Financial Independence: Is Education The Way?

There is no doubt that one of the best things you can do for yourself is to get an education

. Studies show that people who are college educated make more money than those who are not.

People who have more schooling consistently make more money than those who have less. So, does that mean education is always the key to financial freedom? For some, the answer is yes. However, the answer is much more complicated.

Let's take a moment to follow the lives of two high school students: Susan and Aubrey. Both graduate with honors. Susan goes on to enroll in a state university and majors in psychology, the major with the highest enrollees nationwide.

Aubrey skips college and starts working for $8 in an entry-level, gofer position at a major publication. Thirty-thousand dollars later, Susan has a degree in psychology, but is mortified to learn that she needs a PhD to earn any real money in her chosen field.

She finds a position for $8 at her local welfare department. Aubrey, on the other hand, has proven her mettle and learned the publication business from the inside out. She now makes $50,000 a year, and the future looks bright.

As the above example illustrates, education is not always the way. For some, education is merely a stalling point. To get the true wealth-building benefits of a good education, you have to be smart about it. And you have to go to school for the right reasons. A degree of itself is not going to make you rich. The following tips will point you in the right direction:

* Do not go to school unless you can prove to yourself that you will make a lot more money. Decide what kind of percentage income increase makes going back to school worthwhile for you. Don't forget to calculate the raises that you expect to earn in your current position, the cost of the education itself and the limited earning ability that you will have while in school.

* Choose a career field that will pay off. You cannot expect a large salary just because you go to school for four years. Some four-year degrees can only secure positions that pay a little more than minimum wage. On the other hand, some two-year programs can help you secure a career in a field that pays $30 plus an hour.

* When researching careers, do not focus solely on the amount of money that you could earn. Choose something that you will enjoy, something that you are good at. You should also take lifestyle into consideration. If you want to have plenty of time to spend with your family, choosing a career that requires a lot of your time is counterproductive to your goals.

It's true; education is the key for many people. It could be the key for you, but it is not a decision that should be taken lightly. Careful thought and preparation is needed if you wish to achieve all of your dreams through education.

by: Dan Cavalli

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