It's no secret that education means higher earning. It might be surprising to see how much...
At compounding returns, our motto is invest in yourself, your family, and your future. There is no investment that offers the potential for as great a return as a high quality education. The choice to continue your education yields returns for the rest of your life. It offers the intrinsic rewards of knowledge, discipline, and perseverance, and the financial rewards of job security, higher wages and greater benefits.
As you can see from the chart above, the pursuit of more education will yield a great return even for those who may already have a high school diploma, an undergraduate degree, or even a graduate degree. Taking your education to the next level will yield significant results no matter what the job market or the financial markets are doing.
The following will offer some idea of the potential return on taking your education to the next level:
H.S. Diploma: For those who didn't complete high school, obtaining a H.S. Diploma or GED results in average unemployment rates decreasing by 4.9%, and income rising by 38%.
Associate's Degree: Attending a technical school, career college, or junior college for an Associate's will result in unemployment rates going down by 2%, and average income increasing by 21% over a high school education.
Bachelor's Degree: Getting your Bachelor's degree will decrease the average unemployment rate by 1.6%, and income by 34% over the Associate's. On a side note, according to The Millionaire Next Door: Surprising Secrets of America's Wealthy, over 80% of American millionaires have at least a Bachelor's degree. I'm just sayin...
Master's Degree: Continuing beyond the Bachelor's level for a Master's degree will result in the average unemployment rate decreasing by 1.3%, and income increasing by 22%.
Doctoral Degree: Besides sounding really cool, being called "Doctor", does bring some hefty financial rewards to those who continue beyond the Master's level, as the Ph.D. or professional degree holder will see unemployment decrease by 1.4%, and income rise by 21% over the Master's.
Education is an investment in your future that will never lose value. The benefits are clear, as this 2009 study by the U.S. Government shows. Today, more than ever, with the plethora of legitimate community colleges, colleges, and universities that are offering accessible and affordable online, evening and part time programs, there has never been a better time to take your education to the next level, and reap the personal and financial reward for years to come!
If you chose to act on this data, please ensure that the school you choose is accredited by one of the Six Regional Accreditation boards in the United States, found here: http://www.chea.org/Directories/regional.asp
If you will be financing any part of your education, work with your school financial aid department. Beware private student loan companies, and above all, always understand what you are signing, and question terms and amounts of your loans assertively. For more information: http://studentaid.ed.gov
Many people have been taken advantage of by predatory lenders at some less than reputable for profit schools. Be aware that while the advent of for-profit-education has made college more accessible to many people, in most cases you are much better off sticking with traditional community or state colleges and universities, who often offer cheaper tuition and a far more respected degree.
The U.S. Government Accountability Office (GAO) released a report just last year on deceptive practices amongst for profit universities, a summary of which can be found here: http://www.gao.gov/products/GAO-10-948T