Your Billionaire Spokesperson: Warren Buffett, World's Second Richest Man, Lobbies Congress for the Average American

Ed's Jobs and Careers:

Copyright © 2007 Ed Bagley

If you think all of the world's richest people neglect the less fortunate, you are dead wrong.

Bill and Melinda Gates have donated billions to the help the poorest of the poor both in the United States and in underdeveloped, third world countries. Warren Buffett has pledged and given Gates billions more to help the less fortunate.

Fortune Magazine has identified Buffett as the world's second wealthiest person with a personal fortune of $52 billion as of 2007. Bill Gates is the wealthiest at $56 billion (a millionaire 56,000 times).

Buffett, the first person in the world to make a billion dollars by investing in stocks, is the creator and chairman of Berkshire Hathaway, the hands down most successful stock ever.

Buffett recently lobbied the U. S. Senate Finance Committee to keep the estate tax rather than repeal the measure because of a law enacted in 2001 that gradually phases the tax out after 2010.

The tax is scheduled to return with a top rate of 55% on estates worth more than $1 million. This year, estates of more than $2 million are taxed at the top rate of 45%. By 2009, estates less than $3.5 million will be exempt.

Buffett said advocates of repeal movement were "dead wrong" to call the levy a "death tax." It would be more accurate to call it a "death present."

In the last 20 years the nation's "super-rich" have gained ground by becoming even richer. "Tax-law changes have benefited this group, including me, in a huge way," said the 77-year-old stock-picking wizard, while "the average American went exactly nowhere on the economic scale."

Good for Warren Buffett. I know from first-hand experience that Ronald Reagan's "trickle down theory" of economics during his 8-year Presidency from 1981 to 1989 did not trickle down to me as the Nation enjoyed its longest recorded period of peacetime prosperity without recession or depression.

A rising tide in the harbor may lift up all ships but the trickle down theory pretty much stops with those who are already rich. The idea of making rich people 4 times richer so they can create jobs for the great unwashed does not hold water when making $10 an hour for your labor.

Buffett urged the Senate Finance Committee to keep the estate tax in some form and to use the $24 billion it raises to give a $1,000 tax rebate to low-income households.

Warren Buffett's suggestion may clearly amount to a simple redistribution of wealth, but it seems appropriate when a fat-cat CEO of a major corporation can be paid $400 million in income a year while the average per capita personal income in the United States is $35,000 according to the U. S. Department of Commerce in 2005.

So why would Buffett come down on the side of the average Joe?

"A meaningful estate tax is needed to prevent our democracy from becoming a dynastic plutocracy," said Buffett. Heirs to vast fortunes, he said, have already won the "ovarian lottery" and should not be rewarded again.

A plutocracy, of course, is government by the wealthy, a country with an elite or ruling class of people whose power derives from their wealth.

Being born into a wealthy family and inheriting your wealth is almost un-American. I cannot stand people born with a silver spoon in their mouth. I root for the underdog, the man who, by the honest sweat of his brow, lifts himself up by his bootstraps to become successful.

Just as something morally wrong can never be politically right, so pandering to the rich can only result in an eventual revolution by those whose backs make the investments of the rich work.

If the rich could acquire, keep and build their fortune alone, no one would be a millionaire, much less a billionaire. We are all interconnected, whether we choose to recognize it or not. The wealth of the rich is just as much a gift as an earned right.

Editor's Note: Read my articles on "Why Benjamin Franklin Was So Awesome" and "The Role of Money in America's Economy".

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Reader Finds My Article on Income and Education Interesting, But Wonders "Why Our World Is So Much Less Perfect Today?"

Ed's Jobs and Careers:

Copyright © 2007 Ed Bagley

(Editor's Note: Steve emailed me about my article titled "There Is No Huge Correlation Between Education and Income and Here Is Why". Enter the article title into the search feature in the upper left box and click search; this will bring up the article from the archives for you. Here is his email and my response.)

