How Higher Education Can Benefit a Person’s Life and Other Factors that Affect Their Income

Higher education is an investment; a four-year college education to get a bachelor’s degree is potentially a way for someone to duplicate their income. On average, a bachelor’s holder will make $2.3 million over a lifetime, compared to $1.3 million for those with a high school diploma. This is almost twice as much income. Those extra four years invested on education represent earnings of about one million dollars over a lifetime. The higher the degree someone earns, the higher the amount on the paycheck. Those who get a master’s degree will earn even more than their bachelor’s counterparts. Doctorates usually have an even greater income, especially those in the field of medicine. In regards to income, medicine continues to be one of the best rewarding careers.
However, to my surprise, according to the statics, it is not only the level of education that affects someone’s income; other factors also influence it. In average, white Americans have the highest income at most levels of education obtained. Unfortunately African Americans and Hispanics have been getting the lowest annual incomes, sharing this position with laborers in the area of farming, fishing, and forestry. Gender is also another factor that can affect a person’s income. Women still need a higher degree level in order to make as much as a man on the same position.
Regardless of the gender or racial differences, it is still worth going to school for a few years. Those few years can make a great impact in the remaining of someone’s career.