Want to make bank without the bank breaking you? Anglo-Saxon poetry enthusiast Nick Pell weighs trades against degrees on this week's Skeptical Sunday!
On This Week's Skeptical Sunday, We Discuss:
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While college graduates earn more on average ($77,000/year) compared to trade school graduates ($67,000/year) and high school graduates ($47,000/year), this comes with significant student loan debt — averaging $37,000 for a bachelor's degree.
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There's a severe shortage of skilled trade workers in America, with examples like a deficit of 500,000 plumbers and an anticipated shortage of 1.9 million manufacturing jobs, suggesting strong job security and demand in these fields.
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Advanced degrees show diminishing returns — a master's degree costs an average of $65,000 and only provides about a 16% salary increase, while a doctorate costs $127,000 for grad school alone with relatively modest income gains.
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The college versus trade school decision isn't purely financial — it should factor in personal aptitudes, desired lifestyle, and how someone wants to spend roughly one-third of their adult life working.
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There are multiple paths to success, and you can make informed choices by: taking a "gap year" to work and explore interests, completing general education requirements at more affordable community colleges, researching program costs versus expected salaries, and considering apprenticeships which have doubled since 2013 and offer paid training opportunities.
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