It's not just about having a degree or specific skills. If you don't know anyone or can't communicate your abilities, it's hard to advance. Building networks, especially for those without inherited privileges, is crucial. It's about who you know, who can vouch for you, and who can open doors to...