Uncertain Steps

Back in December, I wrote a post that questioned whether a bachelors degree was really the “Golden Ticket” to a successful life that everyone seems to think.

At that time, I discussed some of the statistics regarding the difference in average lifetime earnings between those with a college degree and those with only a high school diploma.  The College Board and Census reports showed the difference to be somewhere between $800k and $1 million.

A recent Wall Street Journal article reports that the gap is significantly smaller than what has been reported.  After correcting for some errors in the data, as well as including a variety of other factors, it now appears that the difference between the two probably falls somewhere around $450,000 in a lifetime.  Read the article and some of the insightful comments here.

Either way, earnings potential shouldn’t be the ONLY determining factor for choosing a career direction.  But it is ONE important factor for many, if not most.  And if that information is going to be used with our teens in making those decisions then it is important to use the most accurate information available.