Warren Buffett offered some dismissive words on higher education in a conversation with MBA students last month (notes provided by Market Folly).
Here's what he said when asked about the student loan bubble::
The best education you can get is investing in yourself. But this doesn’t always mean college or university. I have two degrees but I don’t have them on my wall, in fact I don’t even know where they are.
I used to be afraid of public speaking, and I realized that I have to do that someday. I do have one diploma I display from Dale Carnegie’s Public Speaking Course and it only cost me $100.
Thus, I don’t think college is for everyone, one benefit is that it gives you a button. In fact none of my three kids graduated from college.
John Mellor did research on group of students for a project. One group was sent to the beach while the other studied at university. Their results are not that different. It’s always about consistent improvement of your abilities.
You should always ask yourself, “does this have any value to me?” I did go to university because of the expectations of my parents.
Buffett himself earned a Bachelor of Science in business administration at the University of Nebraska-Lincoln and a Master of Science in economics from Columbia Business School.His children have had successful careers despite not graduating from college, with his son Howard making a career in business and politics, his son Peter becoming a composer, and his daughter Susy being active in philanthropy.
Buffett also discussed advice for kids, insight on getting rich and why he would never live in New York.
Don't miss: Robert Reich says new college grads are "f*cked" >
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