220 The value of a college education--in dollars

What is a college education (BA or BS) really worth in dollars? This site says the average college graduate will earn about $600,000 over and above what the average high school graduate will earn.

I thought I would die of a broken heart when BOTH my children decided not to go to college--actually, refused is a better word. I was the third generation in my family to go to college--and I was on the faculty at a fine university. OK, I thought. A few years in the market place and they'll come around. Didn't happen. So we spent the college money on a summer cottage--no kidding--and eventually they'll reap the benefits of that since it has appreciated from $53,000 in 1988 to about $200,000 according to our latest tax assessment.

But here's the what if. . . Say we had invested $20,000 (the cost in the mid-80s of a state university education) in the stock market for 45 years, until their retirement age. Would they have that $600,000 to cushion their golden years? No, they'd have $1,604,000 using the conservative figure that over time, stock investments level out at about 10% a year, even factoring in the wild ride of the 90s.

Both of our adult children earn an income of the average college graduate or slightly more. They love their jobs and feel fulfilled and satisfied. The one who liked school the least and did the poorest, has actually completed two college level courses and done extremely well--but that accomplishment didn't inspire further interest in education. The other assists with continuing education in teaching people with 10-12 years more formal education and 6 figure incomes and will be off to San Antonio today for such a workshop.

Go figure. A mother who was wrong and admits it!