This should be required reading for anyone considering graduate school. So many of my classmates and I learned lesson number 2 the hard way:
2. You will spend your entire career working on things that don’t work
The other point I often tell prospective grad-schoolers is to be aware that if they want a career in academia, they should be prepared to be flexible about where they live. Certainly, more doors are open if you contemplate industry, but it’s just not the same as so many other jobs where you can find work anywhere!