From the very beginning, we are all brainwashed into the idea of education and college and are told that college is the only gateway to success. We are also brought up with the idea that going to college and having a degree is an essential necessity in life. Lets take a moment and discuss the truth about importance of education.
When I think of school, I often think of what you learn in school and not necessarily the fact that you go to school. I think of the technical skills, or business skills or even medical skills one earns in 4 or more years. I understand that certain professions are not attainable without a degree, I also understand that some others cannot be understood without a technical degree but lets take a moment and talk about a relevant degree to our site, the infamous business degree.
There are two types of individuals that enter college, the driven and self aware student; this would be someone who knows what they are studying, why they are studying and where they will work once they come out of school. Then we have the infamous “undecided” student, this would be someone who is simply at school without knowing why, he/she might go to class trying to do their best and with no idea as to why or what they are in college for. I Always say do what you love, and you will find purpose in your life, do what will get you further, not what simply makes sense to others and most importantly drive your life to YOUR chosen destination, not the one others want you to go to. For those of you that simply follow a path you are given without purpose, allow me to show you the dollar losses you and/or your families suffer for your lack of common sense.
The average cost of one year of tuition, room, books and misc expenses is $12,300 per student, this is assuming you are not being sent to a very expensive private school. If we assume that it will take you 5 years to get done as you are undecided and might even change your major half way through, It will now cost you $12,300 X 5 =$61,500 to finish school in 5 years. This is money that will most likely be borrowed at a rate of 4% and need to be paid back in 20 years, but wait there is more damage to be made too. Remember that for 5 years, you are studying and partying, meaning that you are not making large amounts of money from working full time. Assuming you have some intelligence, you can land a job making $24,000 annually without a college education and move up to $35,000 within 3 years. That’s $24,000 X 3 +$35,000 X 2 = $142,000 of potentially lost income. Now lets tally up the basics we’ve learned here. $142,000+$61,500=$203,500 not including the interest paid on your student loans is quite a lot of money, money that you could do a lot with. Start a business, earn interest off of and/or save as backup. This is only an average used here in the sake of making a point, but in most cases, its much more money than that.
Before you start slamming me for telling people to reconsider school, it is not what I am saying at all. I am not saying to not go to college and to not pursue a higher level of education, I am simply saying to understand the true value of it and to not waste time doing things like going to college just because, but instead figuring out your path and then taking it on, should it include college then by all means go, learn and prosper; but it doesn’t have to. Keep in mind that a college education does not guarantee employment, it simply showcases to an employer that you have seen something to the end and understand hard work. In most cases, the work experience you encounter when you choose to work instead of going to school overshadows your degree. Your work history tells your future employer that you are aware of business conduct, understand the line of work and have worked in a real life setting and therefore demonstrated a level of common sense which got you so far to begin with. Business degrees are useless if you ask me as they teach you nothing that real work experience cannot teach you, the English elements such as speaking, writing and speech are essential to your success in business but certainly not worth being stuck in the program and giving up the $200,000 plus for the 5 years you wasted.
I am simply stating that college can teach you a lot, but is not necessarily needed to succeed, its whats within you and what others perception of you is that will ultimately make you win in the game of money, so sharpen your common sense skills and understand what it takes for you to be the best and remember if college is within your path, then make the best of it as the money clock is ticking and every minute wasted is more money that you will have to repay in the next 20 years.