- The median salary for someone with only a high school diploma or some college is $32,000
- College graduates earn $1,000,000 more than someone with only a high school diploma over a lifetime
- College graduates with business, technology, or science-related degree make $4,400,000 more than someone with only a high school diploma over a lifetime
- Someone who is 30 years old can still make $2,000,000 more over his or her lifetime if he or she attends college now and major in a high paying subject
College Graduates Earns $1,100,000 Than Someone with Only a High School Diploma
Your college degree pays you like no other. There is still no substitute for a college education. The median salary for someone with only a high school degree is $32,000. Also, a high school person’s salary does not change much even with some college or an associate’s degree. According to research by Georgetown University, college graduates earn $1,100,000 more over a lifetime than the earnings of high school graduates. $1,100,000 is a lot of money!
College Graduates with the “Right” Major Earn $4,400,00 More Than a High School Graduate
Next, college graduates who picked a business, technology, or science-related degrees will make an additional $3,400,00 more than college graduates who picked liberal arts, social work, or drama degrees. Therefore, college graduates with high paying degrees earn almost $4,400,000 more than high school graduates.
You Earn $2,000,000 More Even If You Attend College at 30 Years of Age
Yes, for any late bloomers in their 30’s who are thinking about college. Do it. Without even factoring in an average 3% salary growth, if you pick the right degree, you can expect to make $2,000,000 more over your lifetime.
Want a mansion? this is your way! Beware that psychology, liberal art, and drama graduates make around the same amount of money as high school graduates on entry to the workforce. So for any of you out there, do not get discouraged. On the bright side, you are now entitled to more promotions and an opportunity to apply for graduate school, which does change the equation a lot.
I went through a similar experience right out of college because of my psychology degree. I thought that I could get higher paying job offers because I went to a good school, but I was wrong. I just did not have or know any of the required job skills, and no, using my psychology skills did not help. Most job offers were between $30,000 to $40,000. To compensate, I enrolled and finished a 1-year graduate program in accounting, finishing my CPA exams, and doubled my income to $65K in just a year.
The Anti-College Sentiment is Mostly Wrong
The internet has many uninformed websites that discourage people from enrolling in college, and most of them are pretty terrible for your future. The main arguments are that colleges are (1) too expensive ( From Community college to a Bachelor’s Degree Only Cost $7.9K ), (2) a waste of time, (3) you should work instead
College can be affordable if you go to community college first, join the military, play a sport, or just manage your money right. There is always a way. Next, college teaches you skills like writing, reading, time management, critical thinking, etc. Sure you can learn this on your own, but it will be harder.
Lastly, working immediately out of high school seems smart at first but your income doesn’t grow like that of college graduates – and your resume is often just tossed out without a fair chance, your skills are often undervalued, and you will have a much harder time starting your own business.
Recruiters at top companies use a college degree as a benchmark for most high paying jobs; since, it shows a basic level of hard work, intelligence, and competence.
On the last note, college is not for everybody. You simply may not be interested. I only preach about the importance of college since its indefinability yields you more opportunities. Nevertheless, success is a function of hard work and people can and will succeed without it.
There are More Millionaires with a college Degree Than Without
Sure, there are a ton of famous and successful people who do not have a college degree but their circumstance is often different from yours or mine. For example, Mark Zuckerberg was able to get to the best university for starters and opened an online social media platform at a college dorm – and that is why he dropped out! Similarly, Bill Gates did the same.
It is easy to find a list of college dropouts who became famous but I am sure it is a lot easier to compile a list of famous and rich people who went to college – I hope you understand my point – college gives you a better chance at a better life.