Is it still worth investing in a university degree?
Gone are the days when a college degree automatically made you more likely to have higher earnings and better employment prospects. PHOTO ILLUSTRATION: PIXABAY
My unifying theory of finance is that everything goes seriously wrong when people start seeing something – a bond, a mortgage-backed security, a crypto exchange – as risk-free when it isn't. Look at any financial crisis or minor blow-up, and that's always where it starts.
Lately I have been wondering if my hypothesis applies to areas outside of finance – specifically, to education. For years, a college degree was seen as a risk-free asset. It took money and time, but it was near certain it would pay off in the form of increased lifetime earnings. No wonder that we are in now in an education bubble: Lots of people went to college, studied things that aren't useful, and found themselves overwhelmed with debt. Many more can pay their debt, but work in jobs that don't require a degree anyhow.
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