I think In my own country it is the whole system that is messed up and thats why the educated ones are looking like the ones who have waisted their whole fixed years in the higher institution. They are some people who will go and read all the courses and even get a very good results at that but when you come out to the labour market to actually secure a Job, the system fucks you up and corner you or position you like someone who doesn't know what he is doing.
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Yes I agree with you on this one, some countries due to the rate of high level of corruption and and bad government which has result to poor economic system, and lack of job opportunities for the citizens, many people just look at formal education as a waste of time and resources.
I had a friend who was telling me that he wanted to leave the country for business and he was still in school then, I thought it was after he rand up his education before he would travel out m, but he told me that he would leave everything and travel out to look for the money first before he can continue his education, and he gave me reasons to believe that he was right.
Doe formal education is not bad, but in a country that has poor economic system and bad government, where many graduates are out doing manual labours to make earns, I think making money first is not a bad idea, but you have to acquire your degree as well.