Today on MoneyLife

Chuck begins the program talking about the rising cost of education. See this MSNBC article for more information. Education dramatically affects one's earning power over the course of a career. On average:

• If you’re a high school graduate, your lifetime earnings will be $1.4 million
• Drop out of high school and you’ll forfeit $300,000 of the $1.4 million
• If you drop out before entering high school, you’ll forfeit $500,000
• If you get an associate college degree, you’ll add $350,000 to the $1.4 million
• If you get a doctoral degree, you’ll add $2.5 million
• If you get a professional degree, you’ll earn $3.7 million

In the second segment, Chuck talks with co-host Dave Ball about ways to pay for college. A professional degree is a degree that requires licensing or some kind of professional designation by a governing body (architecture, law, medicine, engineering, dentistry, pharmacy, education).

Education that emphasizes practical skills in preparation for a specific career have the highest return. Those degrees take longer to earn and require a certain level of giftedness.

Besides boosting your earning power, education has other benefits:

• When you pursue higher education, you learn how to learn
• When you graduate, you demonstrate an ability to finish a difficult task

The cost of a college education is significant. Often people make poor decisions about paying for college and become slaves to debt. There are many ways to pay for college without borrowing:

• Search for scholarships
• Go to community college and live at home while you take basic classes, transfer credits to a university and complete your degree there
• Pay as you go (most kids who work while in school do better than those who don't work)
• If you're already in the workforce, some employers will reimburse you for tuition
• See finaid.org

Another way to minimize college debt is to attend school part-time while working full-time. Many classes are available at night and online.

If you're a full time student, consider taking a full load of classes every semester and going to school year-round. You can finish a semester or two early and save money.

Chuck tackles an email question from a listener who is underemployed with a lot of college debt. Chuck's response:

• Once you’re 10 years past getting your degree, your employability is based more on your experience and past contributions than education
• Decide if you’re working in your area of passion
• If so, seek the highest level of responsibility within your current employer
• If you love what you do, you can rise in the company by becoming a problem solver
• Use education as a platform for moving into your area of passion

Borrowing for Education

If it is truly God’s will for individuals or their children to attend college, He will supply the funds.
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• Read More

Career Planning

It’s never too late to teach our children about the biblical principles of work and stewardship of talents. Everyone needs a model to follow.

• Read More

Paying for College

How will we ever pay for our children’s college education.

• Read More

Saving and Investing for College

It is never too early for parents to begin to plan for their children’s college education. They need to be informed and pray for God’s wisdom.

• Read More

Other Resources:

• ABCs of Money Package
• Career Direct
• God's Pinciples for Operating a Business
• Business By the Book
• Crown Mvelopes