There has always been robust debate about whether continuing your education automatically improves your finances. As with most debates, there is truth on either side. The naysayers will argue that you are not guaranteed to earn more from further education and that other factors such as discipline, ability, ingenuity, and personality traits are better indicators.
However, the truth is that while many factors contribute to wealth, furthering your education is one of the most dependable. Surprisingly, there isn’t one reason for this, though — so let’s take a look at why continuing your education is suitable for your wallet.
Earn More Money
The first and most prominent financial benefit of furthering your education is earning a higher salary from your trade. The findings from global surveys are clear: the more education you have, the more you make on average.
While education might not always guarantee more earnings since other factors are involved, it is a powerful indicator that almost always correlates with higher salaries and a more prosperous financial outcome.
Opportunities for Career Development
If you’ve ever considered returning to school to earn your bachelor’s degree, we have good news. In addition to earning higher incomes, those with college degrees may have access to more career opportunities. College graduates can often find jobs with higher pay than those without degrees.
Beyond degrees, even certifications and continuing education credits can bode well for your career. Not only can you learn more advanced subject matter in your chosen profession, but you can continue to develop critical thinking skills and avoid stagnation – which enhances your employability.
Learning and Networking Go Hand in Hand
Continuing education opportunities also open the door to meeting new people and building new relationships. Even online courses can afford you great networking opportunities if you’re willing to put yourself out there.
Networking is a great way to advance your career, and advancing your education is a positive way to meet more people in your field. Even if new relationships don’t directly advance your career, they can lead to beneficial mentorship opportunities. You may even find that someone looks to you as a mentor, which can help keep you interested and engaged in your profession. All of these opportunities can have substantial positive impacts on your pay over the long haul.
Other opportunities for learning and networking include study groups, membership societies, and special conferences.
Higher education offers many opportunities for career advancement and personal development. The more passionate you are, the more productive you can be, especially if you know how to communicate, think critically, and manage your time well. You will be more effective if you follow your passion.
The confidence and increase in self-esteem that results from furthering your education are some of the most significant benefits. When you’re feeling good about yourself, good things happen. Confidence attracts success and opportunity, both of which are associated with healthy financial well-being.
Indirect Financial Benefits
Did you know continuing your education could help your credit score? Whether you aim to earn a certificate, a bachelor’s degree, or a graduate degree, each offers unique opportunities to advance your career – and your pay.
Subsequently, your financial obligations, such as bills and loans, are more likely to be met when you earn more. When you earn more, you avoid being late with payments, which can negatively affect your credit score.
Increasing your earning capacity also means you can save more. The key is to manage your financial health well so you can multiply your earnings over time.
Furthering your education is often a good use of time; in fact, it’s frequently the cornerstone of self-improvement. And while you might not pursue further education purely for the money, it sure doesn’t hurt to boost your bank balance while you improve yourself at the same time!