"Good Morning Ed,

These were very interesting perspectives. There is much truth to the premise that financial success can be achieved without extensive educational debt.

It is unfortunate that in this day and age, many have to choose between personal fulfillment and generating a reasonable salary.

I have been dating a high school teacher who has been in her profession for many years. She genuinely enjoys her students, believes that she is able to make a difference in some lives, and she has skills that allow her to share things that will be of benefit to her students.

Unfortunately, on a teacher's salary, her lifestyle is almost Spartan.

Could she find another profession that would allow her to generate a better income? Likely. Would it be as emotionally rewarding to her? Doubtful.

We do not live in a perfect world but why is it so much less perfect than 30 years ago?"

Hi Steve,

Thanks for reading my article. Every now and then someone takes the time and effort to email me with a comment or question. I try to respond when this happens but not reveal their full identity.

As a former daily newspaper managing editor, I try to be sensitive to a reader's interest.
You pose a great question, Steve, "We do not live in a perfect world but why is it so much less perfect than 30 years ago?"

I suspect one reason, Steve, is that each generation seems to invent its own idea of what is a perfect world. As a 63-year-old father of two children and grandfather of three, I have come to accept this as a rite of passage through time.

I confess that I love 60's rock 'n roll, Motown, Nat King Cole and Broadway musicals. If this does not date me, nothing will.

It has been my observation that each generation is loyal to its music because a song can instantly remind us of an emotional moment in our life. Maybe the start of a lifelong relationship, or the ending of another.

You only have to have your heart broken once in a lifetime and a certain song playing will remind you of the experience. It matters not that you go on to marry another girl and live happily ever after. The song and the moment remain.

My son has a totally different idea of what his perfect world is compared to mine. My perfect world would bore him to death, and put him to sleep at the same time.

The lesson to be learned is that "our" world, its culture, its values, and its mores are all constantly changing, and we are too—we are getting older with the passage of time.

I suspect a second reason, Steve, is that each generation believes its own special world should be the same for everyone.

Your friend may be happy in her career choice, an outstanding high school teacher, and making a real difference in her students' lives.

Ask any successful person if there was a teacher or coach who made them feel special and turned their life around for the better, and you will likely get a very positive response.

I am one of those successful people. I consider my high school cross-country and track coach—Varnard Gay—and my journalism teacher—Vernita Knight—to be tremendous, positive influences in my life to this very day.

Varnard produced many team and individual champions during his coaching career, and I was one of them. Vernita produced many outstanding journalists who would go on to productive careers, and I was one of them. I was blessed at a time when I needed a blessing. This is the gift a teacher or coach gives.

I have never been burdened with working at a job I hated. I have done what I wanted to do and sacrificed income in doing so. I did not care. I became self-employed in the early 1970's and never looked back.

It would be years before I would realize that there is no monetary reward for doing "good" in a job or profession. People who make a lot of money, like my son, make it their business to make money. In the business of making money there can be only two outcomes: results or excuses.

I never chased money and big money never really caught me. We live in a time where making a lot of money, wearing the fad clothes of the day, and driving the hot car or truck of the time, is believed to make you look more successful.

Why do something that you do not like for more money rather than doing something you do like for less? That would be chasing someone else's dream for the perfect world.

In assessing why I am not any other person than who I am, I try to remember two things:

1) What you think about me is none of my business. What is most important is what I think about myself.

2) Always remember that no matter what anyone is saying to you from the outside, the most important conversation is the one you are having with yourself on the inside.

My son spends little time reading, and I constantly read. As I have grown older, I have come to appreciate not only the writing of Ralph Waldo Emerson, but his mind as well.

Here are two things Emerson has written that impress me:

1) You cannot do a kindness too soon, for you never know how soon it will be too late.

2) This time, like all times, is a very good one, when we know what to do with it.

