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Welcome to the 2017 AFS Annual Meeing, being held this year, in conjunction with FPA in Nashville!
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Sunday, October 1 • 4:30pm - 6:00pm
P02 Making Cents out of Early Investments in Human Capital: An Empirical Analysis

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Do human capital investments in middle school impact income as an adult? Human capital theory examines an individual’s economic value, how to increase that value, and when the return on the investment in human capital no longer exceeds the investment cost (Becker, 1985). The purpose of this study is to investigate the potential impact of human capital investments beyond what is legally required for youth in the Unites States of America. Using longitudinal data from the National Longitudinal Study of Youth 1997, this study examined time spent as a youth on human capital and the adult income of those youths. Human capital investments outside of the classroom were measured by the minutes youths spent reading for pleasure, taking extra lessons, or watching television. In addition to annual income as an adult, the educational attainment level and marital status of the youths along with parental education levels and other demographics were examined to provide a clear picture. The data was analyzed using OLS regression to assess the impact of early human capital investments on income.

Author(s): Rich Stebbins, Stuart J. Heckman, Ph.D., CFP®

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avatar for Rich Stebbins

Rich Stebbins

Instructor, University of Alabama
Richard Stebbins started his career working in the financial planning profession at a boutique firm specializing in college professors. His clients inspired him to pursue a career in academia and he has been sharing what he has learned with students for over a decade. He has writ... Read More →


Sunday October 1, 2017 4:30pm - 6:00pm
Cumberland 1-2

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