We all aspire to become millionaires. When we talk about “getting money,” we often associate $1 million as the target goal. Why $1 million? Why not $100 million or $1 trillion? It’s probably because we know $1 million is truly obtainable. We believe that if we work hard enough or hit the right lick, our bank accounts can have six additional zeros attached to it. Plus, all things are possible, right?? Well, when you take education into consideration, the road to $1 million can be a long one. The reality is that, even after earning a college degree and working your dream 9 to 5 job, it take years to earn that type of money. According to the U.S. Bureau of Labor Statistics, for example, it will take a high school dropout 40 years to earn a million dollars. This shows that the less education (or certified education) a person has, the less chances of them becoming a millionaire. Take a look at the numbers below… YEARS TO EARN $1 MILLION BY EDUCATION LEVEL Professional Degree – 11.1 years Doctoral Degree – 11.8 years Master’s degree – 14.8 years Bachelor’s degree – 18 years Associate’s degree – 24.5 years Some college, no degree – 26.5 years High school diploma – 29.5 years Less than a high school diploma – 40.8 years Remember, these numbers do not include how a person choose to navigate their career. Some people may increase their income by changing jobs every 5 years. Others may earn a Bachelors and stay with the same company until retirement, building up a hefty retirement savings. Earning a million dollars may take a different approach from person to person, regardless of their education level. So, keep in mind that your rags-to-riches story may be different. But, please understand that it will take some form of education regardless.
