By: First Union
Advice from Shark Tank's Kevin O'Leary: Be a Plumber
Ever wonder what advice some of the world's biggest success stories and business moguls would give to those looking to get rich and maximize their earning potential…Shark Tank's Kevin O'Leary has a rather interesting take on how you can make a great deal of money—and it's not necessarily what you think.
According to a recent CNBC interview, O'Leary's suggestion is quite practical: be a plumber. Granted, while such professions as lawyer, surgeon, and engineer do have great earning potential, you should not discount that of a plumber—or any trade. There are tons of trade schools out there, and the thing is, even in a recession, O'Leary notes, everyone still needs a plumber, or electrician or HVAC repair person.
In terms of schooling and how much education you need, you have to think in terms of debt. Schools aren't cheap—how long will it take you to pay back those loans when all is said and done? In many instances, people are saddled with educational debt for decades, thus severely undermining overall earning potential.
Trade schools tend to cost less than four-year colleges. And the programs are of a shorter duration which means you can get out there quicker and start making money. As of 2018, there was a whopping 1.5 trillion still owed in student loan debt. And several surveys suggest that those who are currently paying back college debt, don't think it was ultimately worth it.
There are jobs right now that do not require a college education and that are always looking for skilled workers, to include: construction, power line installers and repairers, and makeup specialists. The average salary for these occupations is over 55k a year. O'Leary's logic: you make money going into a trade faster than you do earn a degree in history. People tend to disregard such careers—but why? According to O'Leary, electricians and plumbers are at the top of the trade pyramid, at least as far as necessity goes. Every building requires working plumbing and electric. And US News & World Report recently ranked the job of a plumber at 59—ahead of such occupations as sales manager and even veterinarian. If you want a career that will allow you to continuously provide for a family, O'Leary's advises, find a job that people spend money on every single day.
If your business is in need of funding, First Union Lending can help. We offer loans from equipment financing to short term loans. Let's find out what you qualify for!