The following is a post by MPFJ staff writer, Derek Sall. Derek is the owner of the blog, LifeAndMyFinances.com, where he teaches people how to get out of debt, save money, and become wealthy.
Did you know that the more education you have, the higher you pay will likely be? I know it probably doesn’t shock you, but it’s absolutely true!
When I was in college for engineering, I was concerned that I would need to continue my education again and again in order to keep up with the changing dynamic of the engineering world. In fact, it was one of the reasons that I left engineering school.
Looking back, I was an idiot kid that didn’t realize that all occupations require continued learning. It’s expected that you continue to learn, grow, and improve in the working world. In fact, if done properly, it can actually be a great way to advance at your place of employment.
Feed Your Brain
So what is the best way to improve your knowledge and advance your career? As much as I hate to admit it, getting your Bachelor’s degree will probably provide you with the greatest degree of advancement. Just be sure not to spend too much on your degree. It might be easier to find a job coming out of an Ivy League college, but it will definitely cost you more money to receive that luxury (often two or three times more). Instead, look at going to an in-state university or a smaller college. The cost will be much lower, but your employer will likely still be impressed by the name of the school on your resume.
If you have your bachelor’s degree and work in an office setting, the next suitable degree would be a Masters. Again, focus on getting the education from the degree and don’t worry so much about the name of the school you are getting it from. Just having the degree will mean quite a lot to your employer.
Finally, if you are not interested in obtaining degrees then I would suggest being your own teacher. Take a hold of your own education and get yourself over to your local library. What are you interested in learning more about? Company financials? Leadership? Management? The library holds your answer to each of these topics and many more. Find out what you would like to learn, teach yourself through books and online courses, and then be sure to use your new-found knowledge in the workplace.
Prove Your Worth
Getting a degree is admirable, but if you apply none of your learning then you really don’t deserve to advance in the company. No matter where your education came from, if you expect to move up the career ladder to that next job, then you’ll certainly need to apply your learnings in your job.
A few years ago I sought out a mentor. This is the exact message he conveyed to me as well. Sure, a piece of paper from the University is nice, but it doesn’t do anything for the company if the education goes unused. Instead of just displaying my diploma in my cubical, he encouraged me to teach some of my knowledge to the rest of my department.
Within a couple of weeks, I discovered that many of my coworkers did not know how to use Microsoft Excel efficiently. Instead of using a function to transfer information from one file to another, they were copying and pasting information. To help them out (and to prove my worth to the company) I held a class for 14 people. I taught them how to use functions and I was immediately deemed “The Excel Guy”. It increased the company’s awareness of my skills (not just in Excel, but in teaching others) and it showed my increased value to the entire company. This simple action led to a promotion just four months later. If I hadn’t displayed my knowledge, I would likely be working that same menial job today.
Increased Knowledge Equals Increased Income
As you may have gathered, and improvement of knowledge will soon lead to an improvement in your income. As you learn and grow and display your skills to your employer, you will no-doubt be rewarded for the increased value you have brought to the company. Your knowledge will lead you to higher ranking jobs and will also increase your salary with each jump up the ladder. Education is almost certain to increase your salary, and therefore your net worth.
How about you all? Are you working to increase your knowledge? Are you displaying your new skills at work?
Share your experiences by commenting below!
**Photo courtesy http://www.flickr.com/photos/nottinghamtrentuni/14714286904
