Wealth Building Through Education
Do you need help paying bills? Education is freedom; it is a way out of debt and can help provide many opportunities to build wealth. There is no way to live the life you envision with an income that’s less than you expected, but it is possible if you develop financial freedom.
3 Steps to Building Wealth
Although, the method that one goes about building wealth is a topic that tends to spark heated debate, many experts can agree on three following guidelines:
- Earn more: Education is essential if you would like to make more; especially if you have a bachelor’s or master’s degree. With a degree, you will be able to begin a career that pays you enough that you are able to take care of all of your bills and still have money left over.
- Save more: Once you have a career that pays well, you must come up with a proactive savings plan.
- Invest more: After setting your monthly savings goal, you must do your due diligence and find a way to invest it prudently.
When it comes down to following the above 3 guidelines, it can be easier said than done. However, if you are determined to build wealth, you must:
- Reduce spending and become more frugal
- Increase your income
One of the best ways to begin building wealth is to receive a college degree in a high paying career field. In fact, over the long term, it has been proven that college graduates earn more than those who just spend a few years in school.
5 College Degrees That Pay You Back
There aren’t many of us who dream about spending our adult years delivering pizza, but if you want a high earning career you will have to get the right college degree. Not sure about your options? Take a look at some of the degrees, based on information from a 2013 report from the US Bureau of Labor Statistics that can help you make the big bucks:
- Family and General Practitioners: Those with a degree in this field make a median salary of $176,530. Healthcare administrators and nurses don’t do that badly either.
- Dentistry: The median salary for these professionals is $146,340. This field is especially desirable because many dentists from the baby boomer generation will be retiring within the next decade.
- Pharmacy: These professionals make a median salary of $119, 280. Pharmacists are able to find employment in a variety of places; not just retail drugstores. Some of these places include nursing homes, mental health centers, and family clinics.
- Lawyers: The median salary for this career is $114,300. In addition, those who specialize in Regulatory Compliance, Intellectual Property, Complex litigation case management, Legal compliance, or Contract Negotiation make the most money.
- Marketing and Sales Management: The median salary in this field is $113, 590. If you are a natural salesperson and would love an opportunity that offers plenty of career advancement, consider getting a degree in sales management.
It’s nice to think about making more money after you graduate with your high paying college degree. But, it can be hard to get started when you need help paying rent in the present. Thankfully, there are many sources of financial aid that are available for students who want help paying bills. For example, the Free Application for Federal Student Aid (FAFSA) can help you with your expenses. In addition, some states offer a program where students receive food stamps if they are getting financial aid. In order to qualify for these SNAP benefits, you must work at least 20 hours a week. If you would like to learn about these programs or have any other FAFSA questions, the FAFSA number is 1-800-4-FED-AID (1-800-433-3243).