Some people still believe that a college education is
worthwhile no matter the cost or investment. Many people believe that without a
college education you hinder yourself from many career choices. That may be
true, but it depends on the circumstances of each individual and their
abilities, goals, and determination. If a High School student barely gets
through the curriculum at the High School level, what will change when you get
to college? Is it smart to spend tens of thousands of dollars on a traditional
college degree? If as a parent you want to invest in your student you can, but is it
better to take that money and look at an alternative way to help your kid?
Maybe a tech school or even a small business might be a better investment for
your money.
It used to be that becoming an electrician, plumber, HVAC
tech and many technical certificate programs was a noble pursuit. They are great
careers but there is definitely a stigma if you are not planning to attend
college. Parents should be honest and help their kids to make a good choice and
save a lifetime of regrets. If we are honest, it is not hard to see that some
kids have passions that align more closely with the trades than academia. This
path should be encouraged, especially when the cost of a college education has
skyrocketed.
Chasing dreams has become a mantra, but you also have to
look at potential employment opportunities in your calculus. I know a lot of
kids want to be actors, singers, musicians, film makers, song writers, rappers,
and there are many anecdotal stories of kids making it simply by posting a
YouTube video, but the reality is that is the exception. Dream on but be real!
We all have dreams but if we don’t first have a way to create a sound financial
foundation, nothing will be more frustrating for the student with an empty
wallet in a parent’s basement.
Follow your dreams but always have a financial plan to
achieve your dreams. As an electrician making $75,000 a year, achieving your
dreams is easier because you can purchase the tools you need for your dreams
whether that is a guitar, recording equipment, video equipment, acting lessons,
etc.
Before you take out college loans, use your parent’s hard
earned savings take that self-assessment of your skills, desires, and
determination. College loans are granted with little consideration for your
ability to pay them back, so think really hard and make your own choice about
what’s right for you. Don’t make a choice based on someone else or society’s
bias toward a college degree. If you start college and get into $20, $30, $50K
or more of college debt without a degree you will regret it for a long time. It
will limit every other choice you have in life.
Life is too short to be paying back a loan that is worthless
to achieving your financial goals. Too many people end up in a place they don’t
want to be because they did not take a reality assessment on their skills,
goals, and academic abilities. High School is probably a pretty good indicator
of your chance of success in college. You may find out later you are ready for
college and that is OK. Do what is right for you. Many successful people in
this country have been successful without a college degree. Be smart and choose
the education that will pay you back with dividends…
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