Jack Thursday - Concept of Capital (LA 1597)

Transcript:

Steven J Butala:

Steve and Jill here.

Jill K DeWit:

Hi.

Steven J Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I am Steven Jack Butala.

Jill K DeWit:

And I'm Jill DeWit, broadcasting from the Valley of the Sun.

Steven J Butala:

Today is Jack Thursday and I'm going to talk about the concept of capital.

Jill K DeWit:

You know what I know? I love capital.

Steven J Butala:

You do?

Jill K DeWit:

Yeah. The concept of capital by Jill, more is better.

Steven J Butala:

I don't mean the big city in a state. That's the capital of the state. I don't mean capital letters. I mean the economic concept of capital. Everybody thinks it's money, but it's not. Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free. And don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like.

Jill K DeWit:

Chuck wrote, "I just read the thread about useless, useless college degrees." I love this. "I have a slightly different take. I graduated with a degree in English literature and a minor in chemistry, really just because I liked those subjects. After graduation, I entered the Navy Pilot Training Program and spent six years as a Naval carrier pilot followed by a career as an airline pilot. My degree got me in the door for the Navy flight training. It didn't matter what it was, as long as I passed the entry exams and extensive physical. Now, I buy and sell land. So my point is, unless one is going into a highly-specialized field, such as medicine or engineering, the degree can serve as a door opener to other worlds, but it isn't necessary to be successful in life." I like [crosstalk 00:01:42]. I love that.

Steven J Butala:

Well said. Chuck was in our last Career Path, I think. I think that that's exactly right. I think that the more resources we have, which is really in my talk about capital today, I can't imagine a life without YouTube. I just can't.

Jill K DeWit:

Like a YouTube college degree?

Steven J Butala:

No, I just mean, like when I have a question about something there's a YouTube video on how to do it. I don't care if it's to change a light bulb or economic theories, there's going to be somebody who's going to explain it all. We just never had that. Formal education hasn't really improved at all. It hasn't changed, materially changed, at all since the 1700s. Why is that, when all these other resources in the last 20 years have completely changed? I'm pretty vocally critical about formal education and why it's becoming obsolete. If they would just improve it and improve the experience, then I think it would be great.

Jill K DeWit:

Well, here's what it does. It does tell you that people can stick through something and follow through, because there's a lot of obstacles to getting a college degree. So I get that. That's good. It does, I like to think, give you a broad, I hope, a broad experience nowadays to a lot of different possibilities, opportunities, different careers and really figure out what you're good at, not good at. What you like. What you don't like. There's nothing wrong with going and picking a major and changing your major. I think that's the greatest thing on the planet, by the way. If you realize, ooh, now I got into it, I don't like this and I'm not good at it. I realize my forte is over here kind of thing. I think that's great. But I do wish they would do a little more... I wish they could meld a little more of, like technical schools, that kind of a thing, with a college degree, if that makes sense.

Steven J Butala:

It makes great sense, actually.

Jill K DeWit:

And I don't like just sitting in a classroom. I want some real-world experience and not hearing someone talk about their real-world experience, you out there doing it.

Steven J Butala:

Whenever this topic comes up, the question it becomes, is it worth it?