I believe that integrity is 1,000 times more important than making a lot of money. I will grant you that having a ton of money allows you to have better health and to do more fun things.

I have found that entertaining yourself is a blessing, and the best things in life are still free, such as a sunset over the lake, a walk on the beach and the warm glow of a fireplace.

I have never believed that having a lot of money causes me to make decisions with right thinking and right motives. I make decisions with right thinking and right motives because I am at peace with myself and value my integrity.

The world may pass me by on its way to a different way of life, but when I go to sleep for the final time, I am secure in my final resting place.

Always remember that when your regrets exceed your dreams, you are truly growing older.
When all reason and logic fail to convince, remember what William Shakespeare said:

"There is nothing either good or bad, but thinking makes it so," or my more modern adaptation: "Nothing is either good or bad except that thinking makes it so."

Thanks again, Steve, for posing the question.

Make yourself a good day, and make your world a good world.

Ed

Note: Read my articles "Want a Six-Figure Income Without Getting a College Degree of Any Kind? Here Is How", "Who Earns the Most Based on Their Educational Level", and "Six Power Secrets of Getting Hired and Promoted". Find these reviews in my Jobs and Careers Archive.

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At What Point Does a Student's Rights End, and the University's Rights Begin When Awarding Degrees?

Copyright © 2007 Ed Bagley

The headline looked common enough: School Sued Over MySpace Photo Response.

It appeared affixed to an Associated Press story posted online by comcast.net recently.

Apparently a woman was denied a teaching degree on the eve of graduation because she published her picture captioned "Drunken Priate" on her MySpace.

The photo, apparently taken at a 2005 Halloween party, showed Stacy Snyder wearing a pirate hat while drinking from a plastic "Mr. Goodbar" cup.

Jane Bray, dean of the School of Education at Millersville University in Millersville, Pennsylvania, took exception to Snyder's photo, accusing Snyder of promoting underage drinking.

Although Snyder apologized, she learned the day before graduation that she would not be awarded an education degree or teaching certificate. Snyder was instead granted a degree in English last year.

Snyder, who is now 27 and reportedly works as a nanny, has sued Millersville University, seeking $75,000 in damages.

All of this raises some interesting questions about how this legal action will play out in court if it gets that far.

This story caught my attention because I had been chair of a board of directors for 9 years at a private school, a 20-year veteran in the news business, an editor of a daily newspaper, and a publisher of a newspaper property.

Here are some of my thoughts on the significance of this news event.

1) Was Stacy Snyder intentionally trying to promote underage drinking? I doubt it.

She did apologize for her apparent indiscretion, but it was not enough to ensure her the education degree and teaching certificate she thought she had earned.

I do not know how Pennsylvania handles its education students, but I suspect that the education degree would come from the university and the initial teaching certificate would come from the state.

To say she was looking for some attention in publishing her MySapce photo might be an understatement. As a potential teacher in a public or private school, I doubt any school board or school superintendent would be impressed by her sense of judgment, regardless of her motive.

It takes more than good intentions to be a good role model as a teacher, it takes good actions and good decisions as well. Clearly, Stacy Snyder's apparent actions were neither consequence free or well timed. The exuberance of youth is sometimes only exceeded by its stupidity.

You could say that Jane Bray, the dean of the School of Education at Millersville, might be very conservative in her views. You could also say that she has some standards of expected behavior that will be enforced.

2) I am not sure there is anything stopping Stacy Snyder from applying for an initial teaching certificate from the State of Pennsylvania, assuming that it is the state that grants teaching certificates and not the university. Perhaps Pennsylvania might be a little more forgiving of Snyder's stupidity.

3) Snyder could enroll in another qualified college or university and seek to get an education degree. Schools of higher learning love income and all schools do not have the same standards, for education or issuing degrees.

