Why You Don’t Need To Go To College

Apologizes for the delay since my last post. Unfortunately, I’ve been a bit sick here in Vietnam so it’s been difficult to find the energy and time to write in between trying to get healthy and also move around in a new country. It’s all part of the joys of long-term travel!

On the bright side, Vietnam is an awesome country and one of my favorites I’ve been to so far. I’ll give more details on that in a few weeks once I give a full overview of my 3 weeks here in Vietnam and August financials.

But onto this week’s post, which is a topic I’ve covered before when I discussed the value of a college education. However, in recent discussions with a few people and after reading a new book, I’ve actually taken a different stance on on a university education and why one doesn’t need to go to college. So here we go….

 

The University Education Debate

Debate over higher-level education has been common among many personal finance bloggers so I’ve got to have my say, and with the rising student debt crisis, it seems that most people in the general public have their own opinions as well.

There are many reasons for this debate that’s sprung up over the past decade, but mostly I’ll put it at a changing economy and culture. 30 years ago, a university degree from an accredited institution was basically a guarantee for a good job with a reliable company. However, the changing dynamics of the economy and education have caused this gravy train to dry up.

Over the past 30 years, middle class incomes have stagnated, automation and outsourcing have caused many corporations to eliminate jobs (but there’s still plenty of other jobs out there….) and the resulting competition for the remaining jobs has made a university degree de-valued. So basically, going to college is no longer worth what it used to be.

And on top of this, given budget cuts for public schools and rising tuition, the cost of going to school is going up for just about everyone. So now not only is your college degree not worth as much as it used to be, but you also have to take out expensive loans in order to pay for it.

Now both sides of the college education debate have their fair points, and I even advocated for the benefits. I went to college to study civil engineering, and honestly, it was probably a great choice for me. My program was one of the toughest in the country, and I learned an incredible amount. However, what I found most beneficial was not anything to do with engineering or construction, but it taught me that I could accomplish something that was downright HARD and understand material that still makes my head spin. I learned how to understand and apply complex ideas, and this was what was most beneficial thing that I got from my university education.

Also, I graduated in 4 years with no debt, so that was an added bonus.

This time I want to vouch for the other side, because due to the changing economy, I think the side that advocates for skipping university probably has stronger points. Especially for those who are not absolutely sure what they want to do with their life, which ironically includes myself…

 

My alma mater at the University of Illinois

 

Why You Don’t Need to Get a University Degree

 

For most people in developed countries, we’re blessed with a few things that we probably take for granted on a daily basis. These being the following:

• Freedom and Opportunity – Regardless of politics and whatever you think of the state of your country, if you can express your thoughts freely, start a business and move between economic classes, then you are at a HUGE advantage to most of the world
• Public Education – Even if it’s not the best, you still are given the tools to make something of yourself
• Access to Information – With a computer and a free internet connection, you can access information on any subject or find a way to make money

 

At age 18 in the United States, you can go out into the world with nothing after graduating high school and make yourself into anything you want. Whether it be a tech entrepreneur, professional athlete, small-business owner, corporate executive, etc. Yes, socioeconomic factors and genetic talent play a factor into this, but anyone can make themselves into the best version of themselves if they work hard enough.

In some parts of the world, it is extremely difficult or impossible to improve your life conditions due to systematic poverty and governments that suppress freedoms for the population. So if these are the only requirements to making yourself into the most successful version of yourself, then why do you need to go to college?

You have all the tools you need to make yourself into a success already when you graduate high school.

Paying $100k+ for an education may help make the path to success easier through increased opportunity, knowledge and connections, but is it worth the cost? You could take online classes, read books, take bootcamp-style developer courses for free or a tiny fraction of the cost of a college education.

Large companies are trying to get rid of many of the jobs that university graduates are competing for, and many of the ones that remain don’t even require degrees, such as many tech jobs or skilled labor. So why would you pay for an education that’s providing less value?

Think about what else you could do with $100k. You could take a 6-week developer course and then use the remaining $90k to finance your own app or online business. The opportunities are far greater than just paying for a 4-year education…

 

Are you sure you want to spend 4 years here?

 

Do This Instead

 

Now I’m not saying that no one should go to college. If you want to be a doctor, engineer, or have a career path that you know you want to follow that requires a 4-year degree and a possible graduate degree, then by all means I support you going to college. You’re one of the lucky ones who at 18 years old knows what they want to do with their life’s work.

However, most people are not this lucky…

For those who don’t know what they want to do for work or want to strike out on a path that does not necessarily require a degree, then I’d recommend trying out this path instead.

First, try to figure out what your interests are and what you may want to do with your life. Try new things, travel the world, take some free online courses. Ask people in your community if you can shadow them at work to see what they do for a living and what it entails. When I was 18, I really had no idea what it was like to be an engineer on a daily basis, but I signed up for a 4-year education to get a degree in engineering. In hindsight, maybe not the best idea….

Give some thought to what you want your life to look like and what lifestyle you want to live. Don’t become a lawyer or a doctor if what you really want is the freedom and money to spend your days as you please, when you should probably look into entrepreneurship and owning an online business.

Read a few books such as The 4-Hour Workweek, Think and Grow Rich and What Color is Your Parachute. All of these could help you determine what your interested in, what you’re good at, and how this can translate to life and making a living.

In hindsight, I wish I had done all of these things before I went to school for a 4-year degree. And remember, it’s never to late to take these steps and move your life in a new direction!

 

Question: Have you thought about whether your education was necessary? Would you recommend a young student to follow in your footsteps? Leave a comment or send me an email with your thoughts!

 

NYPFGuy