#690: Q&A: Should My Teen Go to College?

The conversation opens with a cultural pivot: college, once assumed mandatory, is now scrutinized for its return on investment. Paula and Joe illustrate how millennials paid steep tuition for liberal‑arts degrees only to confront modest earnings, prompting Gen Z to demand data‑driven decisions. They recommend starting with the Bureau of Labor Statistics to compare median salaries, employment rates, and projected growth for any major. Coupling those numbers with direct interviews of professionals gives a realistic picture of job prospects, allowing families to weigh tuition costs against long‑term earning potential before committing.

Joe expands the toolkit by highlighting viable alternatives to a four‑year degree. Short‑term certifications—phlebotomy, HVAC, real‑estate licensing, veterinary technology—can be completed in weeks or months and often yield $20‑$30 per hour entry wages. These paths let teens earn, build credit, and avoid the six‑year FAFSA window where parental income dictates aid. By working until age 24, students become financially independent, qualify for need‑based aid on their own earnings, and enter college with a clear career focus, dramatically reducing debt and opportunity cost.

The duo also warns about income variance across professions. High‑pay, low‑variance fields such as neurosurgery or engineering deliver predictable six‑figure salaries, while creative or media careers follow a fat‑tail distribution where only the top 2‑3 % achieve substantial wealth. Understanding this distribution helps parents set realistic expectations for their teen’s chosen path. Ultimately, the episode advises a systematic approach: assess occupational data, explore short‑term skill routes, delay college until a defined goal emerges, and align financial decisions with the expected ROI of the chosen career.