Tuesday, February 07, 2006

College: A Great Investment

The Motley Fool Staff has written a good article at MSNBC to show your kids why they really need to go to college. It is entitled "Sell College to Your Kids" and can help them to see the value in college so that they work harder in high school. This is definitely an article that I have to show my younger brothers and sisters to make sure that they do well.

All of the Young Professionals went to college and at least got a Bachelor's degree and we all agree that it was worth it. I went and got a Bachelor's of Science in Computer Science with some kind of business emphasis and I think that it was my best investment ever. Sure I still have student loans to pay back, almost $400 a month, but based on my current job and salary, it looks like it was a good investment. I had to take out a lot of loans in order to attend college, but I would do it again in a second. Student loans are one of those things that I would consider "good debt" since the interest rates are usually reasonable and you got something invaluable for your money.

Plus, once you take into account how much fun college is, the experience cannot be beat and shouldn't be missed.

Take a look at the following chart from the article that shows the earning power of different education levels. Those numbers are pretty amazing and should be enough to convince most kids that college really is worth it.

The Earning Power of Education

Education Level Achieved Yearly Salary Weekly Salary
Not a high school graduate $22,074 $425
High school graduate $27,975 $538
Some college but no degree $33,948 $653
Bachelor's degree $51,644 $993
Master's degree $61,296 $1,179
Ph.D. $80,225 $1,543
Professional degree (M.D., J.D.) $95,175 $1,830
(Median earnings, source: U.S. Bureau of the Census, 2000)


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