Not everyone goes to college right out of high school. And not everyone should. Graduating high school seniors often skip college in favor of the military, trades, or other jobs and make a good living doing so. Other people dream of attending college, but for financial reasons or other obligations, put it off. And that can be a good thing.
College comes with a cost and sacrifice and going without having an idea of what you want to do (and don’t want to do) can cost precious time and money. Waiting just makes the most sense in some instances.
Sometimes, after years in the workforce and no degree, people realize they’ve missed out on higher-paying jobs because they don’t have education beyond high school. They find themselves laid off or their employers go bust and they find themselves back in the job market with very little high-paying jobs to pick from. Sometimes family situations change and what once cut the mustard no longer meets the needs.
Whatever the reason for going or not going to college right away, people who attend school share the same reason for championing higher education: there are serious financial benefits to having a degree.
Here are four direct and indirect financial benefits of going back to school:
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Higher earning for life
According to a recent study by the Bureau of Labor Statistics, researchers found that people with a degree beyond high school earned nearly 66% more than those with just a high school diploma. Over the course of a lifetime, a college degree holder will earn more than $1 million more in job earnings than a non-degree holder. 
- Better credit rating
People with an ample income are more likely to pay their bills on time and meet monthly financial obligations with more ease than those struggling to make ends meet. Higher income earners are also more likely to be approved for things like mortgages, auto loans, and credit cards. When used responsibly of course, credit lines and on-time payments make a person a good candidate for other financial opportunities and less of a credit risk.
- Higher earners are better savers
They just are. When you have enough money to meet your financial obligations, saving and perhaps even investing, becomes a priority. People want to take care of their hard-earned money and when there’s more than what’s needed to pay the bills, those extra dollars are often deposited into savings and investment accounts. Going to college now helps prepare for the future; short-term and long-term.
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College degree holders often have recession-proof jobs
An article by the Washington Post found that people with college degrees are often in recession-proof jobs and have better chances of riding out a financial downturn than those without. Industries like manufacturing and construction can be subject to corporate cuts when hard times roll around. Insulate your future and ensure you have a career, whatever it is, that can withstand storms.
Refer to the US Department of Education for help and suggestions as you consider higher education. You’re never too old and it’s never too late to pursue the career of your dreams. It just requires a little planning and a promise to invest in yourself for today, tomorrow and the future.
