What Are The Most Lucrative Trades?

Summary

The video explores the rising burden of student debt, with many graduates owing an average of $37,000, and proposes trade schools as an alternative. These vocational programs offer quicker, more affordable training for specific careers, such as plumbing, HVAC, and sonography. While salaries in these fields can be lucrative, trade schools have a mixed reputation due to aggressive recruiting tactics and potential for-profit motives. The video encourages careful research into vocational schools and highlights the importance of a well-rounded education for long-term career flexibility. It also challenges the stigma against trade schools, showing they can be a viable path for many students.

Takeaways

• 😀 The average student loan borrower graduates with around $37,000 in debt, with monthly payments of almost $400.
• 😀 Many college graduates must pay over 10% of their starting salary ($50,000) toward student loans, which can be a significant burden.
• 😀 Trade schools, also known as vocational schools or CTE, offer a way to avoid large amounts of student debt and help students enter the workforce quickly.
• 😀 Vocational programs are generally shorter and cheaper than traditional four-year degrees, offering specialized training in fields with good job prospects.
• 😀 Top 10 lucrative trades that can be trained for in two years or less include: Heavy Equipment Operator, HVAC Technician, Plumber, Electrician, Sonographer, and Radiation Therapist.
• 😀 Many of the listed trades have strong job growth, with demand for workers expected to rise significantly by 2026.
• 😀 Some for-profit vocational schools have been known to exaggerate results, leading to a history of student loan defaults and fraudulent claims about employment prospects.
• 😀 A bachelor's degree generally leads to a higher salary over time, offering flexibility to change careers, which is important in the modern job market.
• 😀 A well-rounded education, such as that provided by a four-year degree, can prepare individuals for leadership, communication, and analytical roles.
• 😀 Vocational training programs should offer more holistic education, including subjects like history and social sciences, to better prepare students for evolving job markets and career changes.

Q & A

What is the average student loan debt for a borrower graduating from college?

The average student loan borrower graduates with around $37,000 in debt.

How much is the average monthly student loan payment for graduates?

The average monthly payment for student loan borrowers is almost $400.

What is the typical starting salary for a college graduate?

The average starting salary for a college graduate is around $50,000.

What is the main advantage of choosing trade school over a four-year college?

Trade school programs are typically shorter and cheaper than four-year college degrees, allowing individuals to enter the workforce quickly.

What are some of the most lucrative trade careers with a two-year training program?

Some of the most lucrative trades include Heavy Equipment Operator, HVAC Technician, Paralegal, Plumber, Electrician, Geological and Petroleum Technician, Sonographer, Dental Hygienist, Elevator Installer/Repairer, and Radiation Therapist.

How does job growth in trade careers compare to the general employment growth rate?

Most trade careers have a higher job growth rate than the general employment growth rate of 7%, indicating strong demand for workers in these fields.

Why are trade careers more difficult to outsource than other jobs like computer programming?

Many trade jobs, such as plumbing, air conditioning repair, or sonography, require physical presence and cannot be easily outsourced to other countries.

What are some potential downsides of enrolling in for-profit trade schools?

For-profit trade schools are often incentivized to use aggressive recruiting strategies, including exaggerating employment prospects, and they may charge high tuition fees without guaranteeing job success.

How does a four-year college education compare to trade school in terms of long-term earning potential?

While trade school may lead to higher earnings initially, a four-year degree generally offers higher long-term earning potential due to broader career flexibility and the ability to adapt to changing job markets.

Why is there a movement to make vocational training more holistic?

The movement aims to include more classes in history, social sciences, and writing, so vocational students gain a broader understanding of their careers and how they fit into the economy.

What factors should someone consider before enrolling in a trade school?

Individuals should research vocational schools, speak with graduates about their experiences, and evaluate whether they’d be happy practicing a single trade for their entire career. They might also consider supplementing their training with more general education for career flexibility.