Are university degrees overrated?

I probably was in middle school (1980s) when I first heard (from a teacher) that "not everyone should try to get a university degree." His arguments were (if memory serves me well) similar to the ones that I hear nowadays (2025):

1. Too expensive
2. Many will not graduate
3. Even if you graduate, you might not find work in your field
4. There is a need for good carpenters, plumbers, welders, nurses (university degrees were not required for them at the time), secretaries, mechanics, and other "blue-collar" workers, and they make good money faster!

I did not follow that advice. Following my parents' advice, based on their friends' experiences and unfulfilled aspirations (none of my ancestors had even pursued formal education beyond elementary school), I did go to college and earned a Bachelor of Science (Computer Engineering), a Master of Business Administration (international concentration), and a Doctorate (Ph.D. in Management). Intriguingly, the four arguments above seem even more true now than they were back in the 20th Century! 

• I went to one of Mexico's most expensive universities (thanks to generous scholarships and loans), Monterrey Tec (tec.mx/en); for the first few years, I wondered why I didn't choose a state university instead, but the opportunities I was able to seize there now make me glad about those choices! 
• I saw many fellow students drop out before finishing their studies. 
• I have used the knowledge I acquired, but haven't worked as a computer engineer "properly."
• The last time I paid a plumber, I was well-impressed by his work ethic (even though it was the third time I had called him for the same problem). The studies I have been exposed to give me confidence that specialization is the way to go: I do my job, they do theirs, and each of us charges a market-based price for our services.

Beyond my personal experience, I have set out to compile evidence that my experience is not unique. I have good friends who are advising their children to get a trade-school education instead of going to college. I can see their best intentions. When it comes to my children, I cannot give that advice. If it were up to me, I would encourage every one of my children, my nieces, my nephews, godchildren, and anyone willing to listen to GO TO COLLEGE and EARN THE HIGHEST DEGREE YOU CAN!

Why? Here is some of the evidence supporting my advice:

• Education is highly correlated with income and (negatively) with unemployment. If you search "BLS education pays," you will find the latest link to the following infographic (https://www.bls.gov/careeroutlook/2025/data-on-display/education-pays.htm): 

• It follows that education may be directly linked to wealth (which is different from income), such as retirement savings. For example, Gallup recently published this figure (https://app.e.gallup.com/e/es?s=831949997&e=3981266&elqTrackId=efd74c1a1b7a40299e524d6e5aa03bea&elq=72212bfdebd7464093a464e8f61c5540&elqaid=15279&elqat=1&elqak=8AF5771A933B3CC341659AEB009DBC1466EE4E2B91DF6C79629EBEEACDFBC5C04086):

...and many other indicators, such as philanthropy, marriage stability, children's academic success, and so on. I intend to bring together here more arguments that, expensive as it may be, higher education is worth the investment.

Thank you for reading!