College is almost always worth the cost, says wealth manager—here's why (via CNBCMakeIt)
Earning a college degree is more expensive than ever: After factoring in room and board, the average total cost comes out to about $21,000 a year for in-state students and about $37,000 for out-of-state students. As a result, U.S. student debt levels are at an all-time high.
In terms of earning power, statistics show that"there's a very big discrepancy between people who have a high school degree and a college degree," he adds."So unless you've invented the next great app or you're on your way to the NFL, you should be focused on going to college." Ramit Sethi, author of "I Will Teach You to be Rich," is on the same page as Mallouk. Taking out student loans to get a college education can definitely be worth it in the long run, he tells CNBC Make It:"Don't buy the typical advice that everyone seems to be throwing around these days saying college loans are the worst thing on earth. They're not."
"If you are getting a medical degree, by all means spend hundreds of thousands of dollars," he adds:"I'd rather see you spend a couple hundred thousand dollars on something like a medical degree than even half of that on a degree that won't translate into future earnings."
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