There are plenty of well-paid jobs that are well compensated because they require skills rather than formal education, and a lot of those skills can be learned, in various ways, outside of a college classroom.
How Much Money Can You Make Without a College Education?
It’s certainly possible to get rich with an amazing idea, the right investment backing and relatively little formal education. But basing important life decisions on extreme outliers is never a good idea.
So How Much Can You Earn Without a College Degree?
Average earning statistics tell a different story. Those without a college education definitely tend to earn less. APLU estimates young earners between 22 and 27 earn almost 50% more if they hold a Bachelor’s degree.
However, not everyone with less education earns less. In fact it’s also been estimated that 16% of those who only hold a high school diploma earn more than many workers with a college degree.
According to data from the Bureau of Labor Statistics, analysed by CNBC, the top ten highest-paying jobs that you can potentially get without a college degree all pay $79,000 or more.
It’s important to note that most of these jobs require a lot of on-the-job training to move from an entry-level position to a well-paid one, but that generally means you’re paid as you learn, making these career paths much more accessible than a college degree for many people.
The training for some of these jobs also costs money. Getting a commercial pilot’s licence will take an absolute minimum of $30,000 (and can easily be double that or more depending on the flight school you attend). But that’s still cheaper than a 4 -year college degree.
A college education is probably still worth it for a lot of people, but not everyone. Consider all the alternatives before you sink thousands of dollars and years of your life into your formal education.