Life, though worthwhile, can bring about many challenging trials, especially financially. I don’t know about you, but there always seems to be room to advance regarding our income! There are seldom moments where you think, “I make too much money.”
In all honesty, It’s probably a more frequent feeling that you don’t have enough. At the end of this tunnel, there is hope for those who want higher incomes by continuing their education in specific fields.
More Than Meets The Eye
Yes, college graduates earn significantly more money over their lifetime than their peers who only have graduated high school, based on a State Higher Education Executive Officers Association study. With professional degrees earning nearly 70,000, bachelor’s a little over 50,000, and high school graduates earning 30,000 per year, resulting in massive earning gaps in one’s lifetime.
However, a new report was done by the Georgetown University Center on Education and the Workforce that shows there is more to it than degrees. In the study, The College Pay Off: More Education Doesn’t Always Mean More Earnings, we see that:
- 16% of high school graduates earn more than half of those who obtained a bachelor’s degree.
- Nearly 30% of workers with an associate’s degree make more than half of the workers who have graduated with a Bachelor’s.
- 25% of workers with a Bachelor’s degree out-earn more than half of those with a master’s or doctoral degree.
Choose Wisely
Not every path leads to a higher earning potential, even if the career is more in demand. The study finds that your income depends on many factors instead of just a higher degree.
Your occupation, age, career demand, education, industry, and many more will affect your earning potential.
Someone who gets a master’s in nursing, education, or the arts will have a lesser earning potential than a person who chooses a field of engineering or business. It’s essential to go to college to gain more capital, but it’s even more important to select the correct field of study, or you could be wasting your time.