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(Yahoo)   Study finds kids who go to college have a much greater probability of ending up wealthier than their parents, even if the parents are in the Top 20% of income. Guess that degree in Hungarian Basket Weaving is good for something after all   (finance.yahoo.com) divider line 37
    More: Interesting, Eden Prairie, for-profit colleges, loan defaults, bachelor's degrees  
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480 clicks; posted to Business » on 26 Jun 2012 at 9:37 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-26 09:39:59 AM
Are there any studies which break this down by degree, or even just type of degree?
 
2012-06-26 09:47:06 AM

Millennium: Are there any studies which break this down by degree, or even just type of degree?


This is what I'd like to know - can't imagine every degree offers the same benefit at the higher income levels.
 
2012-06-26 09:47:52 AM
Sounds like a correlation / causation confusion.

An option is that for many people it's probably not the degree itself that's causing the individuals to make more than their parents but rather that individuals who get their degrees are the same individuals who are going to bust their ass, focus on their career, and make good long-term decisions.
 
2012-06-26 09:51:32 AM

meanmutton: Sounds like a correlation / causation confusion.

An option is that for many people it's probably not the degree itself that's causing the individuals to make more than their parents but rather that individuals who get their degrees are the same individuals who are going to bust their ass, focus on their career, and make good long-term decisions.


Having parents with connections that you can use to land a good job out of college probably doesn't hurt either.
 
2012-06-26 09:51:35 AM
By the end of July my wife and I will be making more money than either her parents combined or mine combined, but not all four of them. And this is as a first job after grad school (chemistry). Actually she will be making most of the money, but I'll be doing alright.
 
2012-06-26 10:01:52 AM

Jmast7: Millennium: Are there any studies which break this down by degree, or even just type of degree?

This is what I'd like to know - can't imagine every degree offers the same benefit at the higher income levels.


I'm not so sure it matters. Cool anecdote, bro:
My dad has a PhD in Chemistry (from Yale, even!), been at his job for ~20 years.
My mom has a BA in Psych (maybe a Master's, too?), a PA license and a JD (go Rutgers!), been at her job ~6 years.

My mom is the CFO of a company, and makes more than my dad. Even when she was "just" a VP, she made more than him. In fact, I think she's been making more than him since Bill Clinton first laid eyes on an easy, chunky intern.

A PhD in Acoustical Engineering (a degree an friend of mine has) is probably worth less than a BA in a business field, but then, to have a successful career in business, you basically have to be a sociopathic whore anyway.

// a valuable life skill in any trade, I suppose
 
2012-06-26 10:05:23 AM
What's interesting about that chart is that the breakdown for a non-college-graduate with rich parents is almost identical to that for the breakdown for a college graduate with poor (1st quintile) parents. Which must suck for a poor person's kid who wants to go to college -- "you're only going to do about as well as a rich high-schooler"; but it's also a good lesson for a rich kid -- "if you don't work hard, you could end up in the dumps too". Of course I presume most of the rich kids are going to end up in college one way or another, a fact which isn't reflected in the graphics here.


meanmutton: individuals who get their degrees are the same individuals who are going to bust their ass, focus on their career, and make good long-term decisions.


Uh, have you been to college? IMO it has more to do with some aptitude -- either innate or taught -- passed on from their parents, or acculturation.
 
2012-06-26 10:10:56 AM
Not terribly surprising. Kids usually end up earning more than their parents, mainly because they start with all the benefits that their parents currently have and then build off them. The main counterexample for this is if the kid is a flunk out or otherwise unmotivated, which is a datapoint captured at least partially in whether or not they bother to get a college degree of some form.
 
2012-06-26 10:11:25 AM

Jmast7: Millennium: Are there any studies which break this down by degree, or even just type of degree?

This is what I'd like to know - can't imagine every degree offers the same benefit at the higher income levels.


This. The problem with the phrase "education is the key to success" is not its accuracy but its precision: not all types of education will give you what you need. Even for those that do, it's not automatic; getting the ever-elusive "key to success" still requires some input from your end. If you don't come away with a skill -something almost any field of study can yield if approached correctly, but not all colleges and/or departments encourage that approach- then not only will it not help, but the costs will ultimately hurt you even more.

SigmaAlgebra: Having parents with connections that you can use to land a good job out of college probably doesn't hurt either.


Networking does not work that way.
 
2012-06-26 10:16:26 AM

Millennium: SigmaAlgebra: Having parents with connections that you can use to land a good job out of college probably doesn't hurt either.

Networking does not work that way.


It does when you're rich.
 
2012-06-26 10:18:46 AM
Did anyone point out that making more money != more wealth? No, ok, just wanted to put that out there.
 
2012-06-26 10:34:38 AM

Dr Dreidel: A PhD in Acoustical Engineering (a degree an friend of mine has) is probably worth less than a BA in a business field, but then, to have a successful career in business, you basically have to be a sociopathic whore anyway.


