An experienced plumber can earn upwards of $80,000 a year - probably a lot more than the university graduate whose sink he’s unclogging.

Young Kiwis should know that climbing the Ivory Tower isn't the only way to make a good living.

One of my high school mates always had a good nose for making money. While the rest of the crew headed off to university, he did his own thing. By the time we'd finished slogging through Marxism, postmodernism and all the other isms, he was a fully-fledged officer of the Defence Force.

He was paid handsomely, had few expenses, and got to travel the world. While I was still repaying my student loan, he already owned several properties and was well on the way to becoming a millionaire.

SUPPLIED Richard Meadows: While many young Kiwis are still blindly clambering their way up the ivory tower, others have figured out that a university degree isn't the be-all and end-all.

Last week I argued that university graduates don't know how lucky they are, with taxpayer-funded education and interest-free loans boosting their earnings far beyond the general population. But going to uni isn't for everyone, and as my high school pal knows, it's not the only way to carve out a decent living.

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While many young Kiwis are still blindly clambering their way up the ivory tower, others have figured out that a university degree isn't the be-all and end-all.

The growing ranks of apprentices and industry trainees in New Zealand recently overtook the number of uni students. While students have fees to pay and often end up in debt, apprentices get paid to learn. Sure, their wages aren't much to begin with, but they rise rapidly once they have the skills and experience.

Carpenters who have finished an apprenticeship, for example, usually earn $25 to $30 an hour, while the site foreman will earn closer to $40. Some tradies go on to launch their own businesses, which means they can set their own hours and pay. Plenty of plumbers, sparkies and builders are pulling in six figures, which won't be a surprise to anyone who's had their kitchen remodelled lately.

Outside the trades, the police and military are solid careers that don't require a degree, and sometimes pay you to study. Retail is another good option. While it's often seen as a job you work while you're waiting for something better, the big retailers like to promote from within, provide on-the-job study options, and offer well-paid positions.

McDonald's NZ's last managing director, Patrick Wilson, started out flipping patties and mopping floors while he was studying computer science. He eventually ditched his degree for the glow of the golden arches, and ended up running the whole show. The current boss also started out as a humble crew member, and worked his way to the top.

Peter Thiel, our fellow Kiwi citizen and billionaire tech guru, offers another alternative. He encourages students to skip university and dive straight into entrepreneurship, following in the footsteps of college drop-outs like Richard Branson, Bill Gates, and Steve Jobs. In the online age, the barriers to entry for starting a business have never been lower.

The internet also opens up a world of freelancing opportunities. I'm currently travelling overseas, working off my laptop whenever there's a decent WiFi signal. I've met hundreds of fellow 'digital nomads' on the road, many of whom don't have degrees. Often they've taught themselves coding, software development, web design, or some other online skill that doesn't have any pesky gatekeepers. They're in hot demand, earn good money, and work when they want.

Higher study is a great investment for most people, but too many kids are pressured to go to uni simply because it's expected of them. They're square pegs hammered into round holes, so it's no surprise they choose their courses poorly, drop out, or rack up big student debts for no gain.

We should continue to celebrate higher education, but we should also champion the trades, entrepreneurship, retail, online freelancing and other useful and lucrative careers. A degree is not a meal ticket for life, and those that choose alternative paths can do just as well – or better – than their learned peers.

Got a burning money question? Email Budget Buster at richard.meadows@thedeepdish.org, or hit him up on Twitter at @MeadowsRichard. You can also find links to previous Budget Busters here.