Most Young Billionaires Skip or Drop Out of College — Should You?
Getting a college degree has generally been viewed as the key to financial stability and career success. There’s no doubt that earning a college degree can unlock more career opportunities. However, the cost of obtaining a degree has skyrocketed in recent years, and the debt of US student loans is higher than ever before.
Read Next: Warren Buffett: 6 Best Pieces of Money Advice for the Middle Class
Learn More: 6 Genius Things All Wealthy People Do With Their Money
Going against the norm, some people drop out of college and become rich. Who are they, you might ask? They’re billionaires.
World’s First Self-Made Billionaire Doesn’t Believe In College
CNBC Make It spoke with Austin Russell, the world’s youngest self-made billionaire. In 2012, he dropped out of Stanford University to start his company, Luminar Technologies, after receiving a $100,000 grant from the Peter Thiel Fellowship.
“College is not for everyone,” Russell said. “It’s just sort of the traditional approach around what you do and what you’re supposed to do.”
Today, at the young age of 28, his tech startup that develops hardware and software meant to power self-driving cars is currently worth $2.6 billion. Russell explained that other students should “absolutely” drop out of college to focus on making money.
Russell represents a number of billionaires who chose to drop out of college to start making money and create their ventures instead. Steve Jobs, the founder of Apple, dropped out of college at age 19 because of the financial burden. On the other hand, Bill Gates attended Harvard University for just two years before dropping out to build Microsoft.
Today, Jobs and Gates are among the wealthiest individuals in the US and on the planet.
Majority Of Americans No Longer Think A College Degree Is Worth It
In a 2023 survey conducted by the Wall Street Journal, in collaboration with NORC at the University of Chicago, it was revealed that more than half of Americans (56%) think it is no longer a good idea. Of those surveyed, people ages 18-35 were the most skeptical about the value of a college degree. Additionally, more women and older Americans have grown increasingly skeptical about the value of a college degree as well.
To put this into perspective, in 2013, the percentage of Americans who thought college was no longer worth it was just 40%. Fast forward to 2023; that figure is now 56%, representing a 14% increase.
Factors that have likely contributed to this shift in opinion include the rising cost of tuition, higher interest rates, and the need to take out student loans, which can create a huge financial burden.
Should You Drop Out Of College?
If you’re already pursuing a college degree, dropping out before you finish is not a decision to be taken lightly. However, here are a few questions to ask yourself before making that decision:
Is my college degree going to help me pursue my career goals?
Can I pursue my career goals just as easily without a degree?
Is my degree worth the cost and student debt?
The cost of a college degree in the US has never been more expensive. Before pursuing a degree, consider the costs and determine whether it’s the right decision for you.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Most Young Billionaires Skip or Drop Out of College — Should You?
