The real cost of skipping college that no one talks about

As someone who has spent years in both medicine and neuroscience research, I have been watching the recent surge of "skip college, get rich quick" content with growing concern. Just last week, I reviewed "The Millionaire Fastlane" by M.J. DeMarco on Medium, and while I really appreciate the entrepreneurial spirit, I cannot shake the feeling that, in fact, it is selling young people a dangerous fantasy.

Don't get me wrong—I understand the appeal very well. YouTube is flooded with 20-somethings flashing six-figure incomes from dropshipping, crypto trading, or building personal brands. The message is seductive indeed: why waste four years and accumulate debt when you could be making money right now? To support it, they point to Steve Jobs, Mark Zuckerberg, Bill Gates, and Paul Allen, all college dropouts who eventually became billionaires.

But here's what these success stories don't tell you: these guys are statistical outliers, not the norm. However, to know what statistical outlier means, you have to take a course in statistics. The very first step in analyzing your data is to determine whether it is normally distributed and to identify any outliers.

I spend a couple of days reading the recent reports and analyzing the up-to-date data and trust me, the numbers don't lie. According to OECD report, full-time workers with tertiary degrees earn nearly twice as much as those with below secondary education. Even completing just upper secondary education increases earnings by about 18% compared to those without such qualifications.

The "college wage premium", the earnings boost from having a degree, has actually grown over time, according to the Federal Reserve Bank of St. Louis. And here's the kicker: unemployment rates decrease as education levels increase. When economic downturns hit, guess who gets laid off first?

Yes, Zuckerberg dropped out of Harvard. But he also had the safety net of an elite education and a wealthy family. Most people don't have that luxury. Therefore, for every college dropout success story, there are thousands of others struggling without the credentials. In addition, while everyone talks about Gates and Jobs, let's discuss the educated entrepreneurs who built lasting empires. Elon Musk studied at UPenn. Jeff Bezos graduated from Princeton. Warren Buffett has degrees from both the University of Nebraska and Columbia Business School. These aren't accidents.

In my field of science, I've seen countless examples of how formal education creates opportunities that would otherwise be impossible. The collaborative research networks, the mentorship relationships, the exposure to diverse ideas—these emerge from institutional settings, not from grinding alone in your bedroom.

Beyond the paycheck

Here is what really irritates me about the whole "college is a scam" debate. In fact, everyone fixates on money and misses the bigger picture, which includes your health, your actual lifespan, and your happiness.

I am not talking feel-good nonsense here. The data are undeniable: every single year you spend in school adds years to your life. A massive study in The Lancet Public Health tracked this across populations and found that people who finish primary, secondary, and university education have a 34% lower chance of dying early compared to those who never went to school. That is actually the same protective effect as eating perfectly your whole life.

For me, as a medical doctor, this makes complete sense. Obviously, more educated people make better health choices. They understand what their doctors are telling them. They are more likely to exercise and much less likely to smoke and drink heavily. Moreover, when they get diabetes or heart disease, they actually tend to follow the treatment plan.

In my view, here is where the "just learn online" crowd really misses the point. College is not about cramming facts into your head or collecting diplomas for your wall to impress visitors. I strongly believe that it is about learning how to think through messy, complicated problems; how to spot bullshit; how to make an argument that actually holds water; how to interact successfully and fruitfully with your classmates. And trust me, you don't get that from watching YouTube videos about dropshipping…

There is something else I would like to add as a specialist in dementia. Education seems to protect your brain from Alzheimer's disease. Multiple studies show that people with more formal education are less likely to develop dementia, even when their brains show the same physical damage. Imagine that their minds built up extra muscle that helps keep functioning. Or think of it this way: you wouldn't skip the gym and expect your heart to stay strong. Your brain works the same way - it needs that consistent, challenging workout that real education provides.

Finally, it is crucial to consider a subjective argument that, however, holds a very great significance. Recent data from numerous sources indicate a strong positive correlation between accumulating college degrees and experiencing increased levels of subjective happiness. So, pursuing higher education meaningfully contributes to improving your overall well-being. Just consider it as a valuable investment in your future that can lead to a longer, happier, and more fulfilling life.

The social capital factor

Here's something the fast-lane advocates rarely mention: college provides social capital that's nearly impossible to replicate elsewhere. The relationships you build, the alumni networks you join, the professors who become mentors—these connections often matter more than the curriculum itself. You can't replicate that ecosystem with a $99 online course.

I've watched colleagues leverage their university connections to secure funding, find collaborators, and launch ventures that wouldn't have existed otherwise. When you skip formal education, you're not just missing out on knowledge; you're missing out on a lifetime network of relationships.

The reality check

Okey, I am not saying that everyone needs to pursue higher education or that there is only one proven path to success. Some people genuinely thrive as entrepreneurs, artists, or specialists and don't need traditional credentials. However, treating college as universally unnecessary is intellectually dishonest and potentially harmful.

In fact, the vast majority of successful businesses are founded by people with formal education. The data on income, health, and social mobility consistently favor those with higher educational attainment. And in an increasingly complex global economy, the premium on knowledge work continues to grow.

A personal perspective

I have seen firsthand how education shapes not only career trajectories but entire mindsets and worldviews of students. What strikes me isn't just how education changes their career paths - it's how it fundamentally rewires how they think about everything. The way you learn to dissect a complex research paper? That same skill helps you spot a predatory loan or evaluate conflicting health advice online. When you're exposed to professors and classmates from completely different backgrounds, you start seeing problems from angles you never considered before.

So, when I read about some 19-year-old kid dropping out to chase the influencer dream, my stomach drops a little. Sure, a few will hit it big - we all know those stories. But what about the other 99%? They're walking away from something that would have given them tools for life, not just a paycheck.

And, finally, here's what these "quit school, start a YouTube channel" gurus never mention: your entire livelihood can disappear overnight. We've seen creators lose channels with millions of followers because of some algorithm change or policy violation. Remember when Instagram randomly started nuking accounts last year? Or look at what's happening with TikTok right now - one political decision and boom, your business model is gone.

This whole "get rich quick" obsession we have is honestly kind of tragic. It's like we have forgotten that anything worthwhile takes time to build. I see it in medicine all the time - patients wanting the miracle cure instead of putting in the work for real, lasting health. Same thing happens with careers. Everyone wants to be the overnight success story, but the doctors, scientists, and business leaders I actually respect? They put in years of grinding through difficult material, learning from failures, building expertise brick by brick.

The numbers don't lie either. Study after study show that college graduates, on average, earn more money, live longer, make better health choices, and report higher life satisfaction and happiness. Is it perfect for everyone? Of course not. But statistically speaking, it's still one of the smartest bets you can make.