Tuesday, February 23, 2010
I read an article recently about this woman racking up some major student debt. Granted, she let the interest pile up on her charges and that added a significant amount on to her balance, but still, the amount was astronomical. The costs of college tuitions go up almost every year- education is a serious expense. It's almost a disincentive to further your education, and though sometimes people want to get a higher degree to enhance their career or just for personal satisfaction, they often opt not to because of the huge price tag attached to it. I know some European countries have very low tuition, if not free, and it is quite easy for students there to "go to university" as they say. But here in America, unfortunately it doesn't work that way... and I'm not about to get into the politics of this whole thing because there is much room for debate among this mess. But what I will say is that students are faced with an enormous amount of debt usually before they can earn enough money to pay it off, and once they do start earning an income, it takes years to pay off the balance.
So why do we put ourselves in this situation, you ask? Well, I was thinking the same thing. Thank goodness I came across this quote before I started reconsidering my future plans...
An investment in knowledge always pays the best interest. -Ben Franklin
This is certainly true, and unless you're like this lady in the article who didn't manage her finances too well, spending money on an education will eventually pay off. Studies have shown that those with higher degrees earn significantly higher salaries. But education can provide more benefits than just a solid income. We should be getting a good education in a field we are interested in so we can increase not only the size of our wallets but also our personal knowledge. But knowledge doesn't only come from higher education. It also comes from experience, personal growth, and our natural curiosity toward new things. So whether you get a raise after getting a higher degree, or buy a new book on a subject of your interest and are able to answer a few more questions on Jeopardy, you are constantly reaping the benefits from your investment in knowledge. Just don't be like the lady in this article...obviously she racked up those charges on some other courses besides accounting and finance!