careers, Education, Finances, Goals, Money

A university education has become more and more expensive as the years have gone by. A regular bachelors degree can run upwards of $40,000. Depending on what one pursues in higher education, the return on investment (ROI) is generally very low. Most graduates are lucky to be making 50k coming out from a bachelors degree. Minus expenses, this really doesn’t help pay off that massive student loan + interest on top in a reasonable amount of time, especially for those who don’t have the luxury of living with parents rent free. For those who don’t find a job, the hopeful and imaginary thoughts of obtaining a job by attending graduate school starts to sink in. That’s another 100k or more if you decide to do something like an MBA. Sure, that very well may get you a job in the end, but the thinking pattern is flawed. If one degree has cost me so much with nothing to show for it, surely another will solve the problem! There is something deeper we must analyze, and the aim of this post is to help people decide if higher education is really worth it for them.

Why do you want or need a degree?

For a lot of us, going off to university after high school is a natural next step, whether we put serious thought into it or not. A more pertinent question should be what is the point of getting a degree? The best idea I can come up with is obtaining broad foundational and sometimes specialized knowledge while developing the ability to think critically and creatively. Of course there is much more to this. Many professions require a degree as a stepping stone or pre-requisite to pursue professional programs and designations, such as law school, medical school, teacher’s college, CPA, etc. Depending on your chosen career path at any point in your life, you need to determine the exact steps you need to take to achieve your goal, have a plan B and plan C in case things do not work out, and really question yourself on your desire to be successful in what it is you have chosen. Be realistic, do you have the grades to get where you want to be, do you have the will and discipline to succeed no matter what, and what are the chances that your hard work will not pay off as you expect it to?

I want to make money, and lots of it!

How many of you envisioned the “American dream” after graduating from university? Did you think that you would be in a position of respect and carry highly specialized and in demand knowledge? Well the reality quite often stinks, and if your end goal is to make a lot of money and become wealthy you need to pursue something that 1) offers value to people, and 2) targets a market in demand. For those of you with a degree in dance studies, philosophy, or Canadian history unfortunately have no real demand in the market place. I’m not advocating against studying any of these, but to be realistic in the end goal. Far too often, I’ve seen friends in utter shock and pain when they encounter millionaire real estate agents, Youtubers, plumbers, and even their local mechanic as far better off than they are financially while they struggle endlessly in piles of student debt. Myself as someone who has attended both University and Community College (in that specific order) can attest to significant financial benefit obtained from the latter by obtaining a specific technical expertise in a very hot and in demand market. From a millennial perspective, we were always told that University was the smarter choice, and that community college was for the more hands on kids that generally did not excel academically. This could not be farther from the truth. They also made it sound like a piece of cake to simply jump from program to program once you get into University. It all makes sense now however, that a bunch of teachers who are required to have a bachelors degree in education and something else to vouch for something they did in their life. Degrees are a nice thing to have, but by no means are the only path to obtaining financial wealth.

There are plenty of options

I can say with full confidence that being average in either University or College will not get you very far. Find something you truly enjoy and are passionate about, and be the absolute best you can be at it. But I don’t know what it is I want to do with my life you say? You are interested in too many things you say? Follow the two steps described above: Do something that offers value to people, and target in demand markets. You will only truly know if you want to work in a particular field if you have some actual work experience. I cannot stress the benefits of internships or apprenticeships enough. It is through these types of experiences that you can potentially stop asking the annoying question of what you should do with your life. Unfortunately many university programs don’t offer this, where as community college or vocational programs do. Just remember that higher education at the end of the day is a business like any other (except maybe they receive more government funding), but the goal is the same. They want your money, and you are willing to give it away in the hopes of receiving more of it when you graduate. Always remember that if you want a free education, you are better off getting a library card. I would love to hear some of your stories or feedback on your investments into post-secondary education.