Wednesday, February 17, 2010

Increase your income through education.

I got a re-tweet today from another personal finance blogger. His comment was that so many bloggers only talk about ways to save money rather than increasing income.

By googling a few statistics I was able to find the following averages.
High school drop out average annual income is $18,000
High school graduate average annual income is $29,000
Associate degree average annual income is $36,000
Bachelors degree average annual income is $46,000
Masters degree average annual income is $78,000
*Obviously these averages can vary widely depending on the curriculum

Four years ago I decided to obtain my masters because I wanted to increase our family's income. The program would have cost me $12,500 if I had to pay for it. I was lucky enough to work for a company that paid it for me (provided I maintain a certain GPA).

Now, I was working full time when I did this, and I found it easier to obtain my program through a state university that had an online program. It took me three years to finish the program, but within two years I was able to increase my annual income by 42%. This is significant.

If you have ever considered going further in your education run some numbers based on the averages. You may be surprised to find out just what the return on that investment would be - not to mention the personal satisfaction of earning it. Or depending where you are in your career and income level it may not make that much of a difference.

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