Your Most Valuable Asset

I've written before that your career is your most valuable financial asset. It turns out that Money magazine agrees with me. Cool!

In the May issue, Money says:

Your most valuable asset is your earning power. Invest in it.

I couldn't agree more. Money continues:

Anything you do to increase your salary early in your career can keep paying dividends as long as you work. Take a class, pick up a certification, improve your computer skills.

Yep, I agree. A small increase in your salary over decades can really add up. Even if you have "only" 10 years or so left in your working career, it's still worth the investment of time and money to improve yourself in your chosen field. Doing so can have a big impact on your earnings over a decade.

Money also comments on the value of education:

Earning a Master's degree will bump your pay by 19%.

Earning a Master's degree helped me out a lot more than 19%. There's no doubt that education is the key to getting a good job and there's tremendous value in education. It's a great way to give your career (and your pocketbook) a big boost.

For more on making the most of your career, see these links:

• Nine Steps to a Perfect Career Fit
• Comments: Experience versus Education
• Review: Career Intensity by David Lorenzo
• Seven Ways to Start Your New Job Right

Comments

[Amanda]

Agreed - working towards my MBA has been the best career decision I've made so far.

[7million7years]

Here's a financial suggestion for you: if you are 'paying yourself first', say, 10% of your gross ... then ALSO pay yourself on the first 50% of any future pay increases ... you went without 100% of the money before your pay rise so you should be able to live off 50% of the increase.

That's one way to accelerate your income ... an even better way is to start a business 'on the side' (rehab/flip property; start an internet business; whatever works for you) ...

[Chris Phone]

Just be aware that you can become too qualified. If you are not secure in your current job, don't get in the trap of having 10 masters degrees. If you have to go look for another job, the new company won't want to pay for all your schoolin'.