College degrees worth extra $23k/yr in salary
- Thread starter The Critic
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I would starve to death on 50k a year...Try not to limit yourself to statistics based on "average". Also avoid educating yourself based on potential income either.. Makes for highly paid unhappy professionals.
On a side note, most studies on income level based on education achieved are performed by Universities!! Talk about a conflict of interest
On a side note, most studies on income level based on education achieved are performed by Universities!! Talk about a conflict of interest
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No you wouldn't.
Just can't afford Amsoil...
I'm retired and don't make that. Haven't missed a meal yet.
We'll see just how long that pay "differential" continues. Counterpoint from another forum:
"How the educational chain is broken: None of my cousins' kids is going to college
"My dad was a metallurgist, his father was a tool and die maker. Maternal grandfather was an architect. I have a PhD in EE [electrical engineering] from the University of Michigan. All of my Aunts and Uncles have university educations. My sister has a degree in Eastern European studies from U of M.
"My one cousin has a PhD in Physics from UCSD [University of California, San Diego], the other has a PhD from MIT [Massachusetts Institute of Technology] and a MD. Both of them have two children each, aged 18-21. All of them have given up on college without even trying. The youngest really made me mad. Great HS [high school] grades, lots of activities that look good on a U [university] application, etc. Was always very interested in science and computers, had a computer and did a great deal of programming, used to ask me lots of questions about microchip design, etc. When I talked to him tihs time last year he wanted to get a PhD in engineering. Now he is not going to college. Hasn't taken the SAT [Scholastic Aptitude Test used for college admission], completely gave up. He is graduating in the spring and it is too late to apply anywhere decent for the fall.
"Want to know why? One word right from his lips: 'OUTSOURCING'."
In other forums I'm seeing where salaries for engineering and science graduates in the US are declining precipitously, thanks to H1-B visas and outsourcing. A number of these people are unemployed in their fields. The secret that is beginning to reveal itself is that there is an absolute glut of people with college degrees in the US job market now, in all fields and majors.
That pay gap won't stay for long. What the typical college graduate earns will come down over the next several years, especially when accounting for the expense of college loans. Wait and see. If you're making $30K a year in a job that paid $60K 10 years ago, but your college loan repayments leave you with less take-home pay than someone with just a high school diploma who makes $20K, are you really better off? And if your income is not likely to go up that much in the future because of economic conditions, then what's the point of the degree?
Also, the forum that The Critic links to has posters who mention that it is more likely that those going to college are more motivated or come from higher-income families, which would have helped their future salaries anyway.
We're heading for troubling times. I don't like what I see.
"How the educational chain is broken: None of my cousins' kids is going to college
"My dad was a metallurgist, his father was a tool and die maker. Maternal grandfather was an architect. I have a PhD in EE [electrical engineering] from the University of Michigan. All of my Aunts and Uncles have university educations. My sister has a degree in Eastern European studies from U of M.
"My one cousin has a PhD in Physics from UCSD [University of California, San Diego], the other has a PhD from MIT [Massachusetts Institute of Technology] and a MD. Both of them have two children each, aged 18-21. All of them have given up on college without even trying. The youngest really made me mad. Great HS [high school] grades, lots of activities that look good on a U [university] application, etc. Was always very interested in science and computers, had a computer and did a great deal of programming, used to ask me lots of questions about microchip design, etc. When I talked to him tihs time last year he wanted to get a PhD in engineering. Now he is not going to college. Hasn't taken the SAT [Scholastic Aptitude Test used for college admission], completely gave up. He is graduating in the spring and it is too late to apply anywhere decent for the fall.
"Want to know why? One word right from his lips: 'OUTSOURCING'."
In other forums I'm seeing where salaries for engineering and science graduates in the US are declining precipitously, thanks to H1-B visas and outsourcing. A number of these people are unemployed in their fields. The secret that is beginning to reveal itself is that there is an absolute glut of people with college degrees in the US job market now, in all fields and majors.
That pay gap won't stay for long. What the typical college graduate earns will come down over the next several years, especially when accounting for the expense of college loans. Wait and see. If you're making $30K a year in a job that paid $60K 10 years ago, but your college loan repayments leave you with less take-home pay than someone with just a high school diploma who makes $20K, are you really better off? And if your income is not likely to go up that much in the future because of economic conditions, then what's the point of the degree?
Also, the forum that The Critic links to has posters who mention that it is more likely that those going to college are more motivated or come from higher-income families, which would have helped their future salaries anyway.
We're heading for troubling times. I don't like what I see.
you made more then 50k a year when you were in your 20's?
If you believe in the boosted salary or not it certainly opens doors that might not be available with no degree. with those doors open are the opertunities to make more money or at least have the job you want.
you made more then 50k a year when you were in your 20's?
