Polarbear, thanks for weighing in on this.
Another article introducing this book -
Your college is not your destiny Katherine Long
March 17, 2015
The Seattle Times
“People bloom at various stages of life, and different individuals flourish in different climates,” Bruni says, noting that not all students bloom in high school. Parents (and children) often attach “a make-or-break importance to a finite circle of exalted institutions — and to private colleges and universities over public ones — that isn’t supported by the evidence.”
There are late-bloomers, and there are also people who never bloom. Success tends to lead to success and failure to failure.
Your lifetime earnings are probably determined in your 20s By Danielle Paquette
Washington Post
February 10, 2015
A new report from the Federal Reserve Bank of New York sends a more sobering message to millennials: Your first 10 years in the labor market likely shape your lifetime earning potential.
"Across the board, the bulk of earnings growth happens during the first decade," wrote economists Fatih Guvenen, Fatih Karahan, Serdar Ozkan and Jae Song, who studied the career paths of about 5 million workers over nearly 40 years.
The jump in pay could be largely driven by the steep learning curves early in your career, said Guvenen, an economics professor at the University of Minnesota.
In other words: “At 25, I choose a job that allows me to learn valuable skills,” Guvenen said. “I’m investing in my future, and my employer is allowing me to invest in my future. Soon, I’m producing more for my employer -- and my employer is paying me more.”
For the average person, however, earnings growth stagnates after the first 10 years of a career. Average earnings growth for the 35-to-55 set is zero, the data shows. (Only the wealthiest workers see sustained increases throughout their career.) And things are even more grim for the lowest earners.
