Sometimes it's hard to think of your education as an investment.
But it's been documented that over a lifetime, a Bachelor degree recipient will earn a $1 million dollars more than someone with a high school diploma.
And as you continue to pursue higher levels of education, your earning potential also continues to increase. With a Doctorate degree, you could expect to earn, on average, $1.1 million more than the Bachelor's degree.
At CU Denver for instance, in-state tuition and fees over four years would be about $31,000, BUT it has the potential to return a million dollars, which is a pretty good return on your investment (or about $960,000).
Earnings by College Major
The Hamilton Project researched salary based on college degrees
Comparison of three big decisions
How does the cost of a typical college diploma compare to other big decisions?
Here's a breakdown of averages for these three investment
Total college diploma = $36,556
- Public in-state college: Average annual tuition and fees = $9,139
- Over four years that’s $9,139 x 4 = $36,556
Total car ownership costs = $105,000
- Average purchase price for new mid-size sedan = $25,000.
- Average yearly ownership costs (insurance, taxes, license and registration, and gas) = $8,000
- 10 yrs of $8,000 in ownership costs ($80,000) + purchase price ($25,000) = $105,000
Total purchase price = $275,000 (not accounting for taxes, maintenance, HOA, etc.)
- In early 2015, according to the US Census Bureau, the average cost of a new home was $341,000, with the median cost being right around $275,000.