Re:
Perhaps I will do a future analysis, but those gradations in income flow quite accurately to the differences in TAX brackets. In effect, the DELTA between one level and the next isn't enough of a NET increase that warrants the investment of educational dollars.
Projected income during your working life:
Not high school graduate --- 1 million (in 1999 dollars)
High school graduate --- 1.2
Some college --- 1.5
Associate's degree --- 1.6
Bachelor's degree --- 2.1
Master's degree --- 2.5
Professional degree --- 4.4
Doctoral degree --- 3.4
For instance, a highschool graduate to college graduatate different is by this chart, about 900,000 difference. Divided by 40 working years (which is short) from 25 to 65, you have $22,500 extra. The 2.1 million corresponds to an AVERAGE of $52,500 over the lifetime of the worker. And that isn't much when it costs so much for the degree. The numbers are obviously ASKEW because they consider working mothers who enter the workforce WITHOUT the benefit of anything before it.
If you consider what a MALE would choose OVER college...
Police Officer, Army, Fire department (though some would require degrees), Construction, Electrician, Plumber, etc, however harsh they might be, ALOT of guys earn $50,000 a year early in their 20's WAY before the college graduate from a middle-ranked college does. Granted, the guys here and everywhere, want much more, in general than $50k. BUT, if you were working a trade at the tender age of 18,19, finding out what you like, saving like a mad-man, foregoing the HUGE debt-ridden problems of the youth today, AND then, perhaps used your savings at say 22, or 25 to go to college WITHOUT borrowing, you'd be materially better. PLUS, you may be able to apply your trade WHILE in college, maintaining your work experience AND earning money during a time period when most college students earn under 10k.
For the middle-class family, or one without scholarships, it makes not one damn sense, to borrow to the hilt, and then have to pay back $500/month infinatum, for 10-20 years. Not only does it prevent your saving for your kids to a large extent, but it limits your mobility and washes away side funds useful for early investing.
IMO, educational funds are all too easy to borrow because they CAN NEVER BE DISPENSED under current debt laws. Meaning, as long as you reside in the US, your credit and therefore your ability to borrow is significantly tainted until you repay these loans. And what are you borrowing FOR? To be another corporate junkie? Or do you love what you do, will do, or will you make such money that the ROI is certainly worth it?
Some kids are borrowing themselves into college, essentially PUTTING themselves in prison under the false advertisement of big riches. But what the above analysis provides is that ONGOING education is the means to a greater income, and if this is true, then why invest so heavily UPFRONT, when it's truly the BACKEND investment that will yield the GREATEST return. Moreover, employers offer programs to gain further knowledge of a specialized kind, delighting that their Chattle will seek to further imprison themselves with knowledge specific to one area.
As Carlos Castaneda said..."Power lies in the kind of Knowledge one has." No one should say education is useless, but when you consider the Professional Educations that so many of the youth today receive/received, myself included, the time related to what I got was very invaluable to say the least. The greatest education I have taught is knowledge I have acquired on my own, filling gaps where I felt I was weak, and strengthening skills I know to be powerful. This is the only education one can obtain, unless they have a mentor of whom has achieved what you desire and requires knowledge that he/she recommends to attain the same kind of success. Otherwise, taking knowledge from one who has not accomplished what you have is a dead end.
Nice graphs though, but if you can find a way to ATTAIN all the knowledge that those higher ranking candidates did, WITHOUT having to INVEST that money or REPAY it, your ROI is HUGE. If not, calculate carefully.
A-Unit
, I'd say that sure, the most important things will be learned "in real life", "on the fields", not in college.
