On: how it's always been done, going to college and more

This issue was first published in my biweekly newsletter: The Sovereign Stoic.

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5 paragraphs on a mix of practical frameworks, principles, lessons, captivating stories and more.

Today's Snapshot

• Is a post-scarcity world possible?
• Is the status quo ever acceptable?
• How to build a monopoly like Rockefeller
• To college or not to college. That is the question

• Who you need to become vs what title you want

1-On a post-scarcity world

Is a Post-Scarcity World Possible?

Post-scarcity is a futuristic economic and social theory that posits scarcity will no longer be a factor in human life.

The theory doesn't imply that everything will be free.

Its premise is that most essential goods (food, shelter, clothing, etc.) and desired goods will be produced in abundance with minimal human labor input, making them widely available and potentially free for everyone.

Proponents of post-scarcity societies see technology as the key factor in such a paradigm shift.

Advances in technology have demonstrably improved human life.

Automation and robotics have reduced the requirement for human labor in many industries, mitigating hazards associated with some work and cutting production costs in the process.

Advancements in renewable energy, vertical farming, and 3D printing are promising technologies that could further enhance efficiency, productivity, and reduce the cost of goods.

However, in my opinion, the key ingredient in such a world, if possible, would be the social and economic changes we would need to make.

Most proponents of this paradigm see universal basic income (UBI) as a necessity.

The question then becomes: who will fund it?

A post-scarcity society would require governments or whoever is in charge to collect more in taxes.

This would involve taxing both wealthier members of our societies and corporations (who would likely not welcome it).

This topic piques my curiosity and is an interesting thing to think about, more for the possibilities it raises than whether it's a good or bad thing.

2-On how it’s always been done

We're always told to question things, think differently, and change stuff up. We love new things and shaking things up—it's just how we roll.

We're also taught that things as they are might not always be the best and we shouldn't just accept them. Sometimes, that's true and we need to do something about it.

But sometimes, the way things are has good reasons behind it.

You start to see this as you get older.

Think about how important it is for airplane pilots to follow instructions before they take off.

Or how essential it is for people making medicines to follow certain rules.

And imagine how critical it is for workers at nuclear power plants to stick to strict guidelines for safety.

We should definitely question the status quo, but we shouldn't just reject it without really thinking about why it's there in the first place.

3-On altering the playing field

An interesting story I recently read is about John D. Rockefeller and how he came to dominate the American oil industry in the late 19th and early 20th centuries.

In the 1860s, John D. Rockefeller set out to build an oil monopoly.

However, he couldn't buy other oil companies directly without them realizing what he was doing.

Instead, he began buying railway companies responsible for shipping oil.

After acquiring a significant stake in the oil shipping industry, he started buying out his competitors in the oil exploration and production business.

He essentially forced most of them to sell to him because he had the power to increase their transportation fees or deny them transportation altogether, making it difficult, if not impossible, for them to do business.

4-On going to college

Two-thirds of millennials regret going to college.

Although millennials who went to college tend to do better than those who didn't.

They earn more, have an easier time finding work, and have more job options.

Millennials say they regret it because of the debt burden it came with, for picking the wrong major or the wrong school.

Today, 56% of Americans believe that getting a degree isn't worth the time and money spent on it.

In the last couple of years, there has been an increase in employers who don't care as much if you have a degree or not.

I expect this trend to accelerate in the near future.

Younger folks—Generation Alpha and the younger part of Gen Z—have to think hard about whether they should go to college or not.

It's a big decision because the outcome, good or bad, will affect them.

To avoid the same fate as millennials, Gen Z and Alpha need to think differently about school and work.

There are a few things they can do:

1. If you can learn a skill without going to college, go for it. For instance, you don’t need a marketing degree to do marketing, or a computer science degree to write code.
2. It's okay not to know exactly what job you want when you start college.But try to get a taste of what working in a field you're interested in is like.You can volunteer or shadow someone in that job.And yes, unpaid internships are on that list.For example, before going to med school, you are expected to have volunteered or did some shadowing in a hospital/medical practice setting.The idea is simple: see if you like the work before committing to college. If you can do it without a degree, maybe college isn't necessary.

There are other reasons to go to college, but career oriented education is the biggest factor.

There is a lot to be said about this. I will write a longer piece about it.

5-On a great career advice

When it comes to your professional life, focus more on who you want to become and the skills you need to develop rather than just the title you desire.

Instead of thinking:

• "I want to be a CEO by age 30," say "I want to learn how to lead, manage people and resources."
• "I want to be a millionaire by age X," say "I want to learn about building and managing wealth."
• "I want to be a powerful politician," say "I am passionate about creating positive change in the world, and I want to learn how to use the power of government to do so."
• "I want to be a published author," say "I am interested in writing and want to learn about the craft of storytelling."
• "I want to be a world-class athlete," say "I want to learn more about how to train my body to perform at its best."

If you focus on becoming a CEO for instance, you're most likely tied to the company you currently work for because the easiest path is climbing the ladder there.

If you focus on mastering the skills required to be a CEO, you can be a CEO anywhere.

This approach focuses more on the transferable skills and attributes you need to acquire in order to achieve an end result that is applicable in any industry or company.