Drop Out of College To Work in Bitcoin Mining?

Summary

Summary of "Drop Out of College To Work in Bitcoin Mining?"
The Ramsey Show Highlights | Release Date: January 3, 2025

---

Episode Overview

In this insightful episode of The Ramsey Show Highlights, the Ramsey Network addresses a pertinent question posed by an 18-year-old listener, Justin. Justin is at a crossroads: he is three semesters into an eight-semester cybersecurity degree program, fully funded by a scholarship, and has been offered a full-time position as an operations technician for a Bitcoin mining company in his hometown. The job pays between $14 and $20 an hour, translating to approximately $52,000 annually with overtime. Justin seeks advice on whether to continue his education or seize the immediate job opportunity in the volatile world of Bitcoin mining.

---

Listener's Situation

Justin's Profile:

• Age: 18
• Education: Three semesters into an eight-semester concurrent cybersecurity degree program with a full scholarship.
• Job Offer: Operations technician at a Bitcoin mining company, offering $14-$20/hour (~$52,000/year with overtime).

Justin's Dilemma:

• Whether to drop out of college to accept the Bitcoin mining job offer.
• Concern about the legitimacy and stability of the Bitcoin mining company despite its good history with his trade school.

---

Expert Opinions

1. Dave Ramsey's Perspective

• Advocacy for Education:

  • Quote: "If you were my son, I would tell you you have a Willy Wonka ticket, which is a free ride to a college education. I would take that ticket." [00:53]
  • Insight: Emphasizes the unmatched value of completing a college education, especially when it's fully funded.

• Value of Credentials:

  • Quote: "The credential plus the training, and I think that's invaluable." [02:01]
  • Insight: Highlights that academic credentials are enduring assets that provide long-term career security.

• Recognition of Justin's Achievements:

  • Quote: "You're in rare air, my brother. That means you work hard that means you're very smart." [02:01]
  • Insight: Commends Justin's dedication and encourages him to continue leveraging his strengths.

• Long-Term Career Prospects:

  • Quote: "You're going to make six figures upon graduation, working for a reputable company with great benefits." [01:21]
  • Insight: Projects significant future earnings and stability through higher education.

• Encouragement to Stay the Course:

  • Quote: "Ride this out, get the education, get their credential." [02:01]
  • Insight: Advises patience and commitment to the educational path for greater future rewards.

2. Dr. John Delony's Perspective

• Caution Against Industry Volatility:

  • Quote: "This company could go under and they could say, hey man, we shut down operations yesterday." [01:18]
  • Insight: Warns about the unpredictability and risks associated with the Bitcoin mining industry.

• Long-Term Benefits of Education:

  • Quote: "Working in cybersecurity... you're going to make six figures upon graduation." [01:21]
  • Insight: Emphasizes the lucrative and stable career opportunities in cybersecurity compared to volatile industries.

• Regret Minimization:

  • Quote: "Four years from now, he's not looking back with regret that he didn't take the $15 an hour job." [03:36]
  • Insight: Suggests that sticking with education will likely lead to fewer regrets in the future.

• High Aspirations:

  • Quote: "I'm at a $120 an hour job." [05:08]
  • Insight: Encourages setting higher career goals, leveraging education to achieve substantial financial success.

3. Additional Insights from John

• Validation of Educational Path:

  • Quote: "He's in a great field, sounds like he knows what he's doing, is excited about cybersecurity." [04:18]
  • Insight: Supports Justin's current educational trajectory as a sound and promising choice.

• Encouragement to Persist:

  • Quote: "Stay down the path and don't get distracted." [04:18]
  • Insight: Reinforces the importance of focus and dedication to long-term educational and career goals.

---

Key Takeaways

1. Prioritize Long-Term Stability Over Short-Term Gains:

   • Both experts agree that completing the cybersecurity degree offers more substantial and stable career prospects compared to the uncertain nature of Bitcoin mining jobs.

2. Value of Education and Credentials:

   • A fully funded education provides lasting benefits, including valuable credentials that enhance employability and earning potential.

3. Risks of Volatile Industries:

   • The Bitcoin mining sector is highlighted as being particularly susceptible to market fluctuations and operational risks, which could jeopardize job security.

4. Personal Development and Future Opportunities:

   • Continuing education not only builds expertise but also opens doors to higher-paying and more reputable positions in the future.

5. Avoiding Regret:

   • Experts suggest that sticking with the educational path will likely lead to greater satisfaction and less regret compared to opting for immediate, but potentially unstable, employment.

---

Notable Quotes with Timestamps

• Dave Ramsey [00:53]: "If you were my son, I would tell you you have a Willy Wonka ticket, which is a free ride to a college education."

• John [01:18]: "This company could go under and they could say, hey man, we shut down operations yesterday."

• Dave Ramsey [02:01]: "You're in rare air, my brother. That means you work hard that means you're very smart."

• John [03:36]: "Four years from now, he's not looking back with regret that he didn't take the $15 an hour job."

• John [05:08]: "I'm at a $120 an hour job."

