Earlier this week GoBankingRates.com started a group writing project to examine the relationship between wealth and education. You can see the entries at the Education and Wealth group writing project page.
The idea of the group writing project is to take a look at this topic from many angles, and the results have been both enlightening and fun!
What is the Relationship Between Education and Wealth?
In my opinion, there is no way to determine the absolute value of a college eduction – it depends on the degree you get, how you use it, how productive you are, the career field you are int, and many other factors.
I wanted to participate in the writing project and I chose to take a controversial approach by stating You Don’t Need a College Degree, But You Need an Education, where I challenged the value of a college degree. I am a college graduate and recognize the value of a college degree, but I also know that is not the only way to be successful. There are dozens of jobs and career fields which do not require a college degree. The key is being able to provide value and results.
As a follow up, I wrote the following article which examined How Much a College Degree is Worth. This article includes an infographic which shoes the average value of various levels of education, starting at a high school diploma and ending at a professional degree. The difference between the lifetime earnings of someone with a high school education and a Bachelor’s Degree or Master’s Degree is substantial.
But keep in mind these are average lifetime earnings and there will always be situations that outside the mean. Just look at the difference between the starting salaries of the low college paying degrees and the highest paying college degrees as an example of the salary ranges people experience.
The key, in my opinion, is to be able to produce results. The more value you provide to your employer, the more likely you will be to keep your job and earn more money.
While education can be very important for some fields and could restrict hinder your potential for growth, with other fields the education will not be as important.
It’s almost impossible to say whether there is, or isn’t, a connection between education and wealth. With some industries, there is a direct link between the amount of education and how much you’ll be paid. With others, the value you bring is going to be much more important than the amount of education that you have.
If you don’t have a college degree, don’t assume you can’t earn an average or above-average income. Thanks to all of the information and resources on the Internet, you can take some free classes which can help give you some continuing education which might help you in your workplace. If you want to make yourself as valuable as possible, there are several ways you can do that.
If you want to make more money, you should take the time to learn some more skills or continue your education about your specific field. For example, if you’re an office manager, learning a new computer program or taking a business class at your local college.
If you don’t know how to make yourself more valuable to your company, simply as your boss or ask your coworkers what sort of skills or abilities could help the company.