Why doing PhD does not help you in becoming a billionaire

Jim Schleckser is a CEO, Inc. He has written an interesting article on Inc website talking about why PhD’s does not help you in becoming a billionaire.

For a career, PhD is a basic requirement as it is an introduction to the world of independent research. It is a kind of intellectual masterpiece that is created by an apprentice in close collaboration with a supervisor. Many parents think that the only way to ensure that their kids could have a secure future is by pushing them to get more education. With more education, they have higher chances of earning a healthy living standard.

It commonly believed that higher education correlates to lower unemployment, better health, as well as longer lives. These things sound great for your children but one thing that is common among the PhD students is dissatisfaction because for it is a kind of slave labor which involves work for seven-days a week, ten-hour days, reduce income, and uncertain prospects.

The prospects of getting a professorship or working in a lab as a high-level researcher seem bleak for most PhD holders and those who stop early in their career; their potential salary floor is lower.

But the person who pursues the PhD, the ceiling of possibilities is much lower as compared to people who don’t have the degree. It is because, without the higher floors beneath them, people with less education pursue different options such as starting a business that could in time help them earn billions. These are the skills that make people with less education, more entrepreneurial and help them earn more.

What you can learn from here is that if your children come up with the idea of dropping out of college or university in order to start their own business, don’t push them not to do so. It is because if they have the right idea and understanding of which market to tap in properly, the student might be living a much better life as compared to pursuing just higher education.

I have to agree with Jim on this, We might be pushing our kids in the wrong direction.

Written by Hisham Sarwar


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