THE TRUTH ABOUT YOUR FUTURE with Ric Edelman Episode #2: What College is Really All About
Nov 4, 2025
Explore the vital connection between lifestyle aspirations and career choices. Young people should consider the income needed to support their desired lifestyle before picking a career. Discover how taxes and hidden costs can significantly cut into that dream salary. Delve into why teachers are leaving the profession due to financial pressures, and understand the hefty expenses associated with college and life thereafter. Learn about the true cost of living and why strategic career choices matter for building long-term wealth.
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Start With Desired Lifestyle
- Ask your teen to define specific lifestyle choices (hotels, flights, meals) to reveal the income they will need.
- Use those lifestyle costs to choose a career that can fund the life they want, not the reverse.
Career Choice Versus Lifestyle Reality
- Many people choose a career then accept its pay, which forces lifestyle compromises or later career changes.
- Real-life pressures often push graduates into debt or out of low-pay careers, as seen with teachers quitting over compensation.
Teach Teens About Taxes Early
- Teach teens about taxes and how gross salary differs from net take-home pay.
- Calculate needed gross income by dividing desired net spending by (1 - tax rate) to avoid surprised shortfalls.
