Choose a College Degree with a Good Return on Investment/ July 12th, 2018
We have all heard that money can’t buy happiness. However, earning a degree in a field that pays well may alleviate a lot of stress.
As young people begin looking for the perfect career choice, they must keep one issue in mind: Is it worth the debt? With the skyrocketing costs of college, will that degree and potential job provide an income that will enable them to pay back student loans in a timely fashion? We know enjoying your career choice is important, but it must provide financial stability as well. The return on investment (ROI) should be part of the criteria in a career search.
As your kids begin looking at possible careers, have them to check out potential salaries as well. Make sure they will have the ability to easily support themselves, as well as pay off their student loan debts.
So how can you examine the ROI of certain career choices? Payscale.com uses data and unique algorithms to examine compensation based on your education, talents, and skills. “It’s critical that prospective college students understand their earning potential before making decisions about how to fund their education, because the impact on their future financial health can be significant,” said Lydia Frank, senior editorial director at PayScale. If you visit their website, you can examine salaries for most careers. With this information, students can see if a degree program will give them an adequate ROI.
We can all agree that choosing a degree or career should be based on a person’s abilities, interests, aptitudes, and dreams. However, ignoring the ROI can be a bit short-sighted. We want our children to enjoy their futures, therefore we should encourage them to find a profession that will provide them with a good standard of living. This makes smart financial sense.