You think you could earn more money in your field? Do you think that there’s one simple strategy to exorbitantly expand your income? If you do, chances are that you’ve been considering a Master’s Degree/attending graduate school.
Passive Income Now isn’t simply all about the ideal passive income lifestyle where you lay on the beach all the day while the money flows in. That type of thinking is nothing but pure garbage. We are really realistic here at PIN. If one wants to increase their passive income, chances are that their active income needs to be increased. What’s a better way to increase your active income than obtaining more qualifications? Let’s take a look at if a Master’s Degree is the ideal solution for you…
Why do you want the Master’s Degree credentials?
Do you want prestige? Do you want to earn more money? Do you want to work less hours? Do you want to become an authority in your field?
Whatever the reason may be, you need to understand why you’re going to pursue this very expensive and time consuming endeavor. If you’re only in it for the money, you might have a difficult time adjusting to the all night study sessions and few years of decreased income. If you want prestige, you’ll likely have to fork over more money in order to attend an Ivy League school. If you want to work less hours, you could be in for a surprise when you find yourself working longer hours. If you want to become an authority in your field the graduate school might help, but so could extensive research/excellent results on the job.
You need to figure out why exactly it is that you’re considering a graduate school degree. Once you, the next logical question becomes, is it worth it?
How will you pay the insane graduate school fees
Obtaining a graduate school degree is extremely expensive. Sure you could argue that the increase in your income will justify this expenditure. However, is it worth it? MBAs are pretty popular nowadays. Before you even consider graduate school you must try to figure out how this education will be paid for.
- Will this require additional student loans? If so, then how much longer will it take you to pay off your debt? How far in debt are you willing to go?
- Will your employer pay for it? If your employer pays for your Master’s Degree then they’ll also likely make you sign a contract where you promise to work for them for X amount of years. Are you willing to give that away? You might also be required to take the course during your weekends and evenings. Are you willing to give this free time up?
I’m not here to give you a final answer on the topic. I just wanted to open up the topic of earning a graduate school degree to increase your active income.
