I’m always browsing and reading about topics related to personal finance to bring to your attention. Just recently, Yahoo listed the worst paying college degrees. A few months ago I wrote a piece on the harsh reality about student loans. I stressed the importance on how your ability to pay back your student loans is directly dependent on the money you’ll earn from the degree that you obtain.
I wanted to highlight some of the jobs/worst paying college degrees that really caught my attention:
Social work (starting annual salary: $33,400; mid-career annual salary: $41,600)
Elementary education (starting annual salary: $33,000; mid-career annual salary: $42,400)
Hospitality and tourism (starting annual salary: $37,000; mid-career annual salary: $54,300)
Drama (starting annual salary: $35,600; mid-career annual salary: $56,600)
Why did these jobs catch my attention? Some of them are really admirable and rewarding careers (teaching and social work). While the other two would fall under the “follow your passions” category. Yet all of these careers made it onto the worst paying college degrees list. Where am I going with this? I just wanted to throw out a few questions for you guys to ponder…
1. How important is money to you?
How much do you care about money? Would you prefer to “follow your passion” and make a decent living or work a job that you’re simply content with and it pays you lots of money?
2. How will you finance your education?
If you plan on racking up over 30 grand of debt for a career that will earn you less than $40,000/year (before taxes), then it’s going to take you a long time to pay off your student debt. This will hinder any future goals that you may have.
3. Have you considered this information?
Many young people (myself included) blindly enroll in college programs without even checking out the potential income post-college. We enroll in programs because they interest us. This is very important, but potential income is even more important.
For further reading/help check out my piece on killing student loans while still a student.