Self Education vs Formal Education

Which One is More Important?

I guess it depends on who you talk to. Self education and formal education are both important. Some jobs in the marketplace require you to have a university degree but with the massive shift in the economy the last 6 years there is less emphasis on who has a degree. The growing trend is entrepreneurship. Self education plays a bigger role with entrepreneurs because you must invest in yourself as well as your company. Once you are able to determine what is your career choice then you can figure out which one will be more advantageous to you.

Self Education

Practical Experience vs Theory

Formal education gives you the fundamentals for doing your job, but the majority of what you learn is theory. Self education is about practical experience where you actually apply knowledge. The expression “knowledge is power” was accepted for a long time and then this was shifted to “applied knowledge is power”. This makes sense because knowledge without any action does not accomplish anything. In order for knowledge to be useful it needs to be applied. Practical experience is like creating a compound in chemistry. When you add more than one element you have created something new and the two things interact together differently then when separate.

Self Education

Self Education Never Stops

The one thing about formal education is that you have a set number of years for each course you take and when that is finished you get your degree. If you decide to get a higher degree such as a Masters or a PhD then you continue your studies. Self education is an ongoing process because when you add in the mix people, products, services, sales, processing, distribution and so on the learning never ends. You can’t go to school and get your degree in self education because it is the School of Life that hands out the diploma. Which basically means that your education is a life long journey. Even mastering one thing such as marketing is an intense training that takes years and lots of practice.

What is The Right Choice For You?

If you take a look at the top businesses in the world, almost all of the CEO’s don’t have a formal education degree. Bill Gates, the richest man in the world, dropped out of Harvard. If you plan on being a doctor, pharmacist, lawyer, accountant, scientist or dentist you will need formal education. Only you can best answer what you need based on career choice. Only 50% of the people are hard wired to be an entrepreneur so you need to evaluate if you have it in you to have your own business. 

Self Education

Advantages and Disadvantages

Formal education will cost you between $40,000.00-$150,000.00 depending on your selected degree. This means that you start out in life with a massive debt. The wages you earn are usually much higher but professional careers also take a great deal of time to build after you leave University/College. The option of self education and starting out as an entrepreneur can also cost you a lot in both time and money. What you need and what you think you need are usually two different things. Most entrepreneurs need a mentor or business coach. Most choose to figure things out on their own, which is a big mistake. Self education will give you practical life experience blended with knowledge.

The Road to Riches

Both self education and formal education can take you on the path to riches. The challenge for most young people today is trying to figure out what do they want to do for the rest of their lives and what can they do that will last. Statistics indicate that you will have an average of 5 careers in your lifetime. A degree guarantees nothing. Starting a business guarantees nothing. You have to be prepared to work hard, learn, apply and the most important word of all is be adaptable. If you are looking at being an entrepreneur click this link and you will learn about team, abundance, mindset, tools, resources and leverage.


Success is yours to discover..imagine!


David Thompson 

About David Thompson

I help anyone in any business at any level of experience create profits through internet marketing using the right tools resources and mindset. my website, my business, and follow me, +David Thompson on Google+.

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