Lifetime Earnings Rise with Education
Have you ever wondered how much a college education is worth in hard cold cash? If you have a master’s degree, it is worth a whopping $1.3 million more over your lifetime than having only a high school diploma, according the the Census Bureau.
The report that is called ‘The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings” says that over a lifetime, high school grads can expect to earn about $1.2 million. Those with a bachelor’s degree can expect to earn $2.1 million and people who hold master’s degrees can expect to earn $2.5 million. Those numbers are quite striking when you see the vast differences earned.
As you can see, if you have a college degree, you can expect to make significantly more money than if you only have earned a high school diploma and if you earn a masters or a doctorate degree, your earnings are considerably higher.
More education means more money and this payoff is most impressive at the highest educational levels. These figures were based on earnings in 1999 that were earned over a typical work life which is considered to be between the ages of 25 through 64.
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