4) If Synder's suit has any legs to stand on, she should be suing for a lot more money if this incident has destroyed her teaching career. Perhaps for $750,000 or $1.75 million. As a teacher in today's public education system, it is not unreasonable to assume her income may reach one of those levels should she teach for the next 30 or 35 years. After all, inflation doubles about every 20 to 22 years.

5) Synder has perhaps learned a valuable lesson about instant communication in today's world. When someone says an insignificant story can go around the world in 8 seconds, they are not exaggerating. A significant story may even travel faster and be seen by millions more viewers.

6) It would be easy to postulate but difficult to accurately predict about how much Synder's photo might negatively influence the generations of children in the present and future.

Such speculation does remind me of Ronald Reagan's answer as to why he was not working harder as President. As I recall Reagan said I have been told that working hard will not kill you, but I figure why take chances?

7) Freedom of speech is a guaranteed right in the 1st Amendment to our United States Constitution. While this is so, freedom of speech does not allow one to yell "fire" in a crowded theater, so our freedom of speech does tend to stop when that freedom needlessly endangers our fellow citizens.

So much for Stacy Snyder.

What about Jane Bray and Millersville University?

1) Does a university have the power and the right to determine to whom it will award degrees? I think so.

Perhaps the question is, does the standards at this university include a written, published standard of behavior as well as a standard of performance in learning and testing? I not have a clue if that is the case at Millersville University, but I seriously suspect that it is so.

Otherwise, there might not be any basis for Jane Bray's decision not to award an education degree to Stacy Snyder. Perhaps Bray found Snyder's behavior to be unseemly for a professional teacher who is educated at Millersville University.

Snyder certainly has the right to post whatever pictures she wants on her MySpace website.

MySpace certainly has the right to take away her website if it does not meet the posting standards for MySpace website users. MySpace has the right to control its online business space.

Millersville University is, according to its Internet website, a public liberal arts university. The University certainly has a right to set and enforce educational standards in awarding degrees.

Does Millersville University have the right to set and enforce behavioral standards in awarding degrees? I think this a very good and pertinent question. The answer might well depend upon whether the University has written and published standards of behavior, and the evidence to show that students have agreed to and accept those standards in exchange for the right to earn a degree.

Exactly where does Synder's personal rights end and the University's rights begin?

Synder is paying for a service, the available educational training and knowledge to earn a degree by meeting the University's standards of performance. Does that standard include behavioral as well as educational performance?

Does Snyder's personal actions off campus constitute any more or less of an egregious breach of behavior than on campus? Would the University's authority in this matter carry more weight if Snyder were a student on campus rather than off campus?

A statement issued by Millersville University on its website today denied the claims alleged by Ms. Stacy Snyder and also said this:

"Due to federal student privacy restrictions, the University is unable to directly respond to media accounts related to the case. The University notes, however, that all of its educational decisions are based on a full range of academic performance issues, not solely on a student's personal website or social networking site."

Yikes! I am glad I do not have to defend Millersville University in this case. I would instantly be looking for a new attorney team.

I think I understand the University's position and why it merits some serious consideration in a court of law.

Should Snyder prevail in her suit against Millersville University, what sort of Web-published photos might we expect to see among future students?

This might play itself out in a court of law because we are a republic and not a democracy.

In a democracy, Stacy Snyder might have virtually no chance of success. Her complaint might easily be voted against by a majority interested in maintaining certain standards of credibility.

In a republic, Snyder's chances improve immensely because the law is no respecter of majority rule.

In the law are rights that exceed the limits of our imagination, and sometimes even our stupidity.

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Want a Six-Figure Income Without Getting a College Degree of Any Kind? Here Is How

Copyright © 2007 Ed Bagley

As someone who has 5,000+ high end clients who are interested in jobs and careers, I paid attention Tuesday when I came across a story about six-figure incomes by Laura Morsch of CareerBuilder.com.

According to Laura Morsch and the United States Bureau of Labor Statistics, "physician jobs dominate the list of the nation's highest-paying positions, holding 9 of the top 10 most lucrative jobs."

