Finer Finance Fridays #4
Money isn't everything, but knowledge is valuable, and how you use it...is POWER, and it could lead to more money! There is tons of research to support the statement that those who have college and advanced degrees have more earning potential than those who don't.
A survey conducted by the National Association of Colleges and Employers (NACE) found that average salaries for students with graduate degrees were an average of 20 percent higher than peers who only had a bachelor’s degree.
Overall, the average starting salary for a graduate with a master’s degree was $65,818, while the average salary for a bachelor’s degree graduate was $50,219. However, it is important to note that, at both degree levels, starting salaries fluctuated greatly depending on major.
When it comes to maximizing earning potential with a master’s degree, those who work in business, technology or science-related professions are the most likely to experience a significant benefit over the course of their careers. When I went back to school in 2009 for my first Master's Degree, Master's in Business Administration, I did so reluctantly, but following the advice of a trusted mentor has paid off for me in the long run. I've been blessed with progressive promotional opportunities and earnings that have steadily increased along the way. While the path I took may not be for you, there’s little question that advanced education offers the opportunity to earn a higher salary.
If you are considering if an advanced degree is right for you, or you never finished your bachelor's degree, and you're thinking of going back to school, give it some serious thought. Perhaps you are currently in school, an undergraduate, thinking about what your next move might be, and not going back to school next fall seems like an attractive option. Unless you are of the Bill Gates (Microsoft), Steve Jobs (Apple), or P-Diddy (Bad Boy Entertainment) variety...a few of the very small percentage of the human race who became massively successful without a degree, I strongly urge you to reconsider. Even Mark Zuckerburg, Facebook Founder and "gazillionaire", went back to school to finish his degree twelve years after dropping out.
What ever you do, it's really up to you to make the most of your education. Simply earning a graduate degree and slapping it on a résumé isn't enough to guarantee increased earning potential. While the potential to earn more is there, you still have to do the work, and you have to do it well, no matter the degree or field of study.
Beloved Zeta Doves, it's never too late to pursue your dreams. I just read an article about a 94 year old women who graduated with her college degree, and a 4.0 GPA, 50 years after putting her education on hold. It was such as inspiring story. She took a lot of her courses online, because she is bound to a wheelchair. If she can do it, you can too!
So, do some research, check out your options...what are you waiting for? Go back to school and get that degree!
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