By the time I finally graduated college, I had very few friends among the students (having taken time off, I found the few student friends I did have had graduated a year or two before me). I was on good terms with a handful of faculty members, all of whom seemed stunned to learn that I had no plans to go to grad school. I was perceived as a future professor.
This didn't mean they all wanted me as a colleague, mind you; the psychologists told me I was clearly a philosopher, whereas the philosophy profs said I would do better to pursue psychology. My computer science professors had given me good grades, but they knew I was never going to be a computer scientist. (Would they have been surprised to learn that I'd spend a decade or more as a computer professional before fleeing back to the world of ideas?)
I'd love to say that my rejection of graduate school was part of a savvy plan, well thought out to guide me along a less well trodden path, but the truth is that I was just sick to death of school, and I had seen that the higher you went, the more of it was politics; less and less was ideas.
Among my current friends, I am the only one who never started grad school. It was 2 of us for a while, but then the other guy decided in his 30s that it was time for a master's degree and a long-term teaching gig at a nearby college.
I am the sole survivor, the least formally educated of my immediate peers.
Even though I didn't need Gary North's advice back then — not for this one decision at least — I wish I had been able to pass some of this along to my friends, all of whom had gone on to grad school:
There are a series of mistakes in the minds of most would-be Ph.D. students. The main one is some version of the labor theory of value. They assume that if they work hard enough, and jump through enough academic hoops, some college will hire them.
They do not begin as entrepreneurs. They do not ask the key question: "What is the likely state of the market in three or four years for holders of a Ph.D. in the field that I want to earn mine in?" Why not? Because they do not see economic value as something imputed by buyers of the services supplied by holders of a Ph.D. They see consumer demand as somehow generated by the work it takes to earn a Ph.D.
The whole thing is worth reading:
"Academics Without Academia"