Is college worth the cost of opportunity cost ?

Question

For example this people (Bill Gates, Oprah Winfrey, alex rodriguez) opted to work first rather than continuing their studies. If this people choose to work first it will surely interrupt their string of success. if alex rodriguez choose to further his studies in his early twenties he would have surely miss the opportunity earning millions of dollar as he was on top performance at that time. While Oprah only took her degree in the age of 30 ++ . She build her reputation in the early twenties

Answer 1

I can't give you the answer right for you, but I can tell you my own experience.

I went to university straight from highschool and completed a Bachelor of Psychology. While my other friends went to work and started saving, I was studying.

Now I have completed my degree, and have been unable to find a job in my field due to the high levels of job experience needed first, so am working in an office in a job unrelated to my degree. I have a $20,000.00 university debt to pay off, so am trying to do that. Meanwhile my friends are travelling overseas.

Do I regret the degree I have? No, but I am definitely envious of the financial situations of my friends right now. My only hope is that down the track my degree will get me a much higher paid job then they are able to, due to their education levels. However, down the track they are also able to obtain a degree if they want, and are probably able to do it without going into debt as well. The question is though, will the motivation still be there?

Answer 2

Is college worth the cost of opportunity cost?

In my opinion, yes.

Answer 3

you listed 3 examples of people who became really successful without college. now list the ones who didn't go to college and AREN'T successful.

i know how easy it is to look at the top of the ladder and want to end up just like that, but unless you have some special skill...you may not end up climbing it nearly as fast.

plus, i've been told numerous times that your college years are the best years of your life. you discover what you want in life, you meet people, you get to hold on to your youth for a bit longer, etc... it seemed to quell my nervousness a bit. haha

i would suggest taking a semester or two at your community college to test the waters. first, because it's WAY cheaper than going to a university. and two, because your first two years are more or less core classes. you won't be delving too far into your major right off the bat. so even if you went to a university, you'd be taking the same classes for 10x the money. and there's no reason to believe that community college professors are any less brilliant than their university counterparts.

either be a revolutionary, or be a college student. :] hope it helps.

Answer 4

Yeah but what's the chances you'll ever be as successful as them

Answer 5

It depends. If you have a special skill such as the ability to excel in sports, inventing new products that may change the world, then college is not worth the opportunity cost.

If you do not have a certain rare skill, then yes, college is worth the opportunity cost. Most jobs will not hire someone without a college degree. So if you decide to work instead of college, it would be extremely difficult to find a job that pays above minimum wage. If you have the college degree, you could find a much higher paying job, thus in the long run you would have more money then skipping school to work

Answer 6

My grandfather, who dropped out of high school, told me that it is far better to be the most educated ditch digger than a ditch digger who is uneducated. The former CAN rise in the ranks faster.

Is college worth the opportunity cost? Well, you do more in college than learn specific information that is used for a career. You grow as a person, you learn how to learn, you find yourself, you meet new people and are exposed to new ways of thinking.

Now for some numbers: it is estimated that a college graduate will earn several hundred thousand dollars more during their working years than the high school grad. Oh it may take a few years, but it rapidly catches up. More opportunities are available to the college grad.

Looking at the Bill Gates and Oprahs of the world and using them as prime examples is faulty logic. They had something else going on, and capitalized on a particular situation.

Ultimately, it's your call, but I think that my life has been greatly enhanced, socially and financially by my college experience.