There’s a really cheesy song from the early ’90s with the repeated refrain “I wanna be rich.” It was a pretty big hit at the time. The melody and hook runs through my head every time I daydream about untold riches.

Tonight, I started reading Ramit Sethi’s book “I Will Teach You To Be Rich,” of which there is a highly successful blog that is its namesake. In the very first chapter, he references the average college student’s dreams of being a millionaire by 40 years old. He doesn’t mention it explicitly but I imagine that for many of these college students, the imagined path to wealth involves a trek through grad school, which begs the question:

Lifetime Earnings

Several months ago, I spent several hours of a Saturday hunting down trustworthy figures on lifetime earning potential based on education level. According to the U.S. Department of Labor Statistics, a grad school education does pay off in several ways: lower unemployment rates and higher lifetime earnings, on average.

I’m not talking about chump change when it comes to higher lifetime earnings. Current figures predict anywhere from $400,000 more with a masters degree to $2+ million more with a professional degree, such as an MBA or J.D. Even in fields like psychology, which is by no stretch of the imagination a “highly paid field,” holding a graduate degree most certainly means a boost in salary.

So Will It Make You Rich or What?

Woohoo! More money! But we can’t just consider earnings. There are likely debts to be repaid as well. Have you considered how your grad school education will be paid for? Are you covered via fellowship? Are you funding it through student loans? Upon completion, are you eligible for any type of loan repayment assistance program?

Doom and gloom analysts say that given the debt load, going to graduate school isn’t worth it. However, I beg to differ in the sense that you cannot paint everyone’s career path possible with the same broad paintbrush. You truly have to look at the numbers – costs and potential future salary – in order to make a case by case determination. There’s a gigantic difference between the person who comes out with $100K in debt and making $60K per year and the next person with the same debt load raking down $200K per year.

Me, personally, while I have yet to be rich, I’m also not drowning in debt incurred from taking on a doctorate degree. (Thank you, fellowship!)

But the real truth is that if money is your only motivation, then you ought not go. Seriously. There are, like, a billion ways to augment your salary, so go the route where you have the passion and persistence to create your own success story. When it comes down to deciding on career paths, having realistic expectations means going in with the goal of doing work you truly care about. This will make you “rich” by another currency – self-fulfillment and not spending the next 30+ years counting down the days until Friday.