Quote:
Originally Posted by YLQ
And how old will this person be in 4 years if they don't go back to school?
In America, most people attend high school until they are 17. Average life expectancy is around 74-ish years here. Average retirement age is around 67 -ish.
Assuming a person gets a job immediately after high school instead of going right to college:
40 - 17 = 23 (# of years they will have worked for lower wages before earning a degree)
74 - 40 = 34 (# of years they will probably live after earning a degree)
67 - 40 = 27 ( # of years they will probably work before retiring)
23 x 19k = 437,000 (amount of money they made in those 23 degree-less years)
27 x 46k = 1,242,000 (minimum amount of money they will make in the 27 years after earning a bachelors degree before retiring)
27 x 19k = 513,000 (amount they will make in those same 27 years degree-less)
513,000 + 437,000 = 950,000 (working degree-less for 50 years)
1,242,000 = 437,000 = 1,679,000 (working degree-less for 23 years and degreed for 27 years)
1,679,000 - 950,000 = 729,000 (amount more in lifetime earnings after getting a degree at 40)
Now, I'm not good with math so some of that might be wrong, but it looks to me like Naomi or Methusela should take their 35 year old ass on back to school and get a degree.
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I think in theory, it's a good plan. I just think life doesn't always work that way. Like are they granteed 46k out of the box? Not really. Not every college degree has an almost 50k starting salary. Especially if we're talking just a BA. Even if so, who's to say they'll get a job very quickly after graduating? Also, who's more likely to get a job. A person with the same degree and younger or an older person with the same degree? I'm inclined to think younger, because younger people are more prone to take less/need less to live on. There's ageism, too, in the work force. Another factor, I didn't think of in my first post, they have more debt than they would if they got their degree when they were younger. In the US, the price of higher education just keeps getting higher. So, how much of this 46K, which they might not even get, is going into their pocket? Naturally, it depends on the school, but still.
Spesking of retirement, which I know little of. Does retirement work the same if you enter a field in older years? Would it affect pension? I'm guessing not 401K, unless you have it through a job. Would it affect social security? I would think, the only affect on ss, if it's even there by the time people my age retire lol, is you won't get as much as you would have had you started in that field first.
I'm not against people going back. I think life is different for everyone, but going back doesn't seem like something I'd do myself. Seems more cons than pros.