Yes.
My annual income doubled twice in my 20's, 20-40-60(this in low cost of living Texas), then I got a good job when I turned 30. No BAor ________, mixed college course work and actual work experience and professional certifications in a needed industry.
I was the oldest child and didn't have the knowledge or mentorship to go to a university right after High school so I joined the military and grew up a bit. My youngest sister did as well in high school as I did but she got a full academic scholareship.....She had to work for books and living expenses but she worked hard and "earned" her degree. She now manages a large region for a Title company outside of her field of study. The middle child, my other sister didn't go anywhere after High school, and guesse what, she is no better off(she is dependent on husband or family her entire adult life).
No one is going to have equal oppurtunnities and there is no perfect plan, we all must make the best of the oppurtunnities we are presented with in our life.
If you have the oppurtunnity to go to school and study whatever you want, Do it and do it well. IF you don't have such a priveledged oppurtunnity it's not the end of the world and the cream rises to the top regardless some just have to work harder to get there.
Yes.
My annual income doubled twice in my 20's, 20-40-60(this in low cost of living Texas), then I got a good job when I turned 30. No BAor ________, mixed college course work and actual work experience and professional certifications in a needed industry.
I was the oldest child and didn't have the knowledge or mentorship to go to a university right after High school so I joined the military and grew up a bit. My youngest sister did as well in high school as I did but she got a full academic scholareship.....She had to work for books and living expenses but she worked hard and "earned" her degree. She now manages a large region for a Title company outside of her field of study. The middle child, my other sister didn't go anywhere after High school, and guesse what, she is no better off(she is dependent on husband or family her entire adult life).
No one is going to have equal oppurtunnities and there is no perfect plan, we all must make the best of the oppurtunnities we are presented with in our life.
If you have the oppurtunnity to go to school and study whatever you want, Do it and do it well. IF you don't have such a priveledged oppurtunnity it's not the end of the world and the cream rises to the top regardless some just have to work harder to get there.
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OK but my wife would cry
Make more.. spend more. All equals out one way or another. Depends on what your happy with in the end I guess.
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Good words. Unfortunately, there is less for more seeking them. No amount of hard work will get any significant number to former economic status.
I understand the feelings of "what's the use
Essentially, it's a matter of if you work very hard, you may get lucky. Anyone who states otherwise isn't starting out NOW. Anyone who thinks it was JUST as hard for them THEN as it is for MANY NOW ..is just wrong. Pehaps the potential is just brought into a much closer level. Sorta like the village chief in post US occupied Vietnam who insisted that he was a very wealthy man ..showing off his dysfunctional Pukeout (or was it a citroen
Has anyone ever seen one of the old carnival shows where they would pay you $100 if you could stay in the cage with the chimp without getting knocked out (or maybe it was knocked down) for 3 minutes (or whatever). IIRC, the chimp was muzzled. I had a friend who tried. He was a 2nd degree black belt in Japanese Karate and a vet. Very healthy and equally leathal. As much as he tried ..as quick as his reflexes were ..the chimp just came at him from a different angle. If he sent the chimp flying to the left ..the chimp would swing off the ceiling and kick him in the head ...etc...etc.
What I'm saying is that you have no idea where you're going to have the rug pulled out from under you these days. Getting an education and also learning to be cutthroat savvy in adaptability is not a natural thing.
i guess another deciding factor might be, "how long does the 23k/yr gap remain?". 44 years * 23k = $1e6. potentially more saved for retirement. higher wage earners will tend to get a bit more from social security as well.
Thanks for the laugh though.
even if you think social security is going to be a failure, its likely that part of the extra $1e6 will be saved in some sort of 401k/retirement plan.
Kestas
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Did this study factor in lost salary during college?
My roommate spent ________ knows how much money on a 4-year degree, while I have an uncompleted associate's and he makes $4K more annually than I do. We're 6 weeks apart in age. If I were to go back to college now, I'd likely take a pay cut at my first job after graduation. I fail to see the advantage.
To be fair, I'd likely be making a little more money now if I had a bachelor's , but the real money lies in having an MBA. A friend of mine who is 1 year my junior is currently making $135K as a director...but she's got $85K in education loan debt. She also has a nice car payment on her 2006 Infiniti G35 coupe with the sport package. (this is where my jealousy REALLY kicks in.)
To be fair, I'd likely be making a little more money now if I had a bachelor's , but the real money lies in having an MBA. A friend of mine who is 1 year my junior is currently making $135K as a director...but she's got $85K in education loan debt. She also has a nice car payment on her 2006 Infiniti G35 coupe with the sport package. (this is where my jealousy REALLY kicks in.)
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