4 ms·

This is bad advice. Even the stereotypically low-earning majors (Education and English) are very (financially) rewarding to those who complete degrees. This is

by nickff 7y ago

This is bad advice. Even the stereotypically low-earning majors (Education and English) are very (financially) rewarding to those who complete degrees. This is true even though most majors confer almost no useful skills or knowledge. The only caveat is that there is almost no reward for attending college, so you should only go if you are reasonably certain that you will complete the degree. [1] https://en.wikipedia.org/wiki/The_Case_Against_Education https://en.wikipedia.org/wiki/The_Case_Against_Education

ramraj07 7y ago
I see no merit to this argument, since you can always go to college later. When you're 25, the actuarially acdepted age when you are considered an adult, perhaps you can re-evaluate then?
- vkou 7y ago
  1. If you delay college for 7 years, your post-college earnings timespan shrinks from 43 years to 36. 2. The average 18 year old does not have the money, the connections, the skills, the experience, the family connections, or the grit to start a successful business. If you have been blessed in a number of these factors, sure, go ahead and do it. If you're average, just go to college. Most people are average.
bruceb 7y ago
Don't go to expensive college that isn't rated well. Don't put yourself more than $50k in debt for avg school and a low earning major.
nostrademons 7y ago
Businesses are very financially rewarding to those who "complete" them, much more so than degrees can be. Your upside for completing a 4-year bachelors degree is maybe $150k/year, best case, if you study CS from an Ivy League and end up at a FAANG. Your upside for building a successful business can potentially reach hundreds of billions of dollars. There's an issue of probabilities: you're probably a lot likely to complete a 4-year degree than found a billion-dollar company. But that's a risk/reward tradeoff, and it's worth remembering that there are a number of "off ramps" from the startup path that may not be billion-dollars but still lead to a job just as good as a college grad would get. Being able to run a profitable, self-sustaining business is viewed very highly by many employers.
- WkndTriathlete 7y ago
  "There's an issue of probabilities" undersells it. Lifetime average ROI on a college degree over the population has historically outperformed those entering the workforce - either employed or as an entrepreneur - over the past 50 years. And while the ROI difference has shrunk (mostly due to exorbitant tuition increases), it is still more profitable over a person's lifetime - on average - to go to college instead of starting a business. Georgetown actually did a fantastic site that shows ROI for a variety of institutions: https://cew.georgetown.edu/cew-reports/collegeroi/ https://cew.georgetown.edu/cew-reports/collegeroi/
IshKebab 7y ago
> Even the stereotypically low-earning majors (Education and English) are very (financially) rewarding to those who complete degrees. I always wonder about that. You always hear "getting a degree adds £1m to your lifetime earnings" or whatever, but suuuurely there's a pretty strong correlation between people that would have gone to uni anyway and people who are smart enough to earn more money. I mean, there's definitely a significant amount of correlation over causation but it's always stated as if it is 100% causation.

by nickff 7y ago

ramraj07 7y ago

I see no merit to this argument, since you can always go to college later. When you're 25, the actuarially acdepted age when you are considered an adult, perhaps you can re-evaluate then?

vkou 7y ago
1. If you delay college for 7 years, your post-college earnings timespan shrinks from 43 years to 36. 2. The average 18 year old does not have the money, the connections, the skills, the experience, the family connections, or the grit to start a successful business. If you have been blessed in a number of these factors, sure, go ahead and do it. If you're average, just go to college. Most people are average.

bruceb 7y ago

Don't go to expensive college that isn't rated well. Don't put yourself more than $50k in debt for avg school and a low earning major.

nostrademons 7y ago

Businesses are very financially rewarding to those who "complete" them, much more so than degrees can be. Your upside for completing a 4-year bachelors degree is maybe $150k/year, best case, if you study CS from an Ivy League and end up at a FAANG. Your upside for building a successful business can potentially reach hundreds of billions of dollars. There's an issue of probabilities: you're probably a lot likely to complete a 4-year degree than found a billion-dollar company. But that's a risk/reward tradeoff, and it's worth remembering that there are a number of "off ramps" from the startup path that may not be billion-dollars but still lead to a job just as good as a college grad would get. Being able to run a profitable, self-sustaining business is viewed very highly by many employers.

WkndTriathlete 7y ago
"There's an issue of probabilities" undersells it. Lifetime average ROI on a college degree over the population has historically outperformed those entering the workforce - either employed or as an entrepreneur - over the past 50 years. And while the ROI difference has shrunk (mostly due to exorbitant tuition increases), it is still more profitable over a person's lifetime - on average - to go to college instead of starting a business. Georgetown actually did a fantastic site that shows ROI for a variety of institutions: https://cew.georgetown.edu/cew-reports/collegeroi/ https://cew.georgetown.edu/cew-reports/collegeroi/

IshKebab 7y ago

> Even the stereotypically low-earning majors (Education and English) are very (financially) rewarding to those who complete degrees. I always wonder about that. You always hear "getting a degree adds £1m to your lifetime earnings" or whatever, but suuuurely there's a pretty strong correlation between people that would have gone to uni anyway and people who are smart enough to earn more money. I mean, there's definitely a significant amount of correlation over causation but it's always stated as if it is 100% causation.