Advanced Degree Seekers Are Now Feeling Discouraged
I read recently that many advanced degree seekers are feeling discouraged from pursuing these degrees because of the expected student loan burden. Which is understandable, however, these advanced degrees can be a vital tool in your financial future.
Degrees Should Be Business Related Decisions
I’ve blogged about college and degrees being business related decisions before and that couldn’t be anymore true today. Your education is an investment. It’s an investment in YOU. People talk about the value of post high school education these days and I’ll tell you I’m neutral, but I still believe that you can have a better financial future with a degree than without…
It’s how we go about getting it.
- Price shop your degree. Stay in state for a lower cost in tuition. If your program only exists outside your state, consider discussing an exception with the registrar for you if accepted to the program (I did this at UAB in Birmingham). They waved the out of state tuition costs because my home state didn’t offer my degree path.
- Research salaries in many different areas. Compare that to the cost of the degree. If the salary pays $15k annually but the degree will cost you $55k, that might not be a wise investment.
- Change your perspective. Ask yourself “how can this career benefit me financially”. Find out how you can maximize your income from your investment. I might be crazy, but ROI should also be considered with your degree.
- Expand your zip codes. If your home state pays considerably lower than somewhere else, you can always come back home, but you can venture out, have new experiences, & maximize your earnings.
- Build your network. This is a valuable tool. More folks who know your skills the better.
- Don’t settle. Just because you’ve “always wanted to live in a particular area” doesn’t mean you should accept an employers low ball offer, terrible hours, toxic work environment. The reality is we spend more time at work than we do outside of it. Employers are smart and will use a location as a selling point to put you in a terrible work situation.
- YOU are your most important asset. An employer isn’t just making an investment in you, you’re making an investment in them too
It’s too easy to look at an advanced degree and immediately get discouraged. But you have to do your research and investigate not only the ROI from a financial standpoint, but the ROI for the investment of your time. Make it count and make it benefit your life!