---

Conclusion

The consensus among the Ramsey Network experts is clear: Justin should continue his education in cybersecurity. The combination of a fully funded degree, the enduring value of academic credentials, and the promising career prospects in a stable and lucrative field far outweigh the immediate financial allure of a job in the volatile Bitcoin mining industry. By staying the course, Justin sets himself up for long-term success, financial security, and personal fulfillment.

---

Transcript

[Host]

Brought to you by chm, a biblically based alternative to health insurance. Learn [e-mail] budget I'm currently 18 and.

[Justin]

I'm attending college for a cybersecurity degree with a full ride.

[John]

Cool.

[Justin]

So I got a job offer for between 14 and $20 an hour back in my hometown for full time. So at the higher end, that's about 52,000 a year with overtime included because it's 50 hour work weeks. It's at a. It would be a operation technician for a bitcoin mining company. And while that can seem sketchy, they contacted me through my trade school and they have a good history with my trade school. So I'm just wondering how much of a salary. Would it make it worth it for me to drop out of college?

[Dave]

How far along are you in your program?

[Justin]

So I attended a concurrent degree whenever I was in high school. So technically I'm three semesters into my program. Out of eight.

[Dave]

Out of eight. Man, I. I might be on an island here, but if you were my son, I would tell you you have a Willy Wonka ticket, which is a free ride to a college education. I would take that ticket.

[John]

For a great degree. For.

[Dave]

For a great degree.

[John]

And the money you'll be making in cybersecurity, you're gonna be like, why did I leave all this for a $14 an hour job for a bitcoin company, which, regardless of my thoughts on bitcoin, is very volatile. And so this company could go under and they could say, hey man, we shut down operations yesterday. You don't have a job anymore. And so I would continue down this path. If bitcoin really is what everyone says it is, it's gonna be around a long time. And if you were qualified at 18, you're going to be very qualified by 22. So I would keep pursuing this path of cybersecurity, knowing that you're going to make six figures upon graduation, working for a reputable company with great benefits. And I would pass on this job right now.

[Dave]

Yeah. And you're going to have a certificate, you're going to have a credential that no one can ever take from you. The credential plus the training, and I think that's invaluable. And let me tell you this. Can I just, can I applaud you? 18 years old and someone's coming out of the gate offering you 40 grand just to walk away from everything. You know what that tells me? You're in rare air, my brother. That means you work hard that means you're very smart. That means you get your stuff turned in on time, your grades are good. That means they've already, they're already identifying you. And what's hard when you're 18 is when somebody sees you and they, and, and, and you feel seen and you feel known. It feels so good that it's easy to get derailed. And it's the 18 year olds with wisdom that say, okay, if I, if I got this at 18, just imagine how many people are going to be knocking on my door when I'm 20 and I'm fully credentialed. And you're going to have zero, none, no student debt because the school's paying for it, man. Full ride. It's a Willy Wonka ticket, brother. You won. So, like, I could tell you I work with college students my whole life, but more than that, I'm just telling you what I would tell my son, which is ride this out, get the education, get their credential. This is a valuable degree and will only get more valuable over time. And these, these jobs at bitcoin, I mean, dude, you're going to have jobs lined up for you. So that's, that's my recommendation.

[Justin]

All right, thanks for your time.

[Dave]

Hey, congratulations, man. Like it, it does my heart good to know, like, you're, you're building the infrastructure that my kids are going to grow up in, man. And I'm glad to know there's young people out there like you out there busting it, working hard and making their grades. Dude, that's, that's awesome.

[John]

That's huge. And John, there's a lot of, you know, students out there, 17, 18 years old, and they're going, what the heck am I supposed to do with my life? I'm getting this degree because I was told it was the next right step I take out of high school. And so you've got to also weigh your options here and go. If, if Justin was getting a useless degree that he wasn't excited about and his parents just said, you have to go to college, do something, and he was just aiming at Nothing and spending 50 grand a year in debt to do it, we, we'd probably say, hey, dude, pause. Go work, go do the job. Making 40 grand a year, cash flow college later, when you know what you want to do, this was different. Where he's going, he's in a great field, sounds like he knows what he's doing, is excited about cybersecurity. Stay down the path and don't get distracted.

[Dave]

Yes. And that it's just that understanding that the jobs will come. The jobs will come. The jobs will come. Yes. If you find yourself, your parents are saying you're going to be a doctor and you just finished your first semester in college and you hate it. You hate, you hate, you know, ok. And you hate biology. And somebody comes along and says, I'll pay you 40 grand to come home, take that job. Right. And that's a great situation to figure out what's next for you. But if you're on the path and someone tries to in that same field, get you off the path early, the discipline thing is to stay on the path.

[John]

Right. And it checked a lot of boxes for me. It was a full ride with a great degree on the other side. And he's already three semesters in, young guy, already has, you know, clips and some credits here and there. So I feel like let's ride this out and see where it goes. My guess is four years from now, he's not looking back with regret that he didn't take the $15 an hour job. He's going, oh my goodness, I'm doing what I love.

[Dave]

I'm at $120 an hour job.

[John]

Yes, exactly. I would aim your your sights higher when you're as smart as Justin is.

[Host]

CHM isn't health insurance. It's a health cost sharing ministry. Check it out for [e-mail] budget.