The fifth year is quite possibly a year of work-study, like in my degree. Either that or adding a second degree/masters, which is going to increase earnings potential hugely.
I have seen statistics before about how having a degree positively influences your earnings potential, but I have yet to see anything but "feelings" from those claiming going to college has a negative effect.
If we're going on anecdotes, I seriously doubt I could have made that much going into work straight out of high school, and I seriously doubt there are many people that could.
I would bet there's a more people that could qualify for significant scholarships than could make significant money going straight into work.
I think there is value to looking at anecdotes because the average collage student is better connected and more intelligent than those who skip it. Most of my friends have collage degrees. Of those who don't one was making 120k/year before he died. One charges 100$+ per hour and is constantly booked. And the last guy is 29 and makes 140k / year at yahoo. IMO a large reason for the disparity in lifetime earnings between those with a collage degree and those without are the type of people who go to collage.
For most people staying in school is probably a good idea. But, when your options are to stay in school or drop out and make 70+k / year staying in school seems less useful. Would these people make more money in 5 years with a collage degree well possibly, but they are making good money now and investments compound with time so it would have to be a huge increase to be worth it.
PS: Doctors get paid a lot latter in life but on average they don’t retire younger than most people.
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The fifth year is quite possibly a year of work-study, like in my degree. Either that or adding a second degree/masters, which is going to increase earnings potential hugely.
I have seen statistics before about how having a degree positively influences your earnings potential, but I have yet to see anything but "feelings" from those claiming going to college has a negative effect.
If we're going on anecdotes, I seriously doubt I could have made that much going into work straight out of high school, and I seriously doubt there are many people that could.
I would bet there's a more people that could qualify for significant scholarships than could make significant money going straight into work.
I think there is value to looking at anecdotes because the average collage student is better connected and more intelligent than those who skip it. Most of my friends have collage degrees. Of those who don't one was making 120k/year before he died. One charges 100$+ per hour and is constantly booked. And the last guy is 29 and makes 140k / year at yahoo. IMO a large reason for the disparity in lifetime earnings between those with a collage degree and those without are the type of people who go to collage.
For most people staying in school is probably a good idea. But, when your options are to stay in school or drop out and make 70+k / year staying in school seems less useful. Would these people make more money in 5 years with a collage degree well possibly, but they are making good money now and investments compound with time so it would have to be a huge increase to be worth it.
PS: Doctors get paid a lot latter in life but on average they don’t retire younger than most people.