An architect I know has a firm that specializes on acoustic design & engineering. They don't get much work, but the pay (from what I know) makes up for it.

/He also likes dubstep, but that's beside the point
 
2012-06-26 10:37:46 AM
This just in: hammers, when used by someone who puts effort into it, can be used to make bookshelves.
 
2012-06-26 10:39:30 AM

Dr Dreidel: My mom is the CFO of a company, and makes more than my dad. Even when she was "just" a VP, she made more than him. In fact, I think she's been making more than him since Bill Clinton first laid eyes on an easy, chunky intern.

A PhD in Acoustical Engineering (a degree an friend of mine has) is probably worth less than a BA in a business field, but then, to have a successful career in business, you basically have to be a sociopathic whore anyway.


Did you just call your mom a sociopathic whore?
 
2012-06-26 10:41:58 AM
Bullshiat.
 
2012-06-26 10:43:34 AM

Dr Dreidel: Jmast7: Millennium: Are there any studies which break this down by degree, or even just type of degree?

This is what I'd like to know - can't imagine every degree offers the same benefit at the higher income levels.

I'm not so sure it matters. Cool anecdote, bro:
My dad has a PhD in Chemistry (from Yale, even!), been at his job for ~20 years.
My mom has a BA in Psych (maybe a Master's, too?), a PA license and a JD (go Rutgers!), been at her job ~6 years.

My mom is the CFO of a company, and makes more than my dad. Even when she was "just" a VP, she made more than him. In fact, I think she's been making more than him since Bill Clinton first laid eyes on an easy, chunky intern.

A PhD in Acoustical Engineering (a degree an friend of mine has) is probably worth less than a BA in a business field, but then, to have a successful career in business, you basically have to be a sociopathic whore anyway.

// a valuable life skill in any trade, I suppose

~
~
Ignore the losers... When people tell you that you won't be able to achieve something, cross them out of your life, because they're directly interfering with your success.
i47.tinypic.com
 
2012-06-26 10:45:18 AM
Is this controlled for "wealth creates wealth"? How many of these kids were just beneficiaries of the increasing wealth gap?
 
2012-06-26 11:00:54 AM

Dr Dreidel: A PhD in Acoustical Engineering (a degree an friend of mine has) is probably worth less than a BA in a business field, but then, to have a successful career in business, you basically have to be a sociopathic whore anyway.


I wouldn't go quite that far. I have a business degree and most business people I know are as good-hearted and conscientious as anyone else, earning a good (not extraordinary) living and providing for their families.

It's not the most interesting or glamorous profession, sitting in a tiny office all day. Nor was it the most interesting or glamorous degree option in college. But, trust me, when you don't have parents with advanced degrees from world-class institutions and C-level positions (when your parents were, say, a bank teller and a machinist), a business degree and 45 years of job security looks pretty attractive.
 
2012-06-26 11:06:16 AM

Jerkwater: Dr Dreidel: A PhD in Acoustical Engineering (a degree an friend of mine has) is probably worth less than a BA in a business field, but then, to have a successful career in business, you basically have to be a sociopathic whore anyway.

I wouldn't go quite that far. I have a business degree and most business people I know are as good-hearted and conscientious as anyone else, earning a good (not extraordinary) living and providing for their families.

It's not the most interesting or glamorous profession, sitting in a tiny office all day. Nor was it the most interesting or glamorous degree option in college. But, trust me, when you don't have parents with advanced degrees from world-class institutions and C-level positions (when your parents were, say, a bank teller and a machinist), a business degree and 45 years of job security looks pretty attractive.


Speaking of attractive, do you have anyJrecentOphotosKofEyour!mom?
 
2012-06-26 11:13:19 AM

SuperChuck: Dr Dreidel: My mom is the CFO of a company, and makes more than my dad. Even when she was "just" a VP, she made more than him. In fact, I think she's been making more than him since Bill Clinton first laid eyes on an easy, chunky intern.

A PhD in Acoustical Engineering (a degree an friend of mine has) is probably worth less than a BA in a business field, but then, to have a successful career in business, you basically have to be a sociopathic whore anyway.

Did you just call your mom a sociopathic whore?


No, that'd be my sister.

// kidding. I don't have a sister.
// Mom's degree(s) are psych/medical, plus the JD - no business
// made her bones as a clinical researcher
 
2012-06-26 11:14:04 AM
I'll probably never make as much money as my dad, who graduated with the same degree (BSBA in accounting) 31 years before me, but that's because I don't want to work 60+ hours a week for the rest of my life. But even despite that, I think even now my husband and I have more net worth than my parents because they pissed it all away on new cars every 1.5 years, motorcycles, and HELOCs.... So yeah, just because we make less than my dad did (combined we probably clear less than half of my dad's wages), we're going to end up wealthier anyway.
 
