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Joined: Sep 2011
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Two quick thoughts on that (haven't read the book or the link) - if you looked at the resumes of the people who have risen to the top of the field I'm in over the years, you'd find a spectrum of educational backgrounds - people with degrees from the universities that are considered top-in-the-field and people who went to what I would have considered (when I was applying to college) very easy-to-get-into universities with not the most highly regarded programs. (Note - the people I'm talking about are all roughly the same age as I am, so we're not talking about changes in higher ed over time.)
I went to a university that was considered to be at the top of my field, and it did help - it helped when interviewing for that first job out of school - all the top-paying companies came to campus and placed a bit of a premium on students from our school. For me personally, it made a difference because we were really well-educated and really well-prepared starting off in the work force - we learned things at our school that young people starting out from other schools had to learn on the job. We did get paid slightly higher salaries coming into the work force. Through the years, if mention of where I went to school came up in conversation I did get "name recognition" and it sometimes impressed people.
BUT - at the end of the day - it didn't factor into where you landed long-term in your career. The things that mattered were the effort you put into your career, the intelligence you had in making decisions about upward career moves, networking, selling yourself, staying on top of what was happening in the field, etc. And a little bit of luck in terms of good fortune too.
polarbear
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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.” This reminds me of a bit of Colleges That Change Lives and the book of the same name, subtitled 40 schools you should know about even if you're not a straight-A student, from 15 years ago.
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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.
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There are late-bloomers, and there are also people who never bloom. Success tends to lead to success and failure to failure. And *this* is why it's critically important to be successful (and just perfect enough, but not too perfect). Nobody wants to wander lost down the broken road of the failed people because of the permanence and totality of failure.
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Is this the point in the thread where I say that EARNINGS are not the only indicator of "success"? Yes, I do believe it's that point in the thread.
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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. I thought this was possibly true for women on a mommy-track, as priorities shifted from career to family well-being, caring for children and elderly parents. But I have not previously considered that it may be true throughout the population, and for both genders. permanence and totality of failure Not so glum, chum! Think of resilience, "failure" as a regular part of learning, and top it off with growth mindset.  Is this the point in the thread where I say that EARNINGS are not the only indicator of "success"? Yes, I do believe it's that point in the thread. Agreed. Success or well-being can be a hallmark of positive growth in many directions/dimensions, of which financial well-being (or financial success) is just one.
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Is this the point in the thread where I say that EARNINGS are not the only indicator of "success"? Yes, I do believe it's that point in the thread. You need enough money to not to be a chronically broken failure, silly. Nobody wants to be trapped in the prisonhouse of the middle class.
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Joined: Jul 2011
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I thought this was possibly true for women on a mommy-track, as priorities shifted from career to family well-being, caring for children and elderly parents. But I have not previously considered that it may be true throughout the population, and for both genders. Law firms have up or out, so if you aren't relevant, you are often thrown onto the associate scrapheap. I keep track of marked dead ones (they don't know they are already dead) at the law firm I used to work.
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Nobody wants to be trapped in the prisonhouse of the middle class. What better way to get there, than college loan debt?  The middle-class used to frequently be termed "upwardly mobile middle class".
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