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September 26, 2008

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Your earning power MIGHT be two to three times that of a high school drop out.

Then again, it MIGHT be no greater than that of a dropout.

You can cite means and medians, but let's not forget the downside risk.

Displayed visually:

http://www.bls.gov/emp/emptab7.htm

Education makes a bigger difference for women than it does for men. Men have access to higher paying jobs not requiring an education, whereas women without education get low paying jobs. Not like a woman can't become a higher paid tradesperson, but usually doesn't choose to do so, especially as the demands of the job conflict with family demands.

There's lots of interesting information on the BLS website. Some technical, some for a more general audience.

Occupational earnings can be looked up here - and it gives low, medium, and high earnings, based on actual earnings of real people:

http://www.careeronestop.org/SalariesBenefits/SalariesBenefits.aspx

Skeptic: downside risk is real, but if I dropped out of high school, I'd be working restaurants or retail, and my earnings would be far lower than what I could have obtained with a Bachelor's or Master's degree. That's what my world looks like. I suppose some fairy could have waved a magic wand to make me an exception to the rule, but remember, luck is preparation meeting opportunity. I'd rather bet on the upside odds.

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