Going to School Pays Off
Over at Free Money Finance, FMF has posted a great article called More Education Equals More Pay. This echoes what your mom told you about getting a good education so that you could get a good job.
He shows what people at certain education levels can expect to earn throughout their lives
The results:
- Some high school, no diploma – $1,000,000
- High school diploma or equivalent – $1,200,000
- Some college, no degree – $1,500,000
- Associate degree – $1,600,000
- Bachelor’s degree – $2,100,000
- Master’s degree – $2,500,000
- Doctoral degree – $3,400,000
- Professional degree – $4,400,000
What I’m curious about is how they figured the numbers. Do the numbers account for the fact that someone with a professional degree doesn’t usually finish with all of their schooling until they’re in their 30s? It would be interesting to look at. In fact, I may do some digging and post what I find tomorrow.
What do you think?
I’ve read similar articles that use individuals in a given profession and compare the “with degree” earnings to the earnings of individuals in the same position without a degree. In many cases I think degrees are silly, so many people get them and never use them. But if you do have one, it can be a powerfull advantage if used right!
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