This post first appeared on RightAboutMoney.com
In recent decades, more education has meant higher salaries. But will that be the case going forward? Part of any financial literacy course in high school should look at student debt in relation to the earning power of a chosen field of study.
This is especially true of graduate school, where loans can really pile up. On the surface, the math looks fantastic. Over their lifetime, those who earn a graduate degree, on average, earn $400,000 more than those with no more than an undergraduate degree, according to researchers Anthony P. Carnevale, Stephen J. Rose and Ban Cheah at Georgetown University Center on Education and the Workforce.
Allison, 16, is working. This is her first job. She did this on her own. No pushing from us. Her allowance was not meeting her needs. (Allowance should never cover all of a child’s needs and wants, otherwise, they will never be hungry enough to go out and get a job.) So, needing more money in her life led her to the inevitable conclusion that she should get a job. She was exhilarated by the prospect. Surprised the heck out of both of us, but she pounded the pavement and has been working for over a month now.