What are the opportunity costs of joining the military versus going to college?

I'm weighing my options for life after high school currently, and I've been considering both the military and college. I understand the term 'opportunity cost' from my economics class. Could someone explain the opportunity cost of choosing the military over college? I'm particularly interested in the possible effects on long-term earnings and career progression.

The concept of opportunity cost is useful in helping to frame your options, as it involves considering what you might be giving up in choosing one option over another. When considering the opportunity cost of joining the military rather than going to college, there are a few key aspects to think about time, education, long-term earnings, and career progression.

If you join the military right after high school, you’ll be beginning your career considerably earlier than most of your peers who choose to go to college. You'll get professional development, and life experience, and start earning a salary right away. However, the opportunity cost here is the loss of the traditional college experience and the immediate acquisition of higher education credentials.

As for education, the military offers a wide range of training and educational opportunities, including the chance to earn a degree while serving and various forms of aid for post-service education, such as the GI Bill. On the flip side, by going directly to college, you'll have a more focused academic environment and a broader variety of fields of study. So while military service provides some educational opportunities, there may be restrictions based on your service commitments.

In terms of potential earnings, the comparison is not entirely straightforward. As a member of the armed forces, you'd start earning a salary and benefits right away, a stark contrast to the typical college student who might take on debt during those years. However, statistics generally show that those with a college degree earn more in the long run than those without one. It's important to note though that these are averages, and individual outcomes can vary significantly based on factors such as chosen field, career progression, and personal circumstances.

Career progression can also follow differing paths. In the military, your progression will largely be streamlined and dependent on your performance, years of service, and the needs of the service. In contrast, civilian careers may offer more flexibility and avenues for progression, especially for those with a college degree, but it's often less defined and guaranteed.

Ultimately, it's a personal decision that needs to take into account your individual circumstances and long-term goals. Either route has potential advantages and trade-offs. I encourage you to do research specific to your interests and consult with advisors or mentors who can provide more tailored advice. Also, remember this decision is not necessarily permanent. Many people transition between military and civilian life or find ways to combine both paths in their careers.