Education versus money

It’s the averages that count, not the people we know, that’s anecdote. We all know people who have done well without going to university, but on average your lifetime earnings are c£130k greater if you do go (see earlier post for link).

In a few years time when AI really takes over the vast majority of office based jobs the manual jobs will have the whip hand where wages are concerned.

My partner left school at 15 ( same as me) but he retired at 53 and me 55.

What has doing well in your career and how rich you are have to do with whether you have been to unversity or not.

DS chose at a young age a career that he always knew would need multiple degrees and would never make him rich. But what made him take that path, was his love of his subject and his clear excellence in it. Money, providing he earned enough not to be on the breadline, was not important.

Most people go to university because their chosen career has a high knowledge base and the best and most efficient way togain it is by going to university. Anyone fancy being operated on by a doctor with a clutch of NVQs?

Because univeristy graduates go into jobs requiring a wide intellectual knowledge base, which takes time to acquire, on average they do get paid more than those that do not need this knind of knowledge base.

But whether you make it big has absolutely nothing to do with education, whether you have a degree or not will neither help or hinder you make your first and subsequent millions

My son didn’t go to uni but straight to work at 16 both my girls went to UNi they all have good seniors positions in their given fields but my son has always earned the most

One of my sons hated school and didn't leave with wildly good results. For many years now he has run his own business and has a very successful and happy lifestyle. The other son attended Uni and is very happy in his chosen but mediocre line of business. Funny old world........

Painted on the wall of the uni canteen was a slogan about education being all about making ones mind an interesting place to live. That resonated with me.

polomint

Is it still true today that a good education leads to a better paid job or not. My grandson earns more money than his friend who went to university. Money is not equivalent to intelligence

I doubt education has always led to a better paid job.

No, education doesn't always determine pay.

A good education usually leads to a more 'rounded' person, and getting an education is usually an enjoyable experience, as it gives people time to spend on something they enjoy, and to do so in the company of others who are also interested in their subject of choice. Whether it leads to a better paid job is only important if none of that matters to you.

As this is the UK, and there is no escaping the class system, there will always be those who insist that education isn't important, that 'we' need tradespeople, and that 'they' should take up apprenticeships instead of a degree. They wouldn't want that for their own children, of course - just other people's .

Of course university isn't the only way to succeed. It makes it easier though. There are jobs where a degree is essential, and enough people who insist on one before interviewing people for entry level work to make it difficult for those without. All the same, people who are prepared to work hard can often have good careers with a combination of luck and ability.

What I would suggest, however, is that most of the people without degrees who end up in professional or managerial work (which may or may not be highly paid) will be from families who have contacts, and where the children have learnt to 'speak the language' of their employers at home. For every young person who manages well without a degree there will be several who get stuck with a job, rather than a career.

We don't know how AI is going to impact on the workplace though. It may well be that 'brainwork' will be taken over by computers before long, and that it is manual skills which are valued more highly. For that reason, my advice to a young person (all else being equal) would be to do what they think they will enjoy, close as few doors as possible, and keep an open mind. If they have a subject that inspires them, they should follow it to as high a level as they can - whether it will lead directly into work or not. That applies whether their interest is in Quantum Physics, plastering or the history of ideas.

Oh, and I don't know anyone who thinks that money is equivalent to intelligence.

My son had a good school friend who, unlike his peers didn't go down the Uni route.
He did an apprenticeship with a traditional Yatch building company.
He's doing exceptionally well, working aboard when necessary, definitely earning more than his chums with a degree.

A very good move Judy. Unfortunately, Oops, barristers are self employed and don’t earn much in the early years. They are very much dependent on the Chambers clerks giving them work until they earn their own reputation. I had a young barrister friend years ago whose lifestyle I didn’t envy. She was attending courts all over the country, much of it on legal aid rates, and dealing with some very unpleasant cases, often sexual assaults. She became very unwell. If your grandson isn’t already too far down the road, perhaps suggest he considers being a commercial solicitor - you’re employed until you’re a partner, and partners in City firms take home shedloads of money. Being a barrister may sound glamorous, but the reality is very different.

we realised it was probably intended for the guilty thread.
your pardon is in the post !

Germanshepherdsmum

Having both asthma and epilepsy, I still avoid crowded places where I may catch covid even though fully vaccinated. I have groceries, meat and fish delivered and mainly shop for other things online.

Sorry, don’t know how that ended up here!

Our Nephew took a job with an Accountancy firm which offered training instead of going to University. He did not have any Uni fees and is now a qualified Accountant. It was a good move for Him but may not suit everyone.

I’ll let you know if and when our Grandson becomes a Barrister and how much he will still owe in University fees!
Maybe job security is a factor?
Although we always said we should have a Plumber, a Mechanic and Electrician and a builder in the family, they not only seem to have good earning potential but they often start up their own companies.

In short, on average, yes.
ifs.org.uk/publications/impact-undergraduate-degrees-lifetime-earnings

Having both asthma and epilepsy, I still avoid crowded places where I may catch covid even though fully vaccinated. I have groceries, meat and fish delivered and mainly shop for other things online.

Depends on the job. Train drivers seem to be well paid and look at the man who founded Pimlico Plumbers! Maybe in time your grandson’s friend will earn far more than him - you don’t say which jobs they do.