On occasion, we are asked about our educational backgrounds; the questionnaire will want to know what schools, colleges and universities we attended. We are invited to set out our qualifications.

This is all well and good when applying for a job as a doctor or airline pilot. But what about those who are paid not by qualification but by performance?

Commission only: you write your paycheck

Many people follow occupations that are not salaried but are commission-related. If they do not perform, they starve.

Some see this as a far better incentive than a piece of parchment, which can limit one’s horizons, especially now there is no such thing as a safe job.

When your boss is your wits

During fifty years of self-employment, I never saw a wage packet. I lived off my know-how and failure meant missing a mortgage payment, which did occasionally happen. Every week was a challenge; there was no such thing as boredom.  

Sure, the academically gifted are better able to absorb and analyze information. They undoubtedly have remarkable self-discipline and a long-term objective.

As thick as a mill worker’s wooden clog

Throughout a much-varied life I have been privileged to meet academically brilliant people. Paradoxically, many in terms of worldliness or commonsense were as thick as two short planks.

In fact, with one or two exceptions, most of my academically gifted friends are as poor as Church mice.

Fed up with doing chores, I asked a diploma-laden acquaintance to cook a couple of burgers. He put the meat directly on the hotplate, the fat went on the electric bits, and he nearly incinerated my home.

Another could neither light a fire nor make a cup of tea, but he had more ‘A’ levels than I have toes; most were penniless. 

The Dummies Book of Success

I have also met or heard of very successful men and women with impressive bank balances whose achievements are astounding.

The founders of McDonald’s and Wrigley’s were itinerant salesmen of poor education, yet they created the world’s greatest businesses.

Back Street to Banker

Steve Morgan of Redrow Homes was a bricklayer and is now a successful banker. His hospital nurse wife, whom I met, helped build his empire and is now one of Britain’s richest women. There would be few business successes if entrepreneurial success was based on academic qualification.

College is overrated

One wealthy friend owns a beautiful country home he hardly uses. I asked him if it was an investment or indulgence. He replied, ‘Michael, I don’t know what the hell you are talking about. What do those words mean?’

Qualifications and learning have their value and their place but are over-rated.

The president of Formula Capital says he sees people making bad investment decisions all the time; one of them is paying for college.

‘College is overrated. In most cases, what you get out of it is not worth the money, and there are cheaper and better ways to get an education.’

Education is poor value for money

A report reveals that in the United States, too much emphasis is placed on attending and graduating from a four-year College as the only path for success.

Only one-third of available jobs will require a bachelor’s degree or higher.

Set against a sluggish economy and the rising costs of further education, does attendance at an expensive college make a difference?

Do graduates make more money?

Are they better connected, as satisfied with their lives and their careers?

According to sociologist Hacker and New York Times columnist Dreifus, too many colleges have strayed from the mission to produce thinking adults and instead focus on vocational education.

One correspondent lamented: ‘Getting a college degree was always my dream, but if I had to do it over again, I would probably have foregone graduate school. I am not sure it was really worth it.’

Bottom Line: Parliaments and Congress are stuffed to the walls with highly educated individuals. I rest my case. Let readers know what you think

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