Given the choice, I’d take the education.
I only have a 2 year degree, and when I was downsized at age 43, it was virtually worthless. I was no better off than someone with a high school education. All the jobs were for 4 year degrees, I couldn’t even apply for them.

The good ole boy network had its jubilee. They got me out, and they kept me out, while they hired their own buddies.

I don’t recommend it to anybody, especially to a female, we don’t have the network that the men seem to have. Get an education, if you can.

I came from a poor family with no networks to get to the higher levels. At 17 I knew my grades in H.S. were not good enough to obtain a scholarship nor did I have a clue what I wanted to do for the rest of my life. I knew what I did not want; to continue being poor. I went into the U.S. Air Force for four years and lived mostly in Europe where I met my wife. (We have been together since 1986 and still are happy.) When I got out after four years I decided to go to college while working full time. That worked out for two years until I got involved in an MLM (Multi level marketing) specifically an organization within the largest MLM in the country. I quit this MLM after three years with limited success. Being involved with this organization changed my entire thought process for the better in my opinion. I was taught to question why am I going to college and what do I want out of it ultimately. Well, I knew I wanted financial independence and to never be poor in my life. I stopped going to college and focused on my job and my MLM business. The education I received from the organization within this MLM was PRICELESS. I learned how to think and sell. I received a goal oriented training program that has propelled me exponentially beyond my parents realm. I quit the MLM years ago but found that I was being frequently promoted at my work place rising to Transportation Manager then due to my wife losing her job, (she has a four year degree) we decided to move out of state for better weather. To make a long story short I had a couple jobs in two years I was fired from due to my independent thinking and then landed a job with good management where I again was promoted up to General Manager of the local branch of this multi national corporation. I do not have a degree but had I this piece of paper it would have been easier to get my foot in the door, that’s it. People without degrees can succeed but you must be willing to work harder to get what you want and perhaps, start close to the bottom and work your way to promotion through merit instead of credentials. I am now opening my own business and that, that is the most rapid way to financial success anyone can undertake. I hope this helps.

Tim S.

my mother never graduated from high school, and i only just met my dad (who also never graduated). i grew up poor and had no networking opportunities – single stay at home teenage mothers don’t exactly have job contacts for their children!

i ended up homeless for 2 years because of these situations. during that time i worked at endless minimum wage jobs trying to save up for a place to sleep and shower. it was only after i was approved for social security disability based on a genetic neurological condition i was able to live indoors.

i am now in my final year of college and will graduate with a BS, three minors and magnum cum laude. the volunteer service i’ve done while in school, along with the graduate level courses and references will enable me to either continue on to a MS/PhD program or get a very decently paying job right away.

working full time when i was homeless i made a maximum of $200/week after taxes. most importantly, this will be in a field i love, wildlife biology. most jobs in this field also require at least a BS.

for some people college is a necessity.

not all of us are born into the safety net of networking and high paying first jobs given to us by fathers’ friends.

I’m a teacher, so a degree is necessary; however, there are many opportunities to work with kids that do not require a degree. I left college with only $5,000 worth of debt, which on my paltry beginning salary was quite enough, but I should say it took me YEARS to to graduate because I was trying so hard to avoid debt. I’m in a position right now where I have to go back to school so I can get better pay. Education is a field where one has to continually go to school (which costs money) to maintain certification and gain pain raises. The good news is that it will be well worth my time to back to school, as it will raise my salary $7-10,000 right away.

My husband just went into big time debt getting his AA degree so he could work in the IT field. (It’s a 2nd career for him.) He had some experience, but everywhere he looked, experience AND education were required. He has not had difficulty finding positions with his degree, but at this point the cost of that little degree isn’t paying off. Will it over time? I sure hope so. But then, his pay isn’t bad at all. It’s taken me 10 years to earn what he earns as a starting salary.

In both of our fields I’d say that networking is a important, although the people I knew in college did not help me gain employment when I did finally graduate because there were no openings in the area. I do feel that years later, if I did want to go back to that area, I could have some connections, though. You just can’t discount the importance of knowing people. When you have the same qualifications as a dozen other people, having that edge makes a difference, doesn’t it?

The trouble with this is that your tastes may change, and more importantly employment markets may change. Our tastes and our standards for success tend to be determined by our peers, i.e. the social class you are born into.

A lot of people say: “I and/or my buddies didn’t go to or finish college and we did well.” The trouble is “well” differs for people. “Well” may be poverty by another person’s standard. It’s best to raise your standards. You may not need the higher income in the forseeable future, but it is good to have the option. Just as it is important to live within your means, it is also important to be able to make more money than you think you might need.

A lot of people don’t finish college or don’t go at all because they find reading, writing, and/or math difficult. Employers don’t want to hire people like that for top positions. The highest earning areas such as private equity, hedge funds, investment banking, or management always require at least one degree, particularly a degree from a good school. Sure a few entrepreneurs drop out of college and become successful but statistically they are the exception rather than the rule. If this wasn’t the case the incomes for college graduates wouldn’t be higher than that of non-college graduates.

Networking is essential for any sort of career. The better the school, the more opportunities to network with higher caliber people (it’s best to avoid NCAA Division I schools, or schools that have a big frat scene). Being “good at networking” doesn’t compare to four years of working and living with a pool of very bright people. How else are you going to meet a similar pool?

That one year at Harvard was probably invaluable to Gates. There were the networking opportunities, and later as a young guy running a company he possessed the imprimatur of the best university in the world. He also had a private high school education, and most importantly, access to computers when he was in junior high.

The arts are a significant exception because there is less of a need to monitor the daily work of the employee. The quality of the resulting product is clearly evident. In the corporate world where people are working collaboratively, it is more difficult to monitor work quality, hence the need for degrees.

-Without sounding redundant/cliche..”One size does not fit all”, for the vast majority of individuals, a college degree is normally a necessary evil. However, one must have some sort of “Street Smarts” to augment that degree if they want to truly succeed.
-Yes many a self motivated individual have done extremely well without having have finished school, but in most cases, they were also extremely talented/skilled in whatever they did compared to the vast majority..i.e..Gates,Dell, etc. Just as in athletics, not everyone who works hard at their sport will become Jordan, Gretzsky, Tiger Woods…etc.

-In my opinion, a degree, unless one is fortunate to have a “contact” or lucky break, shows most employers that an individual has the ability to focus on a goal and see it to its end. I agree that one should not go to school for a meaningless field, that they are not interested in, but than again, you go to college to discover what field you are interested in.

-I guess in summation, a degree is essential for the vast majority, not a must. The networks and interraction one deals with on a campus are life-changing and invaluable.

-P.s..What really breaks some people though is their obsession to get into a school where they will graduate with an enormous mountain of debt. I went to a B tier schoo, but upon graduation, it was my personality, mixture of luck/blessing that landed me a prime job at a major Fortune 500 company..where the “street sense/life/college lessons, have enabled me to outperform many an individual who went to the so-called top-tier programs.

-Take care and like I said, “One size does not fit all”

nice article.