Education and Finances

Today is a special edition targeted to those who are still in the education system.  The consensus this time of year is “spring fever” and “I can’t wait until summer is here.”  Before you start the 2-month brain checkout however, let’s keep some things in mind.

One of my favorite bloggers, Jeff Thredgold, publishes a regular weekly economic new update.  While I don’t always agree with his thoughts, it is fascinating to read the updates of statistics published by the government relating to all facets of our economy.  In the most recent edition, he discusses the job market and the associated unemployment rate.  One of the facts published is:

“It comes as no surprise that one’s educational attainment typically has a direct impact on employment. The jobless rate for those workers with less than a high school diploma was 14.5% in March. For those with a high school diploma, but no college, the rate was 10.8%.

For those workers with some college or an Associate’s degree, the jobless rate was 8.2%. For those with a Bachelor’s degree and higher, the average unemployment rate was 4.9%.”

My blog topics focus mainly on personal finance, tax and accounting.  In this case though, economic statistics point out a very important concept.  The best way to gain control over your finances is through education.  Many other studies promote the fact that educated employees tend to earn higher incomes over their lifetime as well.

A combination of education, higher wages, less job loss and responsible financial moves can lead to a happier and more successful life.  Those that look forward to getting out of high school and never going back to school are setting themselves up for a much more difficult life financially.  As we move ever closer to the close of another school year, keep these facts in mind as you make plans for the future.  The financial and educational choices made early in life have dramatic effects on the later years of life.

You can sign up to receive the weekly economic news for free from essentially any page on Mr. Thredgold’s website.