Earning a college degree is such an important step in life that it has become a central part of the “Dream”. Go to college, get a job, buy a house, raise a family. It may not always be that simple, but it all starts with your college education. A college degree takes a lot of hard work. Here are some of the many financial benefits often enjoyed by college graduates. Earning a college degree is all about opening up opportunities in your life. It prepares you, both intellectually and socially, for your career and your life. The benefits of a college education include career opportunities like better paying and higher skilled jobs, but studies have shown that it also leads to overall happiness and stability. Many people know that they want to attend college, but don’t know exactly why, or how it will enrich their lives. Below are some of the many benefits of earning a college degree.
For most people, the ability to earn more money is the driving force behind going to college. Studies show that college graduates earn significantly more money throughout their lifetime than those with only high school education. Bachelor’s graduates earn an average of just over $50,000 a year. And those with a higher level degree (master’s, doctorate or professional) average nearly $70,000 per year. Your earning potential is likely to increase with your level of education.
Obviously, higher income is a primary benefit of earning your college degree. But most jobs that require a bachelor’s, master’s, doctoral or professional degree tend to also provide more benefits. This can include health care, retirement investment, travel and other perks. These types of benefits are rarely offered for high school level jobs. Employment benefits are so important because they offer stability for your family, especially in the case of health care. They are called benefits, but in reality, they are a vital part of anyone’s salary. In some cases, the value of benefits even exceeds an employee’s take home pay.
Having a degree typically leads to better job security. If you don’t have a degree, you’re probably not as valuable to your employer. When push comes to shove it will be much easier to replace you with someone else who only completed high school. Of course, an educated staff is more important to some companies that they will even pay for employee's tuition. It is seen as an investment that will bring substantial rewards, not only to the employee, but to the company as well.
Don't underestimate the value of connections. You can hold the relationships you've made in college and your school's alumni network well after you've graduated, like when you're looking for new job opportunities. That's decades of value from an investment of just a few years.
Having a degree won't automatically improve your credit rating, Having a good job that you got because of your degree can indirectly increase your credit score. Earning more money means you're more likely to be able to meet your financial obligations, like regular bills and loan payments. That can help you avoid paying bills late or having a debt go to collections, which can hurt your credit. On top of that, increasing your earning potential can also improve your ability to save money, which can help you avoid debt. Of course, earning more money doesn't guarantee you'll manage it well, but it can certainly help. There's more to any job than just the take home pay. Better paying jobs, most of which require a college degree, can also offer better perks, like retirement contribution matching, health insurance, health savings accounts, childcare stipends, tuition reimbursement and commuter benefits.