College Money

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When you think about college degrees, you might wonder about the question, how much does a person with a doctorate degree make? You may also wonder if all college degrees are equal.

This is not the case. In fact, depending on how much schooling you have, and what you received your degree in, the amount you make will vary immensely.

Take the Bachelor’s degree for example. In 1975, people who had a Bachelor’s degree made about 1.5 times those who only had a high school diploma. Ten years ago, that had risen to 1.8 times.

As you go higher in terms of level of degrees, the difference is even larger. A person with a Master’s degree, one above Bachelor’s, will make 105 percent more than a person who only has a high school diploma.

In terms of a Doctoral degree, which is the second highest, the average person makes $89,400. That is $27,000 more than someone with a Master’s degree, $37,000 more than someone with a Bachelor’s degree and $59,000 more than someone with only a high school diploma.

That is an immense difference. That means that a person with a doctorate degree makes more in one year than someone with just a high school diploma makes in three years!

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Over the course of a person’s working life, it is even more pronounced the difference in salaries. The average worker with a high school diploma makes $1.2 million over the course of their career. That seems like a lot of money, but a person with a Doctoral degree makes $3.4 million over the course of their career. That is $900,000 more than someone with a Master’s degree and $1.3 million more than someone with a Bachelor’s degree.

Putting it simply, if your goal is to get a job and work for someone else, then you want to give serious thought to get more schooling. With a Doctorate degree, you are making a lot of money over the course of your career when compared with those who have less schooling. Of course, those who have Professional degrees make $20,000 more than those with Doctorate degrees each year and $1 million more over the course of their career.

On the other hand, if you have good ideas for a business you can start, you could just drop out of school and join the ranks of  the world’s richest dropouts!