by Stephanie Meehan

In a troubled economy, people who manage to come out ahead at the end of the month are wondering where best to invest. Between researching real estate deals and hot stock tips, consider adding this timeless investment to your portfolio: a four-year college degree.

U.S. Census data show the rate of college graduates varies widely by city and state. For instance, in the Seattle area, almost 50% of residents have college degrees, while across the state of Arkansas that rate is closer to 18%. No doubt there are more people with college degrees in Northwest Arkansas – Wal-Mart country – than, say, in the Delta. But you get the point. Having a degree helps you keep up with the competition and could even put you among the top 20% of candidates.

If you’re not yet sold on a degree, try thinking of it as insurance. I have a writer friend who borrowed a trove of rare old photos to illustrate a book he was writing. He talked to his insurance company about insuring these priceless photos through the scope of the project. The insurance rep said it was up to the writer to “self insure” them. If the photos were irreplaceable, no amount of money could compensate for their loss or damage. The solution was a bank deposit box, not an insurance policy. Likewise, if your health is irreplaceable, you self insure not by buying health insurance but by taking good care of yourself every day.

To put it another way (as Mike Whittington's dad always says), if  you think getting a degree is expensive, find out how expensive it is not to have one. Every day we work with great companies, many of which insist on a degree. You may be a rock star, but if a company requires a degree and you haven't finished  your bachelor's, don't expect a call.