Wealth comes with intelligence! Your education matters.
Too many of us, for too long have had the same question running through our minds. Do we need a higher education to find financial success later in life? During an agrument between parent and child, regarding school, the excuse: “I don’t need school to succeed!” is often used. It is quickly followed by emaples of your typical drop-out Billionaires like Zuckerburg or Gates. To all of the parent readers out there, let the following information be ammunition in the constant war to keep your children focused on what is really important. To any student readers, let this data be a reminder of the importance of your schooling to your future. Higher education makes finding financial success in life much easier.
Having been born and raised in Connecticut, I found the data from my area most interesting. However, Connecticut is a good sample because it provides a variety of different socioeconomic backgrounds.
The sample used includes the counties in Connecticut, as well as those that border it. The average percent of people without degrees in all the counties is 36%. Also it is important to note that the numbers representing income per housegolds are medians.
In Connecticut and it’s surrounding counties the distribution of wealth is not very equal. With a total of 16 counties, only 2 of which have an average median income of $80,000 or more. Similarly, there are only three counties averaging less than $60,000 a year. This distribution is important in understanding the amount of counties with a relatively higher percentage of people that have achieved a higher education. As shown in figure two, where (on the Y-axis), numbered labels represent average median income, you can see the success of counties relative to each other.
I=Average median income per household
Degrees to Bentleys
Now that the data has been contexualized a bit, I can dive into why I know that wealth comes with higher education. I collected data from the census of 2010. This data includes the percentages of people over the age of 25 whom have accomplished a Bachelor’s degree or higher in college. When this information in comparison to a data set that represents the average median income per household that is over $100,000, there is a very clear trend.
As the amount of people with degrees (X-axis) increases, so does the amount of households that make over $100,000 (Y-axis) annually. This trend makes it quite clear that with more educated people in an area, the area will tend to have more wealthy households. However, this is not good enough because a college education isn’t accesible to everyone, and success can be found without one. Even if it is much harder to. So, I repeated the exact same process with individuals who have completed highschool. Unsurprisingly, yielding the same results.
This positive correlation between education and wealth is clear. To reiderate, when an individual completes more schooling, they are more likely to find wealth in the near future.
The following maps are of Connecticut. However, the area is divided by counties. In the first map, going from red to blue, the wealth distribution is shown (blue being more wealthy), and in the second map the color gradient, going from red to blue, represents counties with less Bachelor’s degrees to those with more.
As you can see, the areas that are blue in the first map are generally the same color in the second. This shows how areas that have a higher concentration of Bachleors’ degrees also have a higher concentration of households bringing in $100,000, or more.
Too much proof to ignore.
When compiled together, both high school graduates and bachelor’s degree recipients, the trends are even more clear.
Blue=percentage of population with Bachelor’s or higher
Orange=percentage of people without a diploma
Grey=households bringing in less than $100,00
When the blue trend line is compared to that of the grey, it is apparent that there is a direct, inverted, correlation between the two lines. As the number of poorer households increases, the amount people with Bachelor’s degrees decreases. Whereas, with the orange line, the correlation is direct in that they move together. This is stating that as the number of poorer households increases so does the amount of people who dont have diplomas. Ultimatley, one’s level of education can clearly be connected to their financial success.
The point we must all remember.
To be successful, we must be intelligent. Or, at the very least, obtain degrees used to convince others that one is intelligent. So, to all the students out there who want to buy drones, and fancy cars, and travel the world, be patient. If you continue to work hard in school now, these things will come later in life. Better yourselves in the classroom, and as human beings before you venture out to obtain and spend money. To all the parents, stay on your kids with their grades. It may be your push that guides them to success. Maybe, just maybe, they will recognize what youve done for them and buy you a nice place in Florida to die comfortably in once they’ve aquired their riches. Also, to those who don’t care about money…stop lying to yourselves. Ultimately, in our world money is freedom.