Are College degrees worth it in 2024

Lets take a look at the numbers and see if college degrees are still worth it in 2024

Lets Look at the numbers

The Average MBA costs you around $108,000 taking about 2 years. The Average Job with no MBA makes around $44K a year x 2 years = $88,000. Now the average salary for someone with a MBA is $69K a year.

So to Summarize it would take you 8 years to recoup the initial MBA cost + the 44k a year you would have made working a job. Now what could you do with that money and time instead?

What’s your career goal

Now for some people, going to college can actually make sense for the career you want to pursue. If you really want to become a doctor, lawyer, engineer, etc. Then yes go to college and pursue that career, but if your pursing that career solely for the money, just know that there are countless other options to make money.

Going into Debt

Not only does going to college take time, it also takes money… A lot of money. The US just hit a new record high $1.75 trillion dollars in total student loan debt. In June 2023, the average federal student loan debt in the U.S. was about $37,650.

Opportunity Cost

Another important factor we need to consider is the opportunity cost of college vs starting a business.

The opportunity cost of college is missing the opportunity to save 4 years of making 44k = 176k, and starting that business or even investing in real estate with that time and money instead.