Episode II: Is College Still Worth It
For some time, a college degree was considered to be a necessity for anyone wanting to be successful. College is not about fun. Society has painted this picture of college as a place where young people go to have a good time for 4 years and depending on how good is the time can be up to 5, 6, or 7 years.
If you feel that the social aspects of college are important I will add that portion of the experience is free. In this Useless Knowledge Podcast episode, I help you answer the question of whether college is still worth it.
What is the Return on Investment? (02:01)
College is an investment. As with any other investment, you have to consider its return on investment (ROI). Remember, college calls for a large investment in the form of time and finances. So, you should consider what you are expecting once you graduate.
What are the downsides of college? (04:45)
Enrolling to a college comes with several downsides. One you incur a cost in terms of the tuition fee. The average tuition fee for four is $32,400 & $23,890 for Private and Public colleges respectively. Also, there are housing, food, books, and supplies fees and opportunity cost. Again, most jobs requiring college degrees do no pay as much as some jobs that don’t. Some jobs requiring a degree also require training at entry levels.
What are the benefits of going to college (06:04)
The benefits of going to college include the expected lifetime increase in earnings and an opportunity to change the trajectory of your life as it acts as an equalizer.
Is there a big difference in the opportunities created by various degrees? (07:16)
Yes. There is a big difference in the opportunities available for various degrees. Some degrees lead to a significant day one starting salaries while others lead to difficulty in finding employment.
How are you paying for your college degree? (14:00)
You need to consider how you’re going to pay for your college as debt associated with a college degree can cancel the benefits of obtaining one and negate its ROI.
What the advice on having a college degree? (15:58)
My advice is: always begin with the end in mind. Don’t select a major in a field of study because you think you will enjoy it. Choose a major based on what opportunities will be available to you once you graduate. Also remember, whether you choose college or not there a lot of great opportunities in the world.
Parting thoughts (18:28)
I have studied is the children of the non-college educated business people that push their children to go to college so they won’t have to struggle in the way that they did. These children tend to not achieve the same level of success that their parents did.