Reality- You May Not Need a College Degree
Disclaimer: Good Day, Readers. The WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
You may need a six-figure college degree, like I need mosquitoes!
For those preferring audio, click below.
College Is Not The Only Option
Decades ago, politicians, another word for useless people, started this propaganda that the majority should attend college after high school.
When a plumber or electrician gets out of his truck and steps into my house, I owe them ~$175.00 or more. If it is a holiday or a weekend, DOUBLE that amount! Thankfully, most are too bright to have college debt, or we would pay more.
If that plumber gets out of his truck an average of four times per day, WITHOUT doing any work, he earns about $175,000.00 annually! Another reason to skip five years of drinking cheap beer, going into six-figure debt, and learning little of value!
The Cost Is Ugly!
Let’s look at two examples occurring too often today.
- Joe, who was never a good student, is accepted to college and fails miserably, dropping out after two LONG and PAINFUL years. But not before, accumulating ~$43,000.00 in college loans at seven percent interest. Most likely, he will never complete that degree.
- Jill attends college and majors in something dumb. She graduates in five years in debt for ~$128,000.00 and wonders if she can get a job, much less afford to own her own home.
Take The Time To Think Critically
Less than 38% of Americans attend college, and some billionaires did not finish college. Larry Elision, CEO and founder of Oracle, worth $213 billion, dropped out of the University of Chicago after one semester. {I wonder if he would be richer if he had graduated or never attended!} Bill Gates, worth $106 Billion, dropped out of Harvard and founded Microsoft. Bill and Melinda Gates have also given away over $60 Billion!
Many wealthy people attended and graduated from college. Andy Fang, co-founder of the popular food delivery service DoorDash, graduated from Stanford with a degree in computer science and Michael Bloomberg worth $76.8 billion; founded Bloomberg Enterprises; attended Johns Hopkins University and Harvard University grad school. Warren Buffett, who has given away over $37 Billion and has a net worth of ~$147 Billion, and is one of the world’s most recognized and respected investors, has repeatedly emphasized that college isn’t for everyone. In a 2018 interview with The Long-Term Investor, he stated: “Some people are going to get a lot out of advanced education, and some people are going to get very little.” College is NOT the right path for everyone. Buffett points out that the question should not be universal: “Should everyone go to college?” but rather, “Does it make sense for you?”
The Cost of Higher Education Is Criminal
The rising cost of tuition has made education a significant and insurmountable burden for many. With college costs soaring double or more inflation for decades, potential students must analyze whether the investment will yield a meaningful return in higher earnings. Will you ever be able to pay off your loans and live a good life?
Most parents want their kids to match or exceed their financial outcomes. This has become very difficult, if not impossible, for today’s college graduates. Too many are selecting DUMB majors that will never pay off.
Prospective students must evaluate their career aspirations, the financial implications of attending college, and the potential return on that investment. This is difficult for most 17——to 18-year-old teenagers, even with their parents’ assistance.
Other Paths To Sucess
Students must ask themselves if their chosen field necessitates a degree and whether their career options are robust enough to justify such a commitment. It’s worth reflecting on the various paths available today. Trade schools, apprenticeships, and alternative education options often give individuals the skills to thrive in specific industries without the traditional four-year college experience. Careers in plumbing, electrical work, coding, and other trades can be lucrative and fulfilling and normally do not require a university education.
“One-Size-Fits-All” Approach Seldom Works!
The propaganda that college is the only path to success is silly! Individuals have unique strengths, ambitions, and circumstances that influence their career trajectories. As society evolves, so should our education and career planning approaches.
For some, a college degree may be the ideal route. For others, alternative paths may lead to equally fulfilling and financially rewarding careers. Prospective students, parents, and educators must engage in meaningful conversations about career aspirations, explore diverse educational opportunities, and weigh the pros and cons of different paths.
Conclusion: College Is Not For Everyone!
If Warren Buffett – one of the wealthiest, most brilliant guys in the room – says college isn’t for everyone, maybe it’s time to rethink the “one-size-fits-all” idea. We have encouraged too many people to make a poor decision. Education should be viewed as an investment that requires careful consideration and personal reflection. The decision to pursue higher education should not be made lightly but instead stem from a genuine desire to learn and grow. By embracing a more nuanced understanding of education that accounts for individual goals and societal shifts, we can better prepare future generations to make informed decisions about their futures.
The education landscape is ever-changing, and choosing between college and alternative pathways should be made thoughtfully.
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
