Is a College Degree Worth It?
Like most tough questions in life, it depends. You could tout college as a necessary precursor to a decent job, and be sorely mistaken in today’s economy. You could say that a college degree is worthless, and you would be wrong there as well. The truth lies with the dreams of the individual, and how much work they are willing to do.
Education Has Value
There is a Proverb that says, “In all labor there is profit.” I think we can all agree that education takes a bit of labor. If I was to average the hours of homework per week I did in college, it would amount to 30 hours a week – that is a part-time job aside from classes.
I read an article on ZeroHedge, where the author proposed that college was worthless to him. He was not using the knowledge from his Bachelors degree in any of his daily activities, and the contacts he made at school did not propel him to create the next Fortune 100 company.
While I understand where the gentleman from ZeroHedge is coming from, and frankly I agree with him a bit, the knowledge we gain does not always manifest itself right away. There are jobs that I did when I was 11, and 12, that did not prove useful for over a decade. We should always be about the business of learning, and act like sponges as we go about our day – we never know when information we have will make a difference for someone in need.
The Purpose of Education
What I believe the gentleman from ZeroHedge was getting at, and something that was discussed in the comments section, is the question of purpose. What are you seeking to gain by your college degree?
The wisdom my parents shared with me was avoiding college unless there was a vocation I wanted to learn like a lawyer, doctor, or engineer. I think we can all agree that we want to be driving on bridges that were built by educated engineers and in an operating room with distinguished doctors. In my wife’s case, learning the art of mental health counseling so she can work on me (I’m only slightly kidding).
The problem is that you are going into a six figure debt to earn your way into a profession like that. You’re probably not going to be the next Mark Zuckerberg, and make the contacts to build the next billion dollar social media platform while at Harvard. Whether your idea of success is building your self-employed company, or working for a large company, the common denominator is the people you know.
Most of us have heard that our network is our net worth, or that we are most like the 3-5 people we hang around, and it is true. A college degree can be the door opener to a lucrative career, but more often than not, the thing that stands in our way is not having a piece of paper, it’s the people we know. I believe you can do a lot more for your career aspirations by attending a vocational school than college in many instances.
Conclusion
So, is a college degree worth it? If you want to have a professional job, then yes it is worth it. Be prepared for a decade of studying and paying off student loans till your kids need loans for their own education. The knowledge you have to share with people will be as valuable as you make it in that case. There are a few friends who tell me that the people they were able to help is more than worth the years of study and debt they incurred. I applaud them for the hard work they put in, and the value they bring to people.
If your purpose in receiving a college degree is vague (because your friends are doing it) or to receive a general education, save your money and learn about what interests you on the internet. You are digging your own pit with no exit strategy when you start paying others to help you find a direction for your life.
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Great post buddy. As for myself university was definitely worth it. I did a co-op program that gave me great industry exposure and helped me figure out what kind of career I wanted to pursue.
I do agree it varies from person to person. I have a lot of friends who have dropped out halfway and have found their passion doing something that doesn't require a degree.
Thank you my friend. Good to hear that university was successful for you! The co-op program sounds like it was a good supplement.
It does depend on the person. I have a few friends like yours as well, and there are those who do well. Knowing where you want to go is a big first step.
The acquisition of a degree is dependant on individual's choice because some people like the office lifestyle while some others do not.
I think the bottom line is that a reasonable amount of money should be constantly made.
It does come down to the individual and what they want to accomplish.
This is a very powerful and well written article and thus earned my upvote. I agree with you as this relates to me spending fortune for a BSC and MBA studies . However, even though I sometimes ask myself why all the stress, I still use the knowledge learnt in my everyday life..and its priceless.
And with that, I have to say excellent. You found your wheelhouse. I know reading your articles and comments are enlightening to me, thus what you learned with a BSC and MBA continues to be priceless.
The same here @lydon.sipe you are very good , keep up the good work. Bless you
a university or college degree is a certificate of achievement in education - it's not meant to be a passport to a career - for that you need specific training. What being in a university does for you is not measurable in the usual sense - it's more what it does to you. If you're looking for a career you're probably looking in the wrong place - if you're looking for yourself and a more meaningful life, you just may find it by taking time to imbibe the spirit of the place and learn from friends in different branches of study. That's the idea of a university.
