Paul Graham's What You'll Wish You'd Known has some good advice: I think the bit about keeping your options open is the most valuable.
In the graduation-speech approach, you decide where you want to be in twenty years, and then ask: what should I do now to get there? I propose instead that you don't commit to anything in the future, but just look at the options available now, and choose those that will give you the most promising range of options afterward.
It's not so important what you work on, so long as you're not wasting your time. Work on things that interest you and increase your options, and worry later about which you'll take.
Suppose you're a college freshman deciding whether to major in math or economics. Well, math will give you more options: you can go into almost any field from math. If you major in math it will be easy to get into grad school in economics, but if you major in economics it will be hard to get into grad school in math.
Flying a glider is a good metaphor here. Because a glider doesn't have an engine, you can't fly into the wind without losing a lot of altitude. If you let yourself get far downwind of good places to land, your options narrow uncomfortably. As a rule you want to stay upwind. So I propose that as a replacement for "don't give up on your dreams." Stay upwind.
Thanks for pointing us to this. It's a great essay!
N.B.: This discussion isn't up for mainstream article status, as far as I'm concerned (unless someone else wants to take it and run with it). I just didn't know how else to direct an important question to the LW community in general.
I'm currently a first-year university student in Vancouver, Canada, attending UBC. I have a trust fund and otherwise I will not need to worry about paying for my undergraduate degree. I am open to the idea of going to grad school. So, I have the luxury to take my time in my studies and there are lots of options I can choose from. Majors I'm considering are Cognitive Systems, Economics (and philosophy or math or stats), English, Philosophy and History of Science, Mathematical Sciences/CompSci, or Psychology. I'm open to other options. So, have at it with your suggestions.
Specific Questions:
Should I care more about making money or doing something that I have a "passion" for?
How will this allow me to maximize my production of utilons?
What else should I keep in mind?