gregormendelblog.com

I have a Ph.D. I did a post-doc at Harvard. The guy who lives across the street from me is a plumber. Great guy, BTW. Do we value (socially) such work? Not nearly enough. Not everyone needs to have a Ph.D. This guy really saved my bacon, recently. Be really good at what you do. THAT is the secret…

Very interesting.

But I think this is part and parcel of a larger picture. Yes, physicians are getting squeezed. But so are all folks who act as though high credentials still guarantees a good income. I think there is a shift from credentials to competence. If you are a fantastic electrician or plumber or car salesman or whatever, you are extremely likely to do quite well, financially.

It used to be that if you were competent enough to jump through the right hoops, you could secure for yourself (and your future family) a good living. That is still partially true, but now the issue is based to a large extent on whether you are good at whatever you do (at least in the private sector–there are far fewer demands for good performance in the public sector). It’s no longer enough just to be a ____ (fill in the blank), you have to be a good ___. And THAT is a profound argument against government health care.

Does it require more vigilance and care from “the public?” Yes. But there are HUGE benefits. No, you don’t have some sort of nanny state to make sure that your pillow is fluffed. And there will be those whose pillows go without fluffing. But then again, you don’t have a government intruder who has a key to your house and whose job it is to come in when it is convenient for him (not for you, and often un-announced) and fluff your pillow. And while he’s at it he’ll make sure that the temperature on your water heater is within government standards and turn it down if he needs to bring you into compliance. No, you are your own person. You are free.

I think that move from credentials to competency is very good news for most of us. It’s a radically conservative stance.

I wonder if the time is here or is rapidly coming when student debt-load will be a deal breaker in young people getting married.

Now stay with me. If I am dating a person who has racked up $100K in student loan debt, what does that tell me about them? Just a few things off the top of my head:

• 1) delay of gratification
• 2) ability to be far-seeing
• 3) judgement and wisdom
• 4) ability to plan

These kinds of things might be very important to me in choosing a partner. They have ramifications that go far beyond the financial. In the past, student loan debt was something about which one could smile, shrug, and overlook. Not so much anymore.

I’m by no means saying that debt is never appropriate–it is. But $100 grand for a “Travel and Tourism” degree? Hmmm, maybe that says something…

of really good ideas in this article.

The truth is, education should be about obtaining real skills, not having a 4-year debauchery-fest. The days of Animal House are long gone.

Now we are seeing graduates having trouble getting a job at all. When their student loans come due, they say, “Thank you, Sir! May I have another?”

Look, I am very much in favor of education in most cases. There are benefits that go beyond job seeking.

But let’s be honest–the main reason you go to college is to get a job. And that is now far riskier. As I’ve said many times, the issue is competence. If you are good at what you do, it makes much less of a difference as to what you do. The market may be saturated in an area, yet you are the best around in that area. You will do well.

That said, you need to evaluate the risks involved. It used to be (even five years ago) that a middle-class person just naturally went to college and spent $100 grand or so. You just bought things willy-nilly that struck your fancy. You have an iPad and you talk to your friends on your cell phone. Or you text. You might email on your laptop (and even that is getting a little long in the tooth and should be replaced–it’s 2 years old now for Pete’s sake!)

Of course, most of that money was in loans and you have to pay that back. The problem is, with the current Obama economy you are not likely to be able to pay it back and to live at the same time. So you are a college grad (Bachelor’s Degree) in French History and live in your parents’ basement. You have no job (McDonald’s won’t even hire you) and no income. Each month you get a bill for $1,200.00 to service your student loan. Your parents were moderately well off–dad has a great job as a school Principal, and you have always had most of what you want. You really deserve the good things in life, like your parents have. Now. And you’ve always had these good things. As the youngest of four children, you grew up in an era of family prosperity and you see that as normal. You are, how shall we say it?, a spoiled LOSER.

Here’s what I recommend: Go to a cheap college and don’t get into debt at all. Or go to a Trade School. I’m not saying it is never the right thing to accrue debt–at times it is. But those are exceptions to the rule. Be very prudent with your money. You want a new computer? Fine. Save up for it. You want a new car? Fine. Save up for it. Beware of impulsiveness in money areas. Delay of gratification is of paramount importance. You don’t want to marry a spouse who is impulsive and can’t delay gratification (really, that is a deal breaker) and you don’t want to be that way yourself. Be wise.

skit. Back when SNL was funny.

The truth is, college is not the best thing for a lot of people–it is a waste. Employers use it as a proxy for competence, but it’s an inexact one. Now some professions require a certain degree, but the truth is that if you are actually good, no one cares about your degree.

The Mendelian Spousal Unit’s best friend in high school had a younger brother who was really a child prodigy in the area of computers. He had written several very good things while still in Jr. High. While still in high school he was offered a large sum of money to write programs for a company. In other words, he had shown that he was very good and no one cared about a college degree.

Now don’t get me wrong. Getting the “right” credentials might be very important, and college can offer more than just education (depending on the college). But for many it is a 4-year kegger, a great place to network. Basically, companies often focus on credentials rather than competence.

Here’s the rule of thumb: If you are good, you’ll never go hungry. If you’re not, all the credentials in the world won’t help. The guy who built my cabinets may not have been educated, but my cabinets are sure beautiful!

I once talked to a neurologist in a professional setting, and after we talked for a bit he said to his nurse, “Hey Maggie, look! A neuropsychologist with social skills!”

I laughed, but there was a real lesson here. The issue was competence and not credentials. It’s your skills that will make you stand out. Credentials can help in the short run, but they only go so far. And in some areas, no one cares. Be good at what you do, and everything will be fine.