Want to Earn $1 Million More Over Your Lifetime? Do This
It's simple: Go to college or a trade school. It's an investment that will pay huge dividends for the rest of your life. And the benefits go far beyond money.


I’ve been a certified public accountant for 40 years and started a registered investment advisory practice 25 years ago, now managing close to $1 billion. I deal in your basic markets, like the stock and bond markets. I also work extensively in the alternative space, including real estate, private equity and more. I share all of that to emphasize the importance of what I am about to say. When a younger person asks me, “What is the best investment?” they are usually shocked by my answer. Almost without fail, I respond, “Invest in yourself.”
If you invest in yourself by pursuing a college degree or a trade education, you will likely have a higher lifetime income, on average, for the rest of your life. That higher income can compound and ultimately help grow your own wealth faster than had you not invested in yourself.
The wage gap between high school graduates and those who went on to get further education is not just noticeable in the initial years following graduation but continues to widen over time. The median earnings of an individual with a high school diploma were $44,300 in 2021. In contrast, the median earnings for someone with a bachelor’s degree were $73,300, according to a study by the U.S. College Board called Education Pays 2023.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
That means someone with a college degree could earn $1,160,000 more over a 40-year working career — and that’s without adjusting for inflation or future raises.
The cost of education
Now, let’s factor the cost of education into that equation. My alma mater is Washington State University, where I received a bachelor's degree in accounting. Currently, I volunteer at the regional campus in Everett, Wash. I am proud to report that half of the students at our regional campuses have graduated with no debt because of scholarships and other financial awards. Those who graduated owing money had, on average, less than $25K in total debt.
By comparing the average loan balance of those who graduated with debt at this regional university campus to the average earnings difference, we have a 46X return on the average debt of these students. I don’t really need to adjust for inflation for that figure to make sense. To clarify, I’m writing about my experience and the cost of tuition at WSU, a public land grant institution. I’m not analyzing the value of an Ivy League or other expensive private school education.
However, getting an education is not just about the potential increase in income throughout life. It’s about stability and suitability. Consider the following as you ponder how to invest in yourself.
Personal suitability
An advanced education can help you break through any “barriers to entry” in the job market. If your skill set is hard to achieve and not easy to qualify for, you can become more valuable to others. You can’t apply for a job when you do not qualify.
Career advancement
A college degree often opens doors to a wider array of job opportunities and career paths. Employers tend to favor candidates with higher education credentials, associating them with a greater depth of knowledge, critical thinking skills and dedication.
Job security
College graduates generally enjoy greater job security. They are less likely to experience unemployment during economic downturns compared with those without a degree. The versatility of a college education allows graduates to adapt more readily to changing job markets, pursue further education or training if needed and shift to different career paths more easily.
Personal and professional growth
Beyond financial gains, a college education fosters personal and professional growth. It encourages critical thinking, problem-solving and effective communication — skills that are invaluable in any professional setting and, more broadly, life in general.
Networking
College provides a platform for networking, offering connections that can be beneficial throughout one's career. These experiences contribute to an individual's overall development. I met my best friend at WSU more than 40 years ago and continue to develop lifelong relationships due to my continued engagement from my collegiate experience.
Societal impact
While the upfront cost of a college education can be substantial, the long-term financial and personal benefits are clear. The over $1 million increase in lifetime earnings for college graduates compared with high school graduates illustrates the profound economic advantage of higher education. Beyond the numbers, the personal, professional and societal benefits further reinforce the value of a college degree.
Investing in a college or trade education is not merely an expenditure but a strategic move toward securing a prosperous and fulfilling future. There are certainly individual exceptions to every rule. However, as a country, I believe we need more young people trained in skill sets that are hard to learn. Just because something is hard doesn’t mean it should be avoided. Conversely, because a college education (or trade certification) is hard to complete makes it part of the reason it is worth the effort.
Related Content
- The 10 Highest Paying College Majors (and 10 Lowest)
- 20 Highest-Paying Jobs Without a Degree in 2024
- Free (or Cheap) College for Seniors and Retirees in All 50 States
- Seven Costs Landlords Underestimate When Setting Expectations
- 529s: No Longer the Ho-Hum Investing Device for College
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Brian Evans, CPA/PFS is the owner of Madrona Financial Services and Bauer Evans CPAs, a well-known registered investment advisory practice and an accounting firm based out of Seattle, Washington. He serves as their Chief Executive Officer, lead Wealth Planner and Senior Portfolio Manager. Evans also hosts a weekly radio show and podcast, Growing Your Wealth, in Washington on KTTH, KIRO, KNWN and KVI, and on KNRS in Utah.
-
Stocks Edge Higher With Nvidia, Fed in Focus: Stock Market Today
The AI bellwether reports earnings after today's close, while Wall Street is keeping a cautious eye on President Trump's attacks against the Fed.
-
New Trump Tax Bill: Five Changes Homeowners Need to Know Now
Tax Changes Trump’s new tax legislation is reshaping how tax breaks for homeowners work.
-
I'm a Financial Planning Pro: Do Your Family a Final Favor and Write Them a Love Letter
Specify your preferences in this personal document that shares your wishes on how you want to be remembered and celebrated. Your family will thank you for easing an emotional time.
-
The Future of Financial Advice Is Human: Gen Z Trusts Advisers, But AI Skills Matter
Graduates entering the workforce trust human advisers more than AI tools with their financial planning. But AI can still enhance the client/adviser relationship.
-
I'm a Wealth Adviser: If You're a DIY Investor, Don't Make These Five Mistakes
Even though you may feel confident because of easy access to investing information, you may be making mistakes that could compromise your long-term performance. Here's what you should know.
-
Building a Business That Lasts: The Critical Steps to Avoid Blunders
'Another Way' author David Whorton offers advice on how to build an 'evergreen' business that endures by avoiding common pitfalls that can lead to failure.
-
I'm a Financial Pro: Why You Shouldn't Put All Your Eggs in the Company Stock Basket
Limit exposure to your employer's stock, sell it periodically and maintain portfolio diversification to protect your wealth from unexpected events.
-
How Will the One Big Beautiful Bill Shape Your Legacy?
The One Big Beautiful Bill Act removes uncertainty over tax brackets and estate tax. Families should take time to review estate plans to take full advantage.
-
Should You Claim Social Security Early or Late? A Financial Adviser Weighs In
There isn't a wrong age to start claiming Social Security, but there are factors that everyone should consider to avoid leaving money on the table.
-
Three Things Financially Confident People Do, From a Pro Who Knows
If you have any worries about your retirement future, take back control with these three tips.