- Why We Might Be Pushing Our Kids In The Wrong Direction.
We all are a huge fans of Education, As a result, every parents wants to send their kids to college to pursue academic pursuits, possibly including advanced degrees.
This is one of the biggest reasons for many parents think and act this way is that we want to do our best to ensure that our kids have the best quality education possible to happy and independent life.
Some of our readers know already that the more education one attains, the higher the chances to earn a healthy standard of living.
We know, for example, that one who earns a PhD degree will earn substantially more on average than one who stops his/her education after graduating high school.
We all know that the higher levels of education will lower unemployment, better health and longer Lives. All of those things sound like great things for our children.
But there are some issues that we are not personally not talking or targeting is that the decrease in variability or the standard deviation that exists when you get more education.
It’s so rarely if you ever see a billionaire who has a PhD. In fact, many of household names we know today — like Larry Ellison, Bill Gates and Mark Zuckerberg — have never even finished college. Why can this be?
The point I am making here is that when it comes to pursing your higher levels of education. You become more specialized over time. Whether you are pursuing medicine, computer science, or engineering, the more time you spend reading books, the narrower your field becomes.
That means when it comes to landing a job with your PhD in hand, you will probably be looking at a professorship or working in a lab as a high level researcher.
Those kinds of jobs will pay you very well, but unfortunately won’t make you a billionaire.
Those who wants to stop their educational career earlier, the potential salary floor is lower for them. You might be looking for hourly wages or maybe a good mid-level management position at the end of a long career. That’s certainly a good recipe for a better life.
Well, the interesting thing here comes that your ceiling of possibilities is also, on average, much higher, than the person who pursues his/her PhD. That’s because without that high floor beneath them, people with less education are more likely to pursue an option like starting a business that could, in time, be worth million or even billions. These people are more likely to be an entrepreneur.
Writing on this topic on our blog is only a lesson to teach you that if one of your kids tells you that he or she is dropping out of college to go start a business, don’t compel them to get their butts back in the class room.
In other words, they might have found an amazing way to raise their potential earnings ceiling to a new level.