Investing in Your Future

You may remember a board game that's been popular for decades where you drive a little car through various stages of life. The first decision you make is whether to draw a job right away or take a slightly longer path to college. Do you remember what happens in each scenario? Choose "job" and you get a paycheck right away and head on your way. But choose "college" and you take a slight detour and get to choose from higher-paying jobs once you go through a few extra squares.

Now you're thinking, but that's just a game, right? Wrong. It's also true in the real world. Take a look at these statistics:

• According to the U.S. Bureau of Labor Statistics, jobs that require an associate degree or higher account for 40% of total job growth.
• With a degree, you can expect to make an additional $2.2 million over the course of your professional career versus someone without one.
  In 2003, the median income for someone with an Associate Degree was $37,600.
• The median income for a high school graduate that same year was $30,800. Increase to a Bachelor degree in 2003, and the median income jumped to $49,900.
• Put another way, with an Associate degree you can expect to earn $834 per week. Go on to earn a Bachelor degree to earn $983 per week. With a high school diploma, you could be looking at $507 per week.
• The Department of Labor reports that employment for men and women with college degrees increased 1.8 million, while those with high school diplomas experienced a loss of nearly 700,000 jobs.

 

Another reason education pays you back is because competition continues to increase for those well-paying jobs. In 1970 just 10% of the U.S. population aged 25 and older had some college experience or held an Associate Degree, while just 11% had a Bachelor Degree. By 1990 25% had some college experience or an Associate Degree with 21% holding a Bachelor Degree. Most recently, in 2004, 25% had some college or an Associate Degree. 28% held a Bachelor Degree.

What do all these numbers mean to you? They mean that more and more people are investing in an education beyond high school. So more people will be applying for - and landing - the jobs with greater financial and personal satisfaction. Also known as the jobs you want.