Personal Finance Essentials

Is College the Right Choice?

Three in Four Freshmen Arrive Undeclared or Undecided

And There Are Hundreds of High-Paying Careers That Don’t Require a Degree at All.

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The first question to ask is not which college to attend or which major to choose. It is whether to attend at all – and if so, with what specific, well-defined goal.

From Process to Goal

Most people frame college as a process: I want to go to college. But that is a focus on process, not outcome. If your goal is merely to go to college, you accomplish that goal the moment you arrive as a freshman. What you need is a real goal. Set this one: My goal is to graduate from college in four years, debt-free, on the Dean’s List, with a degree that allows me to have a career in the field I want to work in.

Every word matters. Graduating in four years is critical – failing to do so can cost you close to $600,000 in additional tuition and lost earnings. Graduating debt-free is essential because student loan debt has delayed or prevented millions from buying homes, getting married or having children. Graduating on the Dean’s List matters because high grades signal genuine mastery and help you stand out when competing for jobs. And getting a degree in the field you want to work in matters because a degree that does not lead to your desired career defeats the entire purpose.

Questions to Guide Your Decision

Three questions can clarify whether college is the right path for you:

1

What interests you?

Nearly everything you are passionate about can become a career. Colleges now offer certificates and degrees in fields that did not exist a decade ago. E‑sports alone is a $2 billion global industry growing to a projected $9 billion by 2032. If such opportunities exist in video gaming, imagine what is available in your own area of interest.
2

What concerns you?

There are hundreds of pressing problems in the world – climate change, public health, housing affordability, criminal justice reform, food security and many more. Many of the most important careers addressing these issues require advanced education. One of them might become your life’s calling.
3

What have you not yet considered?

Most students arrive at college having seen only a small part of the world. Discovery happens through courses, extracurricular activities and people you meet. It can also happen without going to college, through books, websites, mentors and direct real-world experience.

High-Paying Careers That Do Not Require a Degree

The average college graduate earns $80,000 a year. But that salary level is achievable without a degree. Commercial pilots average $99,600. Police detectives average $99,300. Elevator and escalator installers average $97,900. Radiation therapists earn $82,800. None of these careers require a four-year college degree. Hundreds more high-paying occupations require only experience, a vocational certificate or trade-based training.

If you do not yet know what career you want, do not rush into college. Three in four college freshmen enter undeclared or undecided. Consider using a gap year to travel, take entry-level jobs in fields that interest you or audit college courses without enrolling. A third of college students are 25 or older. Nearly 10% are in their 30s. There is no rule that requires you to go immediately after high school.

Considering Entrepreneurship

More than 10% of the U.S. workforce – 17 million people – are self-employed. Entrepreneurship offers real advantages: flexibility, unlimited earning potential, autonomy, and greater retirement savings opportunities. But it demands extraordinary sacrifice. Successful business owners routinely work 60 to 80 hours a week, often for years before seeing financial reward. They must be experts not just in their craft but also in accounting, legal compliance, marketing, sales, customer management and more. Before choosing this path, understand both its rewards and its demands honestly.

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