016: How to Measure the Value of a College Education – A Do Over! [PODCAST]

A Do Over! In PODCAST 008 I promised to discuss Five Steps to Make Sure Your College Education Pays. Unfortunately the audio cut off right before we it got to the 5 steps. Several people have brought this to my attention and have asked me for the file. In trying to fix it, we realized the best bet would be to just release this as another podcast. So … here it is.What is the value of a college education? Can you put a number on it? College education is the second largest "investment" most people ever make, and yet many make very poor choices resulting in a poor return on investment.Courtesy investitwisely.comWhile education is very important, most of us have a limited view of how to get an education and how to make it pay. In this podcast I cover 5 steps to help you guarantee your investment returns with true monetary value.Five Steps to Guarantee Your College Investment Pays (as covered in this podcast)Define your education goal.Research your increase in value.Do some reverse interviews to learn the right path to take for education.Find alternative ways to get the needed education.Calculate your Return on Investment (ROI) ROI = (increase in salary over period  - cost of degree) / cost of degreeExample 1: Working with $25k / year incomeEngineering degree pays $60k - increase of $35k / year Cost of degree $30k2 year ROI = ($35k*2 - $30k) / $30k = 40k/30k = 133%Example 2:Working with $25k / yr incomeLiberal Arts Degree pays $35k Cost of degree $40K2 year ROI = ($20k - 40k) / $40k = NEGATIVELAST POINT - do not borrow money for education! Education Money and Debt - Key LinksDave Ramsey on College DebtThe Affluent StudentWhat degrees payYour FeedbackIf you have suggestions for a podcast you would like to hear  or a question about an upcoming episode, e-mail me.Also, if you enjoyed the show, please rate it on iTunes and write a brief review. That would help tremendously in getting the word out! Thanks. Free Ebook!Want to find options to the day job? Sign up to receive my blog posts via e-mail and get a copy of my e-book on FINDING YOUR CALLING FREE.Dale Callahan, Ph.D.Business Coach for Professionals Ready to Take Control Helping you move from stuck to in-demand — or start something of your own. Grab the Idea Engine: 7 prompts to find your next move Book a Next Step Strategy SessionDirector of Engineering Management @ UAB (205) 790-8447 dalecallahan.com LinkedIn

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