Morsch reminds us that there are other high-paying jobs in our economy.

"Although statistically more education means better pay," says Morsch, "you can land a very high-paying job with just a bachelor's degree and considerable work experience."

She then goes on to list these 9 examples: Chief Executive at $140,000, Airline Pilot at $135,000, Dentist at $134,000, Lawyer at $111,000, Air Traffic Controller at $106,000, Engineering Manager at $105,000, Computer and Information Systems Manager at $102,000, Marketing Manager at $102,000 and Astronomer at $101,000.

I have clients making six-figure incomes in all of Morsch's examples, however, you need more than a bachelor's degree to realistically become a Dentist, Lawyer or an Astronomer; therefore, they are not good examples.

I have a client making $350,000 a year with a high school diploma. I have another client making $144,000 who is a high school graduate with two additional years of technical training. A third client is making $250,000 with a high school diploma only. All three of these examples are men.

Men can make excellent money with a high school diploma in a number of occupations.

Women can also make $100,000+ with a high school diploma, but they tend to do it generally in three ways:

1) They own their own business, usually a small business that is very profitable. Some research organizations report that there are more small business owners making six-figures-plus than in any other job or occupation.

2) They work in commissioned sales rather than salaried sales. A sharp woman can many times outsell a man because of the dynamics between the sexes. A sharp woman calling on a male client many times gets more time and attention than a male calling on the same client.

3) They work in a financially-related position, such as a stockbroker, mortgage banker, mortgage broker, loan officer or chief financial officer.

Here is some information you can use if you are a high school graduate and have zero interest in getting a bachelor's degree at this point in your work career: go into sales if you have any people skills or personality.

Sales is the second highest paid profession in the world, and it does not usually require a college degree. There are some corporate sales jobs that do require a degree, but there are many more opportunities available if you can generate sales production.

There is not a single business in America that cannot benefit from more sales, and almost every one will pay for sales production.

Here is some even better news: If you are selling and producing big time and the owner or company is too cheap to compensate you at the level you should be compensated at ($100,000+++), dump the owner or company and sell for someone else.

A far better idea would be to start your own business, go into competition directly against the cheap owner or company that would not pay you, and wipe them off the map.

There really is no reason you should be working for someone else anyway. Working in your own business can be an outstanding deal. You call your own shots. You will not fire yourself, lay yourself off, or deny yourself promotions, fat bonuses for production, outstanding benefit packages, and a lot of time off to enjoy your money and family.

The nine examples listed above have 7 positions that amount to no more than hired help, that includes the Chief Executive position. Only the Dentist and Lawyer positions might be either self-employed or hired help.

All nine examples cited by Morsch and the Bureau of Labor Statistics have more stress than anyone needs and are labor intensive. Even the Dentist and Lawyer positions, which might be self-employed, require them to report to work or not get paid. If a Mac truck runs over either them, their income stops in a heartbeat.

Has anyone ever heard of income-producing investments when these job opportunities come up? Income producing assets allow you to take possession of your own time while your investment throws off the income to fund your lifestyle without working a job.

It might be fancy to have any of those nine jobs with status and making $100,000 a year. Some people would rather make $250,000 a year and not have a job, have a boss, and deal with the stress.

Here is a rare career path: Own the business, company or organization and hire the six-figure people in the examples above to work for you. There are people who would gladly pay the above examples their listed wages when they could make $250,000 free and clear and not work.

Who needs status and aggravation when you have money?

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There Is No Huge Correlation Between Education and Income and Here Is Why - Part 2

Copyright © 2007 Ed Bagley

5) This has little to do with life being fair or not. It has everything to do with you figuring out how to make money, whether you have a degree or not.

Do I think you have been snookered on the education trip? Yes I do. Why? I have too much experience and evidence to think otherwise.

