$2.7 Million is a lot of money (the average high someone in college will make over a forty-year career). Marketwatch released the list of the top colleges and your potential return on investment. Nowadays, going to college is an investment, for most four-year degrees you’ll pay at least six figures and it has many parents and students wondering if it’s really worth it!
Here’s the list:
You’ll notice the top return on investment schools are some big names: Harvard, Stanford, MIT, and Georgetown. But there are also some that are not as well known: Albany College, US Merchant Marines, Babson!?
In fact, number twelve on the list isn’t even a four-year college, but a two-year nursing program from St. Paul’s School of Nursing in New York, where graduates can expect to earn $1.8 million over a forty-year career!
Which begs the question, do you need to go to a private, Ivy league, big-name university to make a great living? No. But, it certainly helps ensure you will.
While the top average forty-year return is $2.7 million, that equates to about $67,500 a year, most students going to any college today believe they’ll make more than $67,500 per year eventually in their career, especially those going to an Ivy League school! Probably most kids going to a state four-year school believe the same thing!
Two-year college programs and certificate programs that faired really well in lifetime earnings where mostly nursing and IT, and many of the technical trade schools (electricians, plumbers, pipefitters, etc.). Depending on the market and school, many of these two-year or under programs were right on par with the lifetime earnings of their four-year degree counterparts.
So, what does this all mean?
– Should kids still go to college? It totally depends on the kid and what they want to do in life! But, if you have a kid who doesn’t know, for gosh sakes don’t throw money away on a college education that might never use! Make them actually work for a bit after high school. Have them take a “gap year” and travel or volunteer, before investing such an enormous amount of money.
– We’ve failed our kids when it comes to occupations they can be proud of. I’m a Recruiter. It’s worked out great for me and my family. I’ve put two through college and one is on the way. I also have encouraged them not to be a Recruiter! Why? Because we always want our kids to be better than us. If I was a surgeon, I would want my kid to be a brain surgeon. If I was an Accountant, I would want my kid to be a CFO. We push them to be something we believe is better than we are. With this ‘evolution’ we’ve totally steered our kids away from great professions and occupations that they can make a great living at and have a wonderful life.
– We’ve failed college students in believing they’ll make way more money than they actually will. Go on any campus in the U.S. and ask students how much they expect to make 5 years out of college and all of them will tell you more than $67,500. That was the highest average of all schools and all degrees!
I get it, I’m part of the problem with my own kids, but we need to change our culture around work. I hate we are now selling this bullsh*t around ‘meaningful work’! We are making kids believe that if there isn’t meaning to your work then it’s crap. No! No, it’s not! It’s valuable to put in a great day’s work, that might not have some bigger meaning then you just got paid and now can provide for yourself and your family! That’s a great thing!
Ok, I’m done – Boomer out! (I’m actually not a Boomer, but it seemed an appropriate end!)