We are able to do what we do, because of thinkers and doers that came before us. We also depend greatly on the generations that come after us and depend on younger generations to invest in careers that meet our needs, solve problems and move society forward. We believe our work in guiding the lives of young people to be of great importance. At Gaskin Asset Management, our financial planning is often for the future; future goals, future business opportunities and future generations. We strongly believe in the power of education, professional experience and leveraging connections to help shape the lives of the children of our future. We are often seen as a trusted advisor for financial decisions big and small and for a young person, the pathway to their career might be one of the biggest decisions they ever make.
Access to quality education has the ability to change a person’s life. Depending on what you want to do, there are many different educational avenues to pursuing one’s career goals.
Are you or your student currently debating their next step after high school? If so, they aren’t alone. Students are reporting discouragement with higher education as they struggle finding jobs that fit their educational background and are working tirelessly to pay down record levels of student debt. Higher education costs today are expensive and it is a burden worth taking on, if the long term pay-off is there.
These life decisions should not be made lightly and these conversations should begin early with trusted advisors. When it comes to our future, decisions are not binary. All options should be on the table and no path should be off limits.
We are here to have these hard conversations with our clients and their children, with you.
The average college tuition was $24,623 in 2019, an increase of 60% since 2000 (adjusted for inflation).*
People with a bachelor’s degree earn roughly 67% more than workers with just a high school diploma (adjusted for inflation).**
About 3.7 million students are expected to graduate from high school during the 2020–21 school year. During the 2020–2021 academic year colleges and universities are expected to award 1.9 million bachelor’s degrees and 983,000 associate’s degrees.***
Next Steps After High School
Work
As diverse as the individual are the goals of every student. It’s easy to believe that upon high school graduation, some students are pretty sick of school. It’s also easy to believe that some time away from school, working and allowing minds to wander, might help a young person get exposure to different career paths that they would not receive in a classroom. Meaningful education is always beneficial as it allows minds to grow and gain exposure to new ideas and information. However, it’s possible that the job a young person wants doesn’t necessarily require a degree, and if student debt is involved, the cost may not always be worth the investment. It’s important that we have meaningful conversations with young people about their career paths and build a blueprint that is right for them.
Apprenticeship
According to an article in the New York Times, one in five medical students has a parent who is a physician. Researchers at Facebook used data from 5.6 million people to reveal that certain jobs parents have, including being a nurse, scientist or lawyer, increase the chances of their children following in their footsteps. For example, a nurse’s daughter was 3.75 times more likely to become a nurse than the rest of the population. Many reasons could support these data points, but a major conclusion that sticks out is that, we often become what we are exposed to. In choosing a career path, it is important that young people seek out exposure to different careers or industries that peak their interests or match their skill sets. A perfect way to do this is through seeking out apprenticeships or internships.
Trade School
In 2021, construction companies will need to hire 430,000 more workers than they employed in 2020, according to an analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. This also happens to be an industry experiencing strong wage growth amongst its various sectors. If you know exactly what you want to do and are ready to get the skills to pursue a career, technical and trade schools are an excellent way to get a jump start on your future. Graduating with technical skills can provide confidence when entering an existing business or in starting your own. If business ownership is the path for you, additional courses at a community college in business management and marketing may help supplement your knowledge base long term.
Associates Degree
With a little research, you may learn that there are some high growth areas in the marketplace that currently require an associates degree; many of which are in medical and engineering industries with strong income potential. If you are eager to get to work and your area of interest does not require a bachelors degree, an associates program may make sense! Often, there is a reduced financial burden for a student seeking to obtain an associates degree, which may also make this option more attractive.
“I really appreciate you taking the time to meet with me not just about my investments, but also to offer life, college and career advice. It means a lot to have someone that I can talk with and ask questions. You are a mentor to me, and I am extremely grateful. I’m so glad you agreed to help me realize my goals and grow as a person and for that, I’m thankful.”
— 2021 High School Graduate
Bachelors Degree
Bachelors degrees, often obtained through a four-year state sponsored university or private college, are becoming more and more common due to the competitiveness of the marketplace and demand for higher education in job applicants. The university or college setting is a great opportunity to have your mind tested and knowledge base expanded, often through a broad, liberal arts, education. It’s also possible that you are able to quickly dive into a more specific area of focus in an area such as science, technology, engineering or math. A bachelor’s degree is often a requirement for a competitive career or for a graduate degree in business, engineering, law or medicine, to name a few. We believe that education is a worthy investment. Understanding that a four year college experience can be expensive, it is important to enter with a clear vision for what you are looking to accomplish during this time.
Military
Perhaps the most honorable and distinguished route in life is to serve this great country. Serving in the United States Military not only molds and strengthens character, integrity, and unity, but also provides many professional and academic opportunities. Combat is the most common visualization of the military, but there are many other areas of focus including cybersecurity, engineering, medical, and operations. Maybe you know you want to serve in the military but aren’t quite sure in what capacity. There are academic programs that can run in conjunction with the military that introduce and explore options, while potentially offering academic financial assistance.
Graduate Degree
Following passion introduces various obstacles and challenges. It is critical that we don’t follow our dreams blindly, but rather plan and adjust for obstacles that may arise. Graduate programs are often expensive and laborious, requiring thoughtful consideration and planning. Higher education is often necessary for those wishing to become doctors, lawyers, CPAs, and professors, just to name a few. Further education instills a heightened level of trust, an invaluable connection. It is also possible that the desire for graduate school is not rooted in the passion that lies ahead, but rather a deep interest in a specific area of study. While academic curiosity is valuable and healthy, we must not overlook the opportunity cost.
Sources
*National Center for Education Statistics
**Bureau of Labor Statistics
***National Center for Education Statistics