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9 . College graduates earn about 65% more than high school graduates.
If an 18 year old high school graduate spends the same amount as a high school dropout but the high school graduate invests the difference in his or her earnings at 8% interest, the high school graduate would have over $5 million saved when he/she retires at the age of 67.
The appearance of wealth or prosperity can be false. Many people buy expensive houses, cars, clothes, vacations, boats, etc. on credit. The equity they have is minimal. Their net worth is not much and they are in serious debt.
Improving basic financial education at the elementary and secondary school level is essential to providing a foundation for financial literacy that can help prevent young people from making poor financial decisions that can take years to overcome.
Alan Greenspan, Federal Reserve Chairman, April 6, 2001.