Why are more people saying that college is not worth it? According to data from the Wall Street Journal, many feel that it doesn’t teach you specific skills to be successful. On top of that, the large amount of student debt that you may need outweighs the benefits.
It’s clear that on average those who go to college make more income than those who don’t. BUT, the big issue is that college is becoming ridiculously expensive. And unless you get a degree that can help you earn a high salary, paying that price might not make any sense.
As the cost of college continues to rise, the number of people who find it worthwhile will likely continue to go down. After all, it doesn’t sound too exciting to join the 44 million Americans who owe a combined $1.7 trillion in student debt. And, it takes an average of 17 years to fully pay it off!
So, is college worth it? The answer is different for everyone. Typically it will help you land a good job and boost your income potential, but college is not a requirement for financial success, nor is it a guarantee of it either. There are many high-income earners who have never attended college.
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
