Final answer:
Success without a degree is possible, but a college degree generally leads to higher lifetime earnings and lower unemployment rates. Only a portion of Americans hold a bachelor's degree or higher, and there are alternate paths to success such as vocational training or entrepreneurship.
Step-by-step explanation:
Whether or not you can be successful without a degree is a complex question that depends on various factors, including individual definitions of success and the field someone wishes to pursue. A college degree can lead to higher lifetime earnings and lower unemployment rates, which are important aspects of material well-being. However, it's important to note that only 36% of Americans over 25 hold a bachelor's degree or higher, despite the Bureau of Labor Statistics report that almost 88% had at least a high school diploma. Degree holders face a low unemployment rate of 3 percent and have experienced a pay gap increase relative to those without a degree due to falling wages for the latter group. Nonetheless, success without a degree is possible through other means like vocational training, entrepreneurship, or gaining experience in a trade.