So many folks are rethinking the value of a college education. As a matter of fact, we've recently had a post on the pros and cons of a college degree. I've always felt, no matter where the education comes from, it's something that can never be taken away from you.
Yes, I know, Bill Gates dropped out of school, but think of all the successful people who continued their education. Before you make up your mind not to get a college degree, which will require a lot of money, and depending on you financial situation, taking on debt, let's first remind ourselves of all the things a college education can provide.
Make More Money With A College Degree?
Research from the Brookings Institute shows you will receive a 15.2% per year rate of return over your lifetime compared to a 60-year average rate of return of 6.8% in the stock market. So, by investing in yourself, you'll receive a higher pay out.
Get A Job After Graduation
Personally, all else being equal, I would hire the college graduate over the high school graduate. This especially works well in a tight job market, such as the one we're currently experiencing with a reported 9.1% unemployment rate. ANYTHING that allows you to stand out, such as being a skydiver, will move you up in the rankings.
Make More Money Even If the Degree Isn't Required
A recent study by Georgetown University reported in the New York Times showed that even construction workers and plumbers with a college degree make substantially more because education gives them the skills to do a better job, land jobs at better paying companies and even open their own business.
The Caveat: Study In The Right Industry
Don't expect that degree in Aztec Folklore to pay off big time. Granted, it is important to like what you study, and while engineering is a degree that is usually popular in the job market, if you aren't good in math, or think of it as no more fun than digging ditches, then that's not for you. However, explore the options; you may even find something that you didn't think interested you before, and it pays well.
College Doesn't Have To Be Expensive
Especially if you start out at a local two-year college, you can save a lot of money. Many local colleges will give you a great foundation for the remaining two years to get your degree.
Were you doubting the value of a college investment?