Julio Huato wrote:
> Even this regression can only explain 27% of the variation of U.S.
> personal income. Yet age comes up highly significant. Only sex and
> higher ed (college and grad/professional school) come up as more
> significant than age.
>
It makes sense to me that age should be a significant variable.
Inherited wealth aside, most people who make a high income need actual
skills and actual experience before that happens. By the time they get
the training, they're in their late twenties; by the time they get the
experience, they're in their mid thirties. At this point they probably
have kids, which is a major expense. And then there is education debt.
So really, nothing starts to kick in until the forties.
Joanna