Education directly impacts your income. Workers with educational attainment less than a high school diploma had a median weekly income of $504 in 2016, with an unemployment rate of 7.4 percent, Bureau of Labor Statistics data shows. For workers with a high school diploma, income increases to $692 a week, while unemployment drops to 5.2 percent. An associate’s degree boosts income to $819 a week while lowering unemployment to 3.6 percent, while a bachelor’s degree increases income to $1,156 a week while shrinking unemployment to 2.7 percent. If you want to earn more money, education is one of the surest routes you can pursue. Here are four ways you can boost your finances through education.
Get a Promotion
Getting additional education can be one of the best ways to get a promotion. Forty-eight percent of workers fail to advance in their careers due to lack of skills training or certification. Seventy-one percent of workers have had to undergo some type of training to maintain or advance in their position. Seventy-three percent recognize that getting a promotion will require getting additional skills training, certification or degrees. Twenty-six percent could increase their income by over $15,000 a year by pursuing further education.
Finding out what kind of skills are in-demand at your workplace and getting training to acquire those skills is one of the most efficient ways to get a promotion and increase your income. Talk to your boss or your human resources department to find out what types of skills they’re seeking.
Enter a Higher-paying Field
Going back to school can also help you learn the skills you need to start an entirely new career that pays more money. The skills you’re using at your current job might earn you more money in a different field. For instance, an administrative assistant earns an average of $39,125, but if you have administrative skills, you could use additional education to leverage this into a higher-paying job such as a business administrator, which pays an average of $88,000 a year with a bachelor’s degree, or an academic administrator, which pays an average of $90,000 a year
To find out what types of higher-paying careers might match your skills, use the U.S. Labor Department’s mySkills myFuture tool for career ideas that use skills similar to the ones you’ve used in past jobs. You can also browse through the Labor Department’s Occupational Outlook Handbook to search for jobs by pay level and educational qualifications, or to find out what qualifications are required for a specific career.
Learn How to Run Your Own Business
Another way education can improve your income is by teaching you the skills you need to run your own business. The average small business owner earned $58,613 a year as of March 2017. This can vary significantly by location, industry and years in operation.
The Graduate Management Admission Council provides an online tool you can use you find business schools. You can also teach yourself how to run a business through books or by using online resources such as those provided by the Small Business Administration’s website or SCORE.
Learn How to Sell
Whether you’re running your own business or selling products for someone else, learning sales skills can be an efficient way to boost your salary. How much you earn from sales is highly performance-based. The average sales representative earned $55,730 in 2015, but the top 10 percent earned over double this at $118,000, according to Bureau of Labor Statistics data.
There are several ways you can learn sales. One way is to take courses in sales and marketing at a university. You can also learn from online courses such as those provided by Dale Carnegie Training. Another great way to learn sales is by getting hands-on training through a direct sales organization such as Amway, where you can earn income from selling a quality home, health and beauty products while you learn.