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Higher Education- Shocking Numbers

Many people do not see the point in going to college when they already know what they want to do with their life.

Why get a higher education when I already have a job I love?

A recent report done by the Commerce Department's Census Bureau has found that those with a master's degree are earning $1.3 million more than those with only a high school diploma. Those with a master's degree are making an average of $2.5 million income over their lifetime meaning a high school diploma is only worth $1.2 million over a lifetime.

The report done by the Commerce Department's Census Bureau titled "The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earning" has some surprising numbers. Those with a high school diploma can expect to earn about $1.2 million over a lifetime on average. Those with a bachelor's degree can expect to earn about $2.1 million. Those with a master's degree can expect to earn about $2.5 million.

That is not even the most surprising part of the report. If you get a higher education than a master's degree you can increase your lifetime earning $900,000 over a lifetime. Those with a doctoral degree can expect to earn about $3.4 million over a lifetime on average. If you go all out and get your professional degree you are able to get, on average, $4.4 million dollars over a lifetime!

If you are a high school dropout you can expect to make $18,900 compared to the $25,900 a high school graduate makes a year. Also, a college graduate is making about $45,400 a year whereas those with a professional degree such as a doctor, dentist, lawyer, etc. are making $99,300 a year.

These figures are based off of the 1999 earning project over a typical work life which was defined as working from 25 years old to 64 years old.

Along with all of that data the study showed that Americans are also staying in school longer than ever. In 2000, 84% of American adults age 25 and over had at least completed their high school years and over 26% had continued to earn a bachelor's degree or higher. Both of those numbers are new all time highs.

Also, although more women than men have earned a bachelor's degree every year since 1982, men with professional degrees are making almost $2 million more than women.

What all of this means is that you should stay in school and pursue a higher education so that you are able to make more money over your lifetime.

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