Chester Dale was born May 3, 1883 and began work at the NYSE 15 years later.  He became extremely wealthy as a banker and one of the more important bankers on Wall Street.  He didn’t wait around in school until he was 22 to begin working.  By the time most students graduated college and went out waving their degrees to get a job Chester had been in the game 7 years.

There are plenty of people who have led lives similar to Chester.  They skipped the degree, taught themselves what they needed to know, and made money.  Most people can’t do this though, which is why I think college is useful for a lot of people.

I think there are two groups of people who shouldn’t bother with college.  The first group is the kids who underachieve in high school.  The U.S. Department of Education reports that among the hundreds of thousands of college freshmen who graduated in the bottom 40% of their high school class, 2/3 do not graduate even if given 8 1/2 years.  They would be better off in technical training at a community college, learning about business from a small business owner, or in an apprenticeship program.

The other group that shouldn’t bother with college are the high school students who are high achievers, self directed, and self motivated.  These students are able to find alternative sources of education that are more effective.

Then everyone else should just go to college.  Cheers