Congratulations graduate! This June about 2.5 million kids will graduate high school. Now what? Should you go to college or look for a job?
On average, college graduates make much more than high school graduates, and the disparity is only increasing as the job market becomes more and more competitive and technical. However, college requires a significant investment of time, money, and energy and is not for everyone.
The Case for College:
- Opens doors in the workplace that otherwise would be unavailable.
- Become a more rounded person because of the experiences you gain.
- Higher earning potential.
- Chance to network with people and make friends for life.
- Become an expert in your field.
The Case against College:
- Lose four working years.
- You won’t necessarily earn less.
- Not required for my career.
- Plenty of other people did just fine.
- You don’t need to be in the classroom to learn something.
Earnings based on level of education:
|Highest Degree Earned||Average Annual earnings ($)||Average Lifetime earnings ($ Millions)|
|Professional (MD, JD)||137, 000||5.5|
|Some High School||24,100||1.3|
Wealthiest people with a degree:
-Warren Buffett, $40 billion, University of Nebraska, Columbia MBA.
-Michael Bloomberg, $17.5 billion, John Hopkins University, Harvard MBA.
Wealthiest people without a degree:
-Bill Gates, $50 billion, Harvard University dropout.
-Larry Ellison, $27 billion, University of Illinois dropout.
In summary, there are many things to consider if college is right for you. However, in today’s tough job market and increased global competition, you are better off with the more education you have. I also believe future trends in employment will require more education and specialized training as we move from the Industrial Age to the Information Age.