Cost, unemployed highly educated people, skilled high paying jobs not requiring a degree. The perspective we will consider when looking at the question of a college education will be the most common, that is, the parents who basically plan the education of their children and also, because of their position as the bread-winner and heads of the family, plan the family’s expenditure and future.
A college education has often been considered to be vital to one’s future. It is almost written in stone for most people, despite the fact that most billionaires do not actually have one. A college education’s benefits of course cannot be ignored, even if you are interested in an entrepreneurial career.
Apart from the obvious skills set you may acquire, it also gives you something to fall back on in case entrepreneurship or any other career not involving a college education, like music, sports or acting, does not pay off.
There however, are a number of reasons why more and more often, the decision to get a college education may need to be taken a little more thoughtfully (apart, of course, from the fact that most millionaires do not have a college degree).
It has gotten more and more expensive to get a college education. Some people go through their whole lives saving up for the education of their children and this is a considerable financial and stressful burden for parents all over the United States and indeed, the rest of the world.
It also does not guarantee one a job. The press and web are full of stories of janitors with first degrees, Masters and Doctorates and with the economy globally being largely unpredictable, a college education is no guarantee to future financial stability.
Another notable statistic has developed over the last eight to ten years, especially in the United States. More and more jobs, rather well paying jobs at that, do not actually need a college education. The skills-set for these positions can be acquired in a shorter and cheaper period through more accessible vocational institutions, while for some of them, on the job training is preferred. To give a few examples, some of these include Casino Gaming Manager ($67,000), Web Surfer ($86,000), Elevator Installer and Repairer ($69,000), Industrial Production Managers ($85,000), Ship Captains ($87,000), In-flight Service Managers ($72,000), Illustrators with advertising agencies ($60,000), and Locomotive Engineers ($70,000). If you factor in the debt burden that is represented by student loans which people often resort to in order to get a college education, as well as the interest accumulated before those loans are paid off, a rather grim picture emerges.
Inevitably of course, one cannot ignore socio-economic factors like the fact that a lot of families in the United States are single parent families, which makes saving for a college education even harder than it used to be for the once typical two-parent house-hold.
As such, the decision on whether to get a college education today is no longer simply an automatic one. It involves a family, the parent or parents in this case, taking a close and prudent look at their financial position and having a greater understanding of economic global trends, particularly those influencing the preferred or stated careers of their children and the socio-economic environment they exist in.