One of the trickiest questions a young person faces is how much education they should get. It is a fact that people with a degree, generally speaking, earn more than people without one. And that pay advantage is there from day one, so it compounds over your entire working career and can make a huge difference to your wealth.
On the other hand, education is expensive - and making the wrong decision can be disastrous. In the early 2000s, law school became an incredibly popular path in the US. Legal careers were seen as safe, lucrative and glamorous. As I write in 2013, there are far too many people at law school for far too few available positions, so unless you are at a top school, or are top of the class in a good school, the best companies won't be interested. For all the other unlucky graduates, they will have racked up student debt that will take them decades to repay, and will not have the high income they anticipated. Result: misery, debt, disillusionment. By the time you read this, it may be some other subject that traps students like this, so beware and think carefully.
There is another factor. You have probably heard from many people that getting a degree is a 'must'. For a lot of careers it's a really important first step (you won't get anywhere in the medical field without one), but for most careers it's much more flexible than you might think. I got my degree in computer science before starting my career as a programmer, but a lot of people did just as well by spending the years from age 18-21 working on open source software, building a portfolio of work, and then joining a company or even starting their own. An entrepreneur who has built a successful company is never going to miss that certificate.
If a degree ever does become a necessity (e.g. a promotion at a large corporation might require one) it can be obtained later in life, when you have more money and real-world experience behind you, which will make it easier on both your wallet and your brain. Countering that is the fact that it may put the brakes on your career while you study; that may not be acceptable if you are reaching expensive milestones in your adult life (buying a house, starting a family, etc) during that time.
Finally, there are many well-paying careers that don't require a degree at all, though might require other study/certification. Apprenticing for a skilled trade - carpentry, plumbing, electrical etc - before gaining some experience and ultimately setting up your own firm can be a tremendously rewarding career. What's more, getting a head-start on graduates (i.e. earning from age 18 rather than 21) can offset some or all of the additional earning power degree-holders have - you'll be 3 years more experienced than your peers, with potentially 3 years of raises and promotions behind you - but with a greater risk of topping out your salary earlier, which is why starting your own firm is probably the best way to go.
You may have noticed that I haven't actually answered the question that this entry posed - how much education? The truth is, I don't know the answer. I know what worked for me, but circumstances change all the time and what was right for me in the 1990s might not be right for you. The key thing to take away from this is that there isn't a single right answer to this, so anyone who's told you that there is one true way ("you must get a degree") can be disregarded. That isn't an excuse to not go to university though, it's simply a reminder to consider your options seriously. You'll have to work hard, either way.
On the other hand, education is expensive - and making the wrong decision can be disastrous. In the early 2000s, law school became an incredibly popular path in the US. Legal careers were seen as safe, lucrative and glamorous. As I write in 2013, there are far too many people at law school for far too few available positions, so unless you are at a top school, or are top of the class in a good school, the best companies won't be interested. For all the other unlucky graduates, they will have racked up student debt that will take them decades to repay, and will not have the high income they anticipated. Result: misery, debt, disillusionment. By the time you read this, it may be some other subject that traps students like this, so beware and think carefully.
There is another factor. You have probably heard from many people that getting a degree is a 'must'. For a lot of careers it's a really important first step (you won't get anywhere in the medical field without one), but for most careers it's much more flexible than you might think. I got my degree in computer science before starting my career as a programmer, but a lot of people did just as well by spending the years from age 18-21 working on open source software, building a portfolio of work, and then joining a company or even starting their own. An entrepreneur who has built a successful company is never going to miss that certificate.
If a degree ever does become a necessity (e.g. a promotion at a large corporation might require one) it can be obtained later in life, when you have more money and real-world experience behind you, which will make it easier on both your wallet and your brain. Countering that is the fact that it may put the brakes on your career while you study; that may not be acceptable if you are reaching expensive milestones in your adult life (buying a house, starting a family, etc) during that time.
Finally, there are many well-paying careers that don't require a degree at all, though might require other study/certification. Apprenticing for a skilled trade - carpentry, plumbing, electrical etc - before gaining some experience and ultimately setting up your own firm can be a tremendously rewarding career. What's more, getting a head-start on graduates (i.e. earning from age 18 rather than 21) can offset some or all of the additional earning power degree-holders have - you'll be 3 years more experienced than your peers, with potentially 3 years of raises and promotions behind you - but with a greater risk of topping out your salary earlier, which is why starting your own firm is probably the best way to go.
You may have noticed that I haven't actually answered the question that this entry posed - how much education? The truth is, I don't know the answer. I know what worked for me, but circumstances change all the time and what was right for me in the 1990s might not be right for you. The key thing to take away from this is that there isn't a single right answer to this, so anyone who's told you that there is one true way ("you must get a degree") can be disregarded. That isn't an excuse to not go to university though, it's simply a reminder to consider your options seriously. You'll have to work hard, either way.
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