Both of us come from educated families that would naturally stress education. I was appalled when my son and daughter had zero interest in continuing their education after high school.

My daughter is now a loan officer with Washington Mutual making good money, probably far better than you are, and she has zero student loan debt.

My son did get a 2-year certificate as an automotive technician; he refused to take the 4 or 5 academic classes with the occupational training so he could get an Associate of Technical Arts Degree rather than a certificate as an auto tech.

He told me, "Dad I do not need any more education." Remember what Mark Twain said: "I never allowed schooling to interfere with my education."

My son is 28 years old and already has a $540,000 house, 4 upscale vehicles, a rental property and two auto repair shops with an income well in excess of $12,000 a month plus the net profits from his businesses.

Did he need a college education to succeed? You decide. This is why I say that there is more correlation between people skills, having technical skills and being in an activity that is in demand than there is between pure education and income.

6) Do I believe everyone should have a college degree, say at least a bachelor's? Absolutely, because you will be exposed to multiple areas of knowledge and get some well-needed breeding and culture. My son could care less about classical music, plays, culture, reading, etc. He is focused on making money and when he looks at anything he is only interested in discovering the answers to two questions: Where is the money? and How can I get it?

This is the clear difference between an entrepreneur or businessperson and a college graduate who is thinking his or her education is going to bring them big bucks.

Nothing will bring you a lot of bucks unless and until what you bring provides a service or product that is in demand, has little competition and you can charge big bucks for your service.

This is why brain surgeons and auto repair technicians who own auto repair shops make money. Cars break down. People have brain cancer. Who cares whether you have 3 degrees, or 20 degrees, or whether you know hip-hop from opera?

7) Given your circumstances, this is what I recommend you do: Use your expensive education, street smarts and intuition to figure out what people want to know and then provide the knowledge or information they want and need, and charge for your service.

The more they want the information the more you can charge because no one else will be providing the information they want at a lower cost.

This is America, the land of opportunity. This is a needs-based, on-demand economy. The market you want to earn your living in is capitalist based, not education based. If you cannot figure out the economy, become a teacher and settle for whatever salary and benefits education pays a teacher.

8) Also, stop acting like there is some big secret about how to make it in your chosen field. Get into the field and act like you are the secret. Do not chase people and opportunities, act like you are THE person and THE opportunity is with you.

You are bright, educated and capable. You are the answer to your own quest to find someone else to hire you. Start acting like you are a person of total substance.

Make people appreciate and understand instantly that when they are talking to you, or doing business with you, that they are dealing with a person of substance. Repeat, a person of substance. Let there be no mistake.

If your thing is hip-hop music, become the authority, brand yourself and build a reputation so that no one thinking hip-hop is doing squat without consulting you first because you have the answers, and are worth whatever you are charging and 20 times more!

Think about who you need to be, not who you are at the moment, then be that person, becoming a magnet that will attract people to you.

Now get out there and make me proud of you. You are Carolyn, an expert. You do not know everything and quickly acknowledge so, but in your area, there is no one who knows more than you. Period. That is it.

And if you do not agree with me that I am an expert in my field, no matter, others do.

You are not some silly girl with three degrees who cannot find the right job at the right income. Start 2007 as an expert, not as someone looking for a job.

You know I believe in you. Now you need to believe in yourself and get out there and let the world know who Carolyn is. People will start listening when you decide you are a person of substance, know what you are talking about, and then continue to get more knowledgeable and helpful in your area of expertise.

This is not a mind game. Do not believe with your head, believe with your heart as if your life depended upon it and people will accept you as an expert.

When they offer you less money than you want, look them straight in the eye and tell them you would like to help them but other people are offering you more money, and then shut up.

Do not try to justify or explain yourself or your value. If the person you are talking to cannot figure it out, find someone else who can.

There are two possible outcomes in any situation: results or excuses. I think you know which outcome you want to be in.

