Money can bring out all kinds of emotions, especially when tied to big ideas like what you want to do with your life. There’s a widely accepted idea that going to college and getting a four-year degree is the best way to a successful career or financial future.

In today’s world, though, the cost of a college education continues to rise, and the college debt statistics get worse year after year. The conversation about college has to change because the world we live and work in has changed. College comes with higher debt and less job security than it once did. Other types of education and job training are becoming much more relevant.

Let’s take a second look at college from the perspective of your money beliefs. Is college really the best way to have a successful financial future? Is it the only way? It’s time to dig deep and challenge the status quo about college and money.

Understanding Your Money Beliefs About College

Before you can challenge your ideas about college and money, you first have to understand what you believe. There’s a lot of preconceptions about college, such as:

• A college degree means you’re smart and successful
• Four-year college is the only way to get a degree
• Selecting the “best” college will get me farther
• My family, culture, religion expects me to go to college
• Going to college is the right thing to do
• You’ll never make any money if you don’t have a degree
• A degree is the only way to get a good paying job or career
• If you don’t go to college straight from high school, you will never go

It’s important to ask yourself where your own beliefs about college come from. Do you feel a lot of pressure to attend college from your parents, teachers, or peers? Do you have a genuine interest in any specific kind of career? What are your motivations for going (or not going) to college?

There are plenty of alternative options to a four-year college, like community college, trade schools and certificate programs. When you’re making a big decision about your future or career, it’s important to make sure you’re looking at all your options. You may find the perfect opportunity for you in an apprenticeship, program, or on-the-job training path.

Challenging Your Money Beliefs About College

What is the true cost of college?

Before you can decide if college is the right choice for you or any path for that matter, it’s important to determine its Return On Investment, or ROI. How much are you truly paying for a college education, and what are you really getting out of it? Remember, the cost is more than just your money. Yes, there’s tuition, room and board, and books. But there’s also time, energy, stress, and level of commitment too.

If you know you want to be a doctor, you know you have to go to medical school because it’s a necessary building block to a career you really want. If you’re not sure what you want to do but are interested in construction and working with your hands, an apprenticeship or trade school will give you a better ROI. You can try out a field and get experience in something you’re interested in while earning money.

You also have to consider how your decisions will affect your relationships both financially and emotionally. Will you have student loan debt you’ll carry into a relationship? How will going to school affect your time with friends and family? Your money beliefs and decisions will affect your life in more ways than just your bank account.

Changing Your Money Beliefs About College

You may find yourself asking whether college is the right choice for you or if that apprenticeship program is a good idea. Doing anything outside of your typical money beliefs can be uncomfortable. Changing beliefs is really uncomfortable. But questioning where beliefs come from and getting clear on what you really believe is incredibly important. It allows you to be confident in why you make the decisions you do.

Start with writing a list of your own college money beliefs. Ask yourself:

• Where does this belief come from?
• Does it serve me and align with my personal values and financial goals?
• Do I have this belief because I’m supposed to or because I actually believe it?

When looking at your options for college, ask yourself:

• What is the ROI?
• Does this option get me closer to my goals?
• Are there other options I haven’t considered?

Big decisions, like whether to go to college, can be overwhelming. Financially, it can seem like a crushing weight of a decision to make. It’s essential to keep in mind your money beliefs. They can have a massive impact on your decision-making.  Ask yourself why you do or don’t want to go to college and get honest about your motives.

College comes with a hefty price tag. For some people, that may absolutely be the right move. But the question is, is it the right move for you?

Final Thoughts

Money beliefs about college can be a heated issue. Student loan debt and the rising cost of education are hot topics on every social media platform. They spark big emotions because they’re tied to big money beliefs.

Understanding your own money beliefs is crucial in the world today and the first step to making more thoughtful and more informed financial choices for your life. Challenge your beliefs, and think about the true cost and ROI of your options. When you find beliefs that don’t serve you, question them and change them when needed. Money beliefs are a powerful force. It’s important to evaluate them and remember the part they play in your decisions and your life.

If you are interested more in exploring your money beliefs or working with me, please contact me.