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This episode is part of our FINANCIAL FIERCENESS!™ series! This series integrates our financial goals into our development plan for surpassing our goals. This episode is, “What ‘Rich’ families know about college that ‘Poor’ families don’t.”
Education = Economic Opportunity: “Rich” families know that and ensure that they and their children obtain degrees from the most competitive colleges possible. Thus, the “rich” get richer.
-At Harvard, 45.6% of undergraduates come from families with incomes above $200,000 — in other words, incomes in the top 3.8% of all American households. (http://www.forbes.com/sites/maggiemcgrath/2013/11/27/the-challenge-of-being-poor-at-americas-richest-colleges/)
-Americans with four-year college degrees made 98 percent more an hour on average in 2013 than people without a degree. That’s up from 89 percent five years earlier, 85 percent a decade earlier and 64 percent in the early 1980s. (http://www.nytimes.com/2014/05/27/upshot/is-college-worth-it-clearly-new-data-say.html?_r=0)
-Just under three-fifths of those from the no-degree families who started college reported finishing it, compared with roughly 70 percent of those from both two- and one-degree families. […] "In the old days, say the 1980s, the parental income predicted children's success," he said. "Now the [parental] educational variable appears to be more powerful than income." Studies, Carnevale said, suggest that parents' educational attainment shapes outcomes for children through a "steady drumbeat" of attitudes and experiences. (http://www.theatlantic.com/education/archive/2014/04/are-college-degrees-inherited/360532/)
-Would you rather earn $827 per week or $1,714 per week? (http://www.bls.gov/emp/ep_chart_001.htm)
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It's good to talk.