In late 2011, I read an article on CNN (http://www.cnn.com/2011/10/17/opinion/sachs-global-population/index.html?&hpt=hp_c2) titled "With 7 Billion on Earth, a Huge Task Before Us" and it got my mind turning. I went through a ton of data around the topics listed in the summary below and the results surprised me. I never imagined all of the associated costs with having children along with the education. What scares me more than anything is what they will be faced with once they graduate (At a Higher Education Level). Very fierce competition for positions that do not make good business sense. I found Section E - Great (Innovators) Examples (Education: Dropout of High School or College) very interesting. The net worth of the 7 tech individuals (That Either Dropped out of High School or College) is 119.40 Billon US Dollars combined. I believe that individuals that think outside of the box (true innovators) are the ones that will truly change the world. Once I get a free moment, I plan to update these figures for 2015.
Summary of Findings
A - United States Median Household Income ($50,000.00 "Mid" to $70,000.00 "High End"Actual Metrics) - Based Upon 1967 to 2010 US Census Bureau Data
B - United States Child Birth Cost
C - United States Child Raising Costs
D - United States Higher Education Costs
E - Great (Innovators) Examples (Education: Dropout of High School or College)
A - United States Median Household Income ($50,000.00 "Mid" to $70,000.00 "High End"Actual Metrics) - Based Upon 1967 to 2010 US Census Bureau Data
US Census Bureau Average (Age 25+) Advanced Degree Salary - $72,824.00
US Census Bureau Male (Age 25+) Advanced Degree Salary - $90,761.00
US Census Bureau Female (Age 25+) Advanced Degree Salary - $50,756.00
Dual Earning (Male/Female) (Advanced Degree) Salary: $141,517.00 (Note: United States Median Household Max Average Income: $111,582.00)
Dual Earning (Male/Male) (Advanced Degree) Salary: $181,522.00 (Note: United States Median Household Max Average Income: $111,582.00)
Dual Earning (Female/Female) (Advanced Degree) Salary: $101,512.00 (Note: United States Median Household Max Average Income: $111,582.00)
Income Statistics Based Upon Education
Persons/Households Income
B - United States Child Birth Cost
- An Uncomplicated Vaginal Birth: Nearly $7,000
- An ComplicatedVaginal Birth: Nearly $9,000
- An Uncomplicated C-Section: Over $12,000
- An Complicated C-Section: Nearly $16,000
Note: United States had the highest costs for the countries included.
C- United States Child Raising Costs
Child Raising Costs (From Birth to Age 18) - $226,920.00 (Not Including College)
Calculations - United States Median Household Income ($50,000.00 "Mid" to $70,000.00 "High End"Actual Metrics) - Based Upon 1967 to 2010 US Census Bureau Data
One Child: $226,920.00.00 - $12,606.67 per Year While Children are Under 18 United States Median Household Income ($50,000.00 "Mid" to $70,000.00 "High End"Actual Metrics)
Two Children: $453,840.12 - $25,213.34 per Year While Children are Under 18 United States Median Household Income ($50,000.00 "Mid" to $70,000.00 "High End"Actual Metrics)
Three Children: $680,760.00 - $37,820.00 per Year While Children are Under 18 United States Median Household Income ($50,000.00 "Mid" to $70,000.00 "High End"Actual Metrics)
D - United States Higher Education Costs
University of Kansas Example (Living on Campus)
Tuition and Fees: $8,733.00 (In-State); $21,538.00 (Out-of-State)
Books: $800.00
Room and Board: $7,070.00
Other Expenses: $4,226.00
Total Annual Cost: $20,829.00 (In-State) $33,634.00 (Out-of-State)
Total Bachelor's Degree (4 Years) Cost: $83,316.00 (In-State) $134,536.00 (Out-of-State)
Total Bachelor's Degree (6 Years) Cost: $124,974.00 (In-State) $201,804.00 (Out-of-State) - See Note A Below
UCLA (University of California, Los Angeles) Example (Living on Campus)
Tuition and Fees: $12,686.00 (In-State); $35,756.00 (Out-of-State)
Health Insurance: $1,225.00
Books: $1,509.00
Room and Board: $13,968.00
Transportation: $789.00
Personal: $1,368.00
Total Annual Total Cost: $31,544.00 (In-State) $54,422.00 (Out-of-State)
Total Bachelor's Degree (4 Years) Cost: $126,176.00 (In-State) $217,688.00 (Out-of-State)
Total Bachelor's Degree (6 Years) Cost: $189,264.00 (In-State) $326,532.00 (Out-of-State) - See Note A Below
Note: The average student now takes six years or more to earn a bachelor’s degree in the United States. Coupled with the recent slide of the U.S. from first to twelfth place in the numbers of adults holding degrees.
E - Great (Innovators) Examples (Education: Dropout of High School or College)
Bill Gates (Microsoft)
Net Worth: 59 Billion (As of Sep 2011)
Education: Dropout, Harvard University
Mark Zuckerberg (Facebook)
Net Worth: 17.5 Billion (As of Sep 2011)
Education: Dropout, Harvard University
Michael Dell (Dell Computers)
Net Worth: 15 Billion (As of Sep 2011)
Education: Dropout, University of Texas Austin
Paul Allen (Microsoft)
Net Worth: 13.2 Billion (As of Sep 2011)
Education: Dropout, Washington State University
Steve Jobs (Apple)
Net Worth: 7 Billion (As of Sep 2011)
Education: Dropout, Reed College
Sir Richard Branson
Net Worth: 4.2 Billion (As of March 2011)
Education: Dropout, High School
Dustin Moskovitz (Facebook)
Net Worth: 3.5 Billion (As of Sep 2011)
Education: Dropout, Harvard University