Everyone is looking for the best way to invest their money and achieve success. While there are a number of different options, college is one of the best investments you can make.
College is a highly effective way to increase your earning potential. College graduates from places like San Francisco Bay University currently earn 50% more an hour on average than people without a degree, and that gap is growing rapidly. In fact, the difference between what you’ll make if you complete college vs. not completing high school is larger than ever! In 1979, a college graduate made about 40% more than a high school graduate. In 2000, the difference was 60%. In 2013, it was up to 74%.
Having a degree is also an excellent way to improve your work prospects in general. The unemployment rate for college graduates, at 2%, is six times lower than for people without a degree.
The Rising Cost of College
When you invest in something, it’s usually because there are large expected returns. Unfortunately, the rising cost of higher education is making college more difficult to afford for many students.
The Value of a College Education
Despite the rising cost of college, it remains one of the best investments you can make. Even if you have to take out a loan and/or go into serious debt, college graduates today are earning huge amounts more than people who just graduated high school. For example, a typical man age 25-39 with a bachelor’s degree or higher currently earns about $1,570 a week. A young man with only a high school degree makes around $860 a week. This difference is much larger than it was in the past. In fact, young men who don’t have a college degree today earn 40% less than they did in 1979.
How to Afford College
The rising cost of college is a serious problem that needs to be addressed. A degree does remain one of the best investments you can make, but there are some things you can do to get around this:
– Work during high school and college. This will reduce the amount of loans you’ll need to take out and give you extra money while you’re studying.
– Apply for scholarships. There are billions of dollars worth of scholarships given away every year, and most students aren’t even aware of them. Look into scholarships that you may be eligible for.
– Don’t go to an expensive college. You’ll need to save up money or take out loans if you want to go to a place like Oxford, but there are plenty of good colleges that cost a lot less.
– Avoid borrowing as much money as possible. Loans can be very difficult to pay back, especially if you have a low-paying job. This can seriously damage your financial prospects after graduating. If you do need to take out a loan, only take the absolute minimum you need.
The Benefits of College
Going to college is a very smart thing to do, even if you have to take out loans. College graduates are currently much more likely to get stable jobs with good benefits than people without four-year degrees. A degree will also greatly increase your earning potential in the long run.
College is an excellent investment that will pay off in the long run. You will achieve success and make a difference in the world.