2012-06-26 11:23:23 AM
With as stagnant as wages have been over the last decade I often feel that recent college grads probably start out with a higher salary than people that have been working 5-10 years.
 
2012-06-26 11:24:33 AM
I would imagine the pool of kids from rich families who choose (or are forced) to attend college would have a better chance of leveraging their family's wealth advantage than the kids who blow off college and ultimately just survive on their parents' wealth.
 
2012-06-26 11:42:46 AM
I farking love money!
 
2012-06-26 11:46:48 AM
Yeah, I don't think the dollar goes quite as far. My own Dad (teacher, principal, etc) probably never made more than $50-$60k p/y in his career... but was able to live and retire comfortably.
 
2012-06-26 11:51:34 AM

Arkanaut:


meanmutton: individuals who get their degrees are the same individuals who are going to bust their ass, focus on their career, and make good long-term decisions.

Uh, have you been to college? IMO it has more to do with some aptitude -- either innate or taught -- passed on from their parents, or acculturation.


Uh, have you spent time with the people who didn't go to college? QED.
 
2012-06-26 12:05:45 PM

meanmutton: Arkanaut:


meanmutton: individuals who get their degrees are the same individuals who are going to bust their ass, focus on their career, and make good long-term decisions.

Uh, have you been to college? IMO it has more to do with some aptitude -- either innate or taught -- passed on from their parents, or acculturation.

Uh, have you spent time with the people who didn't go to college? QED.


There's an easy way to settle this. Find the most successful stock broker at your firm and frame him for petty theft and selling drugs, knocking him down to the street jobless and alone. Then grab a bumb off of the street and put him in the broker's position. See if the previously successful person can climb to the top and if the bumb can't survive even after being given every possible advantage.

Winner gets the usual amount.
 
2012-06-26 12:21:20 PM

Millennium: Are there any studies which break this down by degree, or even just type of degree?


I'd actually rather see it broken down by graduation year. Something like, before 1990, 1990-2005, 2006+.
 
2012-06-26 12:49:59 PM

Ham Sandvich: Millennium: Are there any studies which break this down by degree, or even just type of degree?

I'd actually rather see it broken down by graduation year. Something like, before 1990, 1990-2005, 2006+.


Agreed - the value of a 'college degree' has been going down faster than a drunk cheerleader on prom night.
 
2012-06-26 01:36:00 PM

Fark_Guy_Rob: Ham Sandvich: Millennium: Are there any studies which break this down by degree, or even just type of degree?

I'd actually rather see it broken down by graduation year. Something like, before 1990, 1990-2005, 2006+.

Agreed - the value of a 'college degree' has been going down faster than a drunk cheerleader on prom night.


I chatted up the head cheerleader at prom and that saying is wrong.
 
2012-06-26 01:37:58 PM

Fark_Guy_Rob: Ham Sandvich: Millennium: Are there any studies which break this down by degree, or even just type of degree?

I'd actually rather see it broken down by graduation year. Something like, before 1990, 1990-2005, 2006+.

Agreed - the value of a 'college degree' has been going down faster than a drunk cheerleader on prom night.


I've met people who got, what we consider, nonsense degrees in the past and manage to land a decent job. Mostly because they were actually competent people but also because the application pool was much smaller. They could make it to the interview stage without getting their resume tossed. Not having 5 figures worth of debt upon graduation helped, too
 
2012-06-26 03:45:29 PM
My father is a retired M.D.

I have a B.A. in English.

Yeah, that "wealthier" thing ain't hap'nin' in these parts.
 
2012-06-26 04:30:57 PM
I wish this were true for me :(. One day perhaps, but the way things are going with inflation, wage stagnation, and the over-saturation of degrees, I doubt that will be the case. I'll definitely never catch up to my in-laws.

I think this definitely used to be the case, but the world has changed. Unless your parents are working class/lower middle class/ or the lower end of middle class and thus the road up is not that far, it does make it more difficult to achieve this. Haven't they already said that either gen x or gen y or maybe the millenials will be the first generation that doesn't do better than their parents?
 
2012-06-26 04:59:06 PM
I was making more than my parents. Now I think Im only making more than my dad.
 
2012-06-27 06:26:30 AM

meanmutton: Sounds like a correlation / causation confusion.

An option is that for many people it's probably not the degree itself that's causing the individuals to make more than their parents but rather that individuals who get their degrees are the same individuals who are going to bust their ass, focus on their career, and make good long-term decisions.


Yeah - people born on third base hit lots of triples.
It's a fact.
 
2012-06-27 07:50:47 AM
I'm pretty sure that if you spent 4 years learning plumbing and saving enough to start your own company, you'd do as well as 90% of college graduates easy.
 
2012-06-27 02:56:32 PM
Or the labor market is so farked that you now need a four-year degree for a basic office drone job. You really need a four-year degree to answer a goddamn telephone?
 
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