There Is No Huge Correlation Between Education and Income and Here Is Why - Part 1

Copyright © 2007 Ed Bagley

(Editor's Note: A client e-mailed me yesterday about her student loan debts that netted her 3 college degrees and a job without a commensurate income and future. She has a Bachelor of Arts Degree from New York University, a second Bachelor of Arts Degree from the London Institute and a Master of Arts Degree from the University of London. My unvarnished answers to her questions follow. I changed her name since I could not contact her in time to use her name.)

Happy Holidays Ed Bagley,

I had a follow-up question to your three-part series on "Six Power Secrets of Getting Hired and Promoted."

If education is not a great factor in making the "big bucks" why do people stress that, especially a lot of companies that only want to hire college educated employees?

OK, I don't have a source for those stats, just stuff I have heard. I am guessing just media hype. Nonetheless, if there is any validity to that, why is that the case?

Because I so regret the major amounts of money I am in debt for because of higher education, and the three degrees I have have not gotten me any further than anyone else.

I am not surprised. I guess life isn't fair.

Happy New Year, Carolyn

Fasten your seat belts for my reply to Carolyn the same day:

Carolyn,

You are reading my blog! This can only help you, and you have the added benefit that I am not going to try and collect on your student loans! (it is OK to smile)

You ask an excellent question and you shall receive an excellent answer.

Here are some considerations in no particular order:

1) Colleges and universities are not part of the same world that exists around them. They are isolated special interest groups with no other primary purpose than to ensure their continued existence.

Job one for them is to stress education as the answer to all of life's issues and ills, thus, get a degree and earn a lot more money, get a degree and start doing something you really want to do, get a degree and get hired quicker, get a degree or many corporations will not hire you, etc.

Their real purpose is to generate enough income to support the salaries and lifestyle of those involved in perpetuating the enterprise. A tenured professor must be paid even if the subject he or she is teaching has almost zero demand in our economy.

If colleges and universities really told the truth about what you could reasonably earn after you acquire your degree, enrollment would plummet in certain subject areas. Students would stop being skydivers without parachutes.

Colleges and universities will put 120 students into a program that there is absolutely no need or demand for in the marketplace. What will a student do with an art history degree when there is zero need for people to run the few museums that exist.

You cannot turn out 120 students a year at each university when the annual demand for what they have to offer is 22 openings at all levels nationwide. This is why education majors who do not want to teach in South Central Los Angeles end up as shift managers at a McDonald's restaurant, or as a life insurance agent for Prudential.

2) Not all degrees are equal. A Bachelor of Arts in history is pretty useless unless you switch to teaching history. Get a Master of Business Administration degree from a top 20 school and your chances improve. Get a Doctor of Medicine Degree, become a physician and surgeon and your chances are even better.

Degrees that lead to a high paying profession pay off, everything else has little real impact on your salary.

3) Corporations want to hire college graduates not only because they believe educated workers will make them more money, but also because it is their best guarantee that the person they are hiring is literate.

They want to be assured that the new hires can speak and be understood by fellow staff members, and are not so illiterate that they will drive away customers and clients by showing, through their lack of communication skills, that they are stupid, lack grammar and diction, and have the personality of an ashtray.

4) Facts: Results from the 2004 Census Bureau report shows a $23,000 difference between the average annual salary of adults with a bachelor's degree ($51,554) compared to adults with a high school diploma ($28,645).

In what may or may not be an anomaly, the income gap narrowed slightly from five years earlier when bachelor's degree graduates made nearly twice as much as high school graduates.

Notice the fact says "the average annual salary" which means that in this total is a brain surgeon making $1.2 million a year and a ditch-digger making a minimum wage of approximately $7 an hour or about $14,000 a year. This produces an average difference of only $23,000.

Throw out the brain surgeons and ditch-diggers of which there are very few and the difference is even less.

(Ediotr's Note: This is Part 1 of a 2-Part Series. Look for Part 2 tomorrow.)