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Why go to College?

With the rising cost of education many young people are starting to ask themselves "Why go to college?". The question when first posed to many adults who are college educated would at first glance appear to be ridiculous. There are of course many reasons to go to college, but it certainly isn't the only path to happiness, much less economic security.

It is not just the cost of tuition, books and housing one must consider. Four or five years in college is of course expensive, but a cost that is often missed, is the money you would make working,instead of going to college. Even if you only find a job making ten dollars an hour, and you never received a raise, over four years you would make nearly $80,000.

Now if you tack on $25,000 (which is the average cost of a four year in state college degree) you are down over $100,000.
The average starting salary for someone with a degree in business administration is $39,000 per year. The average salary for a plumber with 5 years of experience is $46,000 per year.

Of course many will make the argument that over the years the individual with the college education has a better chance for advancement, and thus even more earnings, so he would pass the plumber. There are two problems with this argument. The first is that the money he makes, doesn't necessarily translate in to happiness, or quality of life. But the bigger issue is that most people are today employed by small businesses.

Well, many of these businesses are plumbers, electricians, locksmiths, welding shops, construction companies, and others that are headed by men and women who skipped college and went right in to the workplace. And the managers they hire to run the office may have college degrees, but the men and women running the show in the field, do not.

All things being equal, you'll still come out ahead with a college degree, but it is entirely dependent on the line of work you chose, and how much effort you put in to your career.

The other important consideration you'll have to make in deciding whether or not you should go to college is the prevelance of outsourcing and in particular off-shoring. In the latter part of the tewntieth century, many skilled positions were off-shored to India and other countries. Lately, we've seen more layoffs (especially in bigger companies) of the middle managers who no longer have anyone to manage.

Over the last fifty years the consensus has been that you need a college education. Lately this dynamic has started to change considerably. The young person considering a college education may be much better served taking that ambition and going to a vocational or trade school. After working for someone else and learining the trade for four or five years you can start your own business and not only have more job securtiy but also make considerably more money.

If it is your life long dream to be an attorney a doctor or a chemical engineer, you'll need to go to college. If you are looking for a stable career, you may wish to forego a four year degree and learn a trade. If you really want to get rich, your best bet these days is to learn a trade, and start a successful business. In my business I am constantly exposed to very wealthy people who never stepped foot inside a college. One of the richest people I know is in fact a locksmith.

Those that have an inclination to go to college, and have worked hard in high school to get good grades, are oddly even more likely to succeed and become very wealthy by not going to college. It sounds strange but it is true. Many small subcontracting businesses are started by employees who are sick of working for someone else. They don't have a wide range of skills are even a solid high school education, and yet they still succeed. The individual with a desire to learn and a good base of knowledge can create a fairly good sized business in just a few years. Consider your last high school reunion. Who are the people that have done quite well? If you're like me, you'll find it is the mechanic who started his own shop, the girl who cuts hair and started a beauty salon, or the kid who became an electrician. The look of envy in many of the college graduates eyes is priceless.

Why go to college? Why indeed!

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