That is what I wanted to say, but took much longer to say, lol. Figured I could count on John Geddes to put it simply for us.
thanks, lydon :)
Excellent piece, I would definitely agree with you that "it depends". I came across a good paper not to long ago that said one you also look at annual salary from a career path that you choose and the expected debt from the degree. If your annual salary does not cover 1/3 of the debt, then probably people should careful consider that degree path. If you are on a STEM path, then its best to avoiding for-profit schools and go schools that offer scholarship. One can also talk about the quality of faculty is better at for-profit, so it all depends. One thing is for sure, this current debt-education system isn't working and it is prove to be more negative to the economy in the long-term as people spending power is dramatically reduce
I have not heard that figure before, and that sounds like wisdom. When buying a house they say that over 40% is stretching you thin, it stands to reason that investing in college would work the same.
Agreed, the debt based economy begins with the debt based college education. We need to rethink the burdens we are passing on.
I think that same article was either Zerohedge or CNBC, can't remember. Students have to be smart, they have to look at schools where they have a slight advantage with regard to cost, I am exploring MD/PhD option to finish off, cost and scholarship are my main concern. I am already rattle with debt from BSc and Basic Science, so you have to get self-center with regard to finances. I have friends that have a 400 thousands around the necks with only an MD that are still looking for post-grad and clinical position, so it ain't easy out here. I hope the administration can address this, I think they are fighting over healthcare but Education desperately needs some reform and quite frankly we need to cap tuition
Wow, I knew it was rough but 400k is news to me. There are lots of talks going on about education and health care right now, hopefully something positive comes out of it.
I hope they give it some attention, they need to cap-tuition and the class size, some of the schools have class size that over 400 students with 27k per semester plus administrative fees... tuition has risen from 18k to 27k an climbing per semester. We not even talking about IVY leagues that goes for 37 to 50K per semester, the current system is killing our greatest minds, its more a hussle, probably they can reward school that actually do research and lower fees an produce some actual results. It's more marketing than actual subtance
I am the first person in my family to graduate college. It was always taught to me,"If you want to be successful, go to college". I now know that is the completely wrong reason to go to college!
There are so many ways to be successful without going to college. A piece of paper does not automatically equal success. That is the main thing I share with people.
I do not advocate against college, I just try to help people truly reflect on what they are trying to accomplish. Sometimes college is the best avenue to accomplish their goal, other times it is not.
People forget that real world learning and experience is an education that is tuition free.
Agreed. As you say, there is real world learning and experience that is tuition free. The individual must have a direction they want to go, and understand what that path entails - whether that is college or not.
I was lucky to go to college in the late 80s/early 90s when it was still within the realm of the affordable and after 1 year living in California I was able to get in-state tuition, which back then was dirt cheap. Plus I got scholarships, worked in the summers and lived in student cooperative housing that cost around $300/month for room and board. So I ended up with very little debt.
But none of that changed the fact that it's part of my family's culture to go to college. It's considered a minimum educational level and everyone is expected to get a four year degree. More than that, I wanted to learn. I wanted to learn everything I could about languages, how they work, their history, how they are used, and how language developed in ancient times. I wanted to learn archaeology, anthropology, sociology and mythology. And I wanted to learn as many languages as I could, both living and dead. College was a way to expand my mind and to further train it to absorb and analyze large amounts of information and come to conclusions about it. It was a way to get away from the East Coast and experience California to the fullest, to travel and hike and get to know the Pacific ocean. To expose myself to people who thought and lived completely differently from me. It did all of that and more. And yes, I was lucky to be able to do that without racking up crushing debt as students do today. In some ways I would say education is the purest luxury. Certainly nothing I learned in college or grad school has led directly to my employment. but it has shaped who I am forever.
That is an excellent point. Like you, I left my home state and traveled to another to experience and learn all I could about something I was passionate about.
I can hear your love for archaeology, anthropology, sociology and mythology throughout your reply. College can do that, and I am so glad you found something you enjoy.
Thank you!
You show here a perfect example that there are costs and benefits to everything, regardless of the prevailing popular opinion. Just ask some of those folks with a paper degree, six figure debt, and still no job.
Exactly. Best to scan the landscape before digging right in.
Going to uni changed my life and my whole families lives.
I went to college as a mature student with three kids.
I worked my butt off and made a living at the same time driving a cab.
Many younger students just saw uni as one big jolly and did nothing to support themselves.
Result... I graduated virtually debt free.
I agree that uni isn't for everyone and some of the courses are frankly just pointless and of minimal value.
Like my old pop use to say. "Get a trade" then you can do what you want.
Wisdom right there. Thank you for setting the example for how a degree can be earned with incurring debt!
Very good article. I like your view. Now I think to invest some money for my kids. Do you think it is a good idea to put a Dollar a month on Steemit to buy steem?
Thank you, that is kind of you. If you have that dollar free to invest, and all other items are paid for, then yes I think it is wise.
thank you for your advise. I will do my best.