Six Reasons Salary Statistics Don't Tell the Whole Story

We've all read those fantastical career stories about starting salaries that sound too good to be true. While the old saying 'if it sounds too good to be true, it probably is,' can be true in many cases, those starting salary statistics do hold some truth. There's more to those sometimes eye-popping starting salary statistics than, well than meets the eye. You've heard of six degrees of separation? Think of this as six reasons to get a degree.

Double Your Money

It used to be that blood, sweat and tears were all that someone needed in order to achieve top-dollar status. The times, however, are changing. These days, you generally need to have your college degree if you want to get ahead in most careers. According to the U.S. Census Bureau, bachelor's degree holders earn over 50 percent of the annual salary of someone with just a high school diploma. Not only does this make a sizeable impact on your monthly paycheck, consider this for further motivation to get your degree: over the average American adult's working life, high school graduates earn an average of $1.2 million; associate degree holders earn about $1.6 million; and bachelor's degree holders earn about $2.1 million.

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Job Retention

To paraphrase Mark Twain, there are three kinds of lies: lies, darn lies and statistics. In this case, the statistics are hard to refute. Not only do college graduates earn more over their lifetime, but finding a new job and keeping it can be easier for those who have college degrees. According to the U.S. Bureau of Labor Statistics, 'Education pays in higher earnings and lower unemployment rates.' The BLS reports an unemployment rate of 1.4 percent in 2007 for those with a doctoral degree, 1.8 percent for those with a master's degree, 2.2 percent for those with a bachelor's degree, 3.0 percent for those with an associate degree, and 4.4 percent for those with only a high school diploma. In other words, those without at least a bachelor's degree from either an online or campus based college were twice as likely to experience unemployment. Even an associate degree improves the odds by over a percentage point.

More than Money

The intrinsic value of a college diploma extends far beyond better job prospects, career training and enhanced wage earning potential. According to College Board, individuals who have attended college receive more than just salary benefits. Benefits such as vacation time and health insurance are greater for college graduates. Those with degrees also benefited from improved working conditions and greater professional mobility. A degree often gives you more options -- not only in what you choose to do for living, but where, when and how you choose to do it.

Health Benefits

The College Board also reports encouraging demographic statistics for college graduates. For example, many who have completed a college diploma program have priceless health benefits such as longer life expectancy and lower risk of obesity and heart disease. Even more important to many parents who are considering going back to school, children of college graduates generally have a better quality of life as well as improved test scores and cognitive abilities.

A Better Work-Life Balance

In addition to the salary, employment, and fringe and health benefits, college graduates have the unexpected benefit of the fun factor. Not only are college graduates more likely to go hiking and camping, they are also more likely to go to amusement parks, art museums and sporting events. They vote more and they tend to read more. They also pay more taxes, but that's because they earn more.

Life Satisfaction

While having more money, more fringe benefits and more leisure time are compelling reasons to get your college degree, there are many less obvious but just as important reasons why pursuing a degree is worthwhile. You will have the satisfaction of learning about things that interest you and expanding your knowledge and skills. While these are not the primary reasons most people initially choose to attend college, they are the elements that many graduates appreciate the most after having obtained their degree. You'll learn to think critically and strategically. You'll also learn how to manage your time.

Money talks, but salary statistics don't tell the whole story. No matter what career path you intend to follow, a higher degree can position you to make the most of your opportunities. While receiving a bigger paycheck is a huge bonus, getting your college degree can have a wide-ranging impact on your - and your children's -- quality of life.