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The DANGERS of an Income Share Agreement (ISA) / What you SHOULD KNOW before!
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- čas přidán 14. 08. 2024
- The DANGERS of Income Share Agreements (ISAs) / What you SHOULD KNOW before!
In today's video I talk about the potential dangers of an income share agreement (ISA). This video is not intended to discourage students to NOT take an income share agreement route, but to educate yourself on what the potential risks are.
It's always important to do your homework before making a big decision like attending a coding bootcamp school. I hope this videos give you some insight on making a smarter decision towards your next career!
Resources:
Google sheet breakdown - docs.google.co...
Salary to Paycheck Calculator - smartasset.com...
Rent in NY - www.renthop.co...
Expenses in NY - smartasset.com...
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Tags: #techrally #incomeshareagreement #freecoding
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This sounds more like the certain dangers of living in NYC.
🤯
Im one of the ISA advocate but your video is not a bash but a necessary to understand the ISA more. Im thankful for that.
Appreciate the feedback :)
Great content! Should be required viewing for anyone considering.
Thank you!
I think that this is a very good video which will open some peoples eyes, it actually made me want to go work with a pick and shovel... Keep the good work and keep making these videos, Chiquito...
Thank you Chiquito!
if not ISA, do you have any suggestion for alternate methods of financing that are out there?
Thank you! I'm in Seattle and its the same. Also, people dont realize all major cities are starting to match new York prices....you might just have a a nicer apartment for that price but this is it.
sheeshhhh :(
to sum it all up: NEVER SIGN ISA at BOOTCAMP (if you live in NYC)
I think the current system' paying minimum after they got a job is the most realistic system' beacuse they have already taken into account the living cost and other debt installment.ISA is good but it might be worth for someone who take STEM degree and working in small city which is not expensive
Yep there are a lot of variable costs here. If you're able to live at your parents house during the ISA that could really help. At the same time, it's a sacrifice you have to make in terms of personal space, etc. You got to do the research that is applicable for you!
You forgot the student loan expense for the scenario where you do not take an ISA. So on average the left over amount is almost equal
I believe if you do a deferred option it would equate to the same amount or a bit more dependent on your situation. Regardless, the reason why I don't look at the same value between ISA and non ISA is because of the scenario. When you pay upfront you are spending money you can afford to. With the ISA, you are forced to pay back via contract a percentage of your paycheck, which can be very crippling. Hope this makes sense.
This is a horrible idea. most people don't start making 50k until later on in life. that means you spend the beginning of your life making little money, then, when you do make more money, you spend the remainder paying back the ISA. essentially extending time in poverty. gimping a heads tart in life with continued debt will keep you poorer, longer.
LOL. It's just another form of debt.
This just kind of changed my mind about attending the cyber warrior boot camp
This is more realistic view of ISA
Thank you!
You have to understand the lendor/investor is taking on risk, that they won't get their principal back.
Is this what careerist is offering ? (an ISA?)
I'm not sure! but it could be something I can take a look into
If you can pay upfront for careerist
This is very informative! Thank you for the great content.
I appreciate it! I hope it helped in some small way in your coding journey
Do any kind of job. Save & pay upfront
you deserve more subscriber.
Thank you brother. Appreciate it! 🙏
Great video!
Do you know if applying for an ISA and getting accepted into a coding bootcamp is harder than paying upfront and getting accepted? Do they have different standards?
No I don’t believe so. In general I would avoid ISA if you can
@@TechRally now I feel like a fool I just signed up for a Bootcamp
@@user-yr6xc7gg8q how it go do you have a job now?
Imagine you accepted a job offer making $50k in NYC
DUDE NOOOOO lmao
But yes, if your ISA provider isnt considering Cost of Living, then you should really bring it up and insist its factored in.
50k salary un NY is not real being developer.
everyone has to start somewhere but yeah its pretty low
What is Lambda School's policy if you were to either withdraw from the program or fail out? Are you still on the hook to pay a percentage in either case?
I would talk to Lambda School directly but I'm sure they have some policy around this.
Question: How did you get the gross paycheck number?
Generally coding bootcamps will tell you the minimum salary for an ISA. Depends on the bootcamp!
So this is just as bad as taking out a student loan
It's a bit tricky but yeah I'm not a big fan
@@TechRally me either
I see prospect for a better deal then pack up and leave new york! You also are leaving out clothing, computers, appliances, smartphone and poor tax which is that hobo that hits you up for you change.
100% agree
even with the hobo part lol
For certain things it's not worth it for certain things it is. But people don't reasearch.
Nothing beats research
should be banned! Over time this can bite someone. How many coders have been laid off etc? These are things people really need to consider.
I completely agree....
Is it possible to cancel ISA if you just attended 2 weeks of the course ?
I'm not exactly sure to be honest but it would be good to contact each bootcamp and get some clarification on the detail.s
@@TechRally thank you
Depends on the terms in your contract. My company has a 7 day risk free trial for ISA's.
@@hannahburgess1293 can I ask what company you're with? I literally just learned this even existed, maybe an hour ago. But I've been trying to find a way to work from home and not need years of education, but still make more than minimum wage... So I'm all over the internet and CZcams, trying to find out as much as I can!
@@roxannerodriguez7075 same let me know as well
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For those of you who attended a coding bootcamp school with an ISA, What was your experience like?
For me, I didn't attend a coding boot camp, but rather a cyber security boot camp. The Income Share Agreement is a pest. The program was essentially pre-recorded videos, labs, and a cyber range to attain a basic level industry certification. The program overall provided zero value and the company after completion didn't keep in contact and never reached out for assistance with job hunting.
Funny enough, the career counselor that I knew from the program was still responsive even after she left the position. The base cost was $12,500 and the ISA was $20,000 - $30,000. I am still curious about where even $12,500 comes back as I would have saved money for self-studying the certification and attempting to get a mentor.
They touted themselves as equal to college, but that was a clear lie. They also apparently had an employer network that I never heard anything from in 2+ years. A few months later I did a train-to-hire program and they managed to help me gain employment at no cost to me (life circumstances did require me to quit). Now, I am attending WGU. 😅
What program was this?