Many people falsely believe that if they go to college, they’ll be financially secure and their employment worries will be erased.
Tell that to the more than 4.7 million unemployed Americans that went to or graduated from college. They represent the majority of the 9 million people in America that are currently unemployed. Strangely, non-college graduates are faring better than their educated counterparts; only 4.3 million of them are unemployed according to the Bureau of Labor Statistics.
Those statistics have a lot of people scratching their heads. A college degree used to be a clear path to greater earnings and more opportunities. Certainly that path is not as clear as it is used to be. There are still many reasons why people should attend college, and it’s not just about the money. Some people simply get tired of their old job and want to try something new, so they change careers. Other people go back to college to brush up on their skills so they won’t be left behind, and some simply want to learn more.
If you are considering going back to college to improve your earnings or simply to learn a few new skills, then here are a few things you should consider.
Education is an InvestmentNot only is education an investment in money, but it is also an investment in time. If you are employed, you may have to leave work early to attend school or study for classes. You could lose a portion of your income. You’ll need to determine how much risk you are willing to take and if you can really afford to go to school.
Tip: Make sure you have a plan in place to cover the cost of your education and keep up with your everyday living expenses while you are enrolled.
Education Is RiskyWho knows if the skills you learn today will be relevant when you complete your classes or degree? Technology and innovation have not only changed the way we work but also the work that we do, and sometimes it happens at the speed of a click. Jobs that exist today did not exist when I graduated from college. Jobs that come to mind are web designers, application developers, and social media managers.
Tip: Make sure you gain skills that employers want.
Education Is Competitive and CostlyDespite the economic downturn; the cost of education and the number of college graduates has continued to rise. In 1950 only five percent of Americans held college degrees. That number has grown by more than five times. You don’t need a degree in economics to know that when the demand goes up, so does the price. The cost to earn a degree has outpaced inflation for the last three decades, and the trend is expected to continue.
Like any financial decision, you’ll have to weigh the benefits, measure the costs, and assess the risks before making a final decision. A clearly mapped out strategy will provide you with a roadmap that meets your financial goals, income requirements, and budget.
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