Life Time Earnings: One More Reminder That Life Isn’t Fair

Any chance I get to stress the importance of a college education to my teenage boys, I take it. If I find an article about education I always read it to see what it has to say. Last week I ran across a headline that said, How Higher Education Affects Lifetime Salary. (U.S. News)

Quickly I scanned the article. “The payoff from getting a college degree is huge and is actually increasing,” said the president and CEO of a nonprofit organization called Lumina Foundation.

That sounds good, I thought, and made a mental note to share that fact with my boys.

And Then I Read This….

Across all industries, on average, women have to attain a Ph.D to earn more in their lifetimes ($2.86 million) than men who have only attained a bachelor’s degree ($2.60 millions). Similarly, women with bachelor’s degrees earn nearly the same…about $1,90 million…over the course of their careers as men with some college experience but no degree.

So, sisters, in order to earn more than our male counterparts we either have to attain more degrees or select a higher-paying industry.

Career Choices…

One of the statements I hear most often from my boys (and I don’t think they are that different from most 19 year olds) is I just don’t know what I want to do for the rest of my life.

I’ve tried telling them that the average person changes jobs numerous times during the course of their lifetime. I’ve told them that there is a very good chance that whatever they get a degree in they may end up in a totally different field. Their dad started out as a respiratory therapist and now he is in hospital administration. I had a degree in history and English and my first job was in marketing research.

What I Haven’t Told Them….

My boys start college next week and I have given them advice on everything from cell phones (don’t text during class!) to eating breakfast before they leave for class (your car can’t run on empty and your brain can’t either!). The one thing I haven’t told them is that even though it isn’t fair or right, no matter what type of degree they get they will probably always make more money than their sister.