Maximizing the Value of Your Degree: A Two-Step Process
Imagine of your degree as a ship, ready to take you on a journey through a sea of opportunities. But here’s the thing: just having a ship isn’t enough. To reach the shores of success, you need to know how to steer it. In this blog,
I’ll show you how to turn your degree from just a piece of paper into a powerful tool that can help you achieve your biggest goals. Ready to start your journey? Let’s dive in!
Step One: Earning the Degree
It’s 2 AM, and someone in your family experiences severe chest pain. Fearing a heart attack, you rush to the hospital. Upon arrival, you find that the doctor is unavailable, but an experienced medical assistant is present. He examines the patient, orders a few tests, prescribes some medication, and advises immediate heart surgery. How confident would you feel following his advice, despite his 20 years of experience? Now, consider how you’d feel if a licensed doctor provided the same recommendations.
The key difference between these two scenarios is the degree. The licensed doctor has the credentials to offer trustworthy medical advice. Similarly, in the professional world, having the right qualifications matters. No matter how skilled you are at accounting, you can’t sign off on financial statements unless you’re a certified chartered accountant. The same principle applies to engineers who can only stamp and approve engineering drawings if they hold the necessary qualifications.
After 20 years in the industry, working alongside many experts, I’ve noticed a common trait among those earning the most: they possess the highest degree in their field. Whether in medicine, accounting, engineering, or research, a degree that grants the license to practice is crucial. If you want to maximize your earning potential, pursue a degree that qualifies you to operate at the highest professional level.
You might argue that many people earn millions online without a degree. That’s true, but consider two points. First, I have students who are making more than their department dean while still pursuing their degrees. When asked why they bother with a degree, they often say, “We need an identity a credential that says we are graduates in business, economics, or computer science. This identity, combined with experience, helps build a strong career.”
Second, when applying for a position, your academic qualifications are the first thing employers look at after your personal information. While this doesn’t fully reflect your knowledge, it does indicate where you’ll be placed in the employee hierarchy. For example, a PhD in finance will typically start as an assistant professor, while an MBA with ten years of experience might qualify only as a senior lecturer.
Step Two: Selling Your Services
Who earns more: a business owner or an employee? Ask around, and most people will say the business owner. If it’s widely known that business owners generally earn more, why aren’t more people pursuing this path? This brings us to our second step: working for yourself.
The first step – getting a degree and earning to your full potential is just halfway to financial success. The second part is using your degree to become an employer rather than an employee. Let’s explore this with an example.
Two of my friends are qualified chartered accountants. One joined a big pharmaceutical company after completing his mandatory internship. The other started his own accounting and tax consultancy in a one-room office. Ten years later, both have demanding work schedules, typically working until 7 PM and even later during financial year-end. Both have new cars, homes, and families. However, their net worth and attitudes towards money differ significantly.
Net worth, the difference between assets and liabilities, is crucial. My friend in the pharmaceutical company has a net worth three times less than the owner of the accounting firm. He owns a house and a car but has monthly lease payments and lives in constant fear of losing his job. On the other hand, the consultancy owner has secured over 100 recurring clients in ten years. He often jokes, “If I have a good season, I can upgrade my car.” Even during tough economic times, he has clients who ensure his standard of living. He doesn’t fear losing a single client; if some clients are dissatisfied, others will pay him.
So, the second step to maximizing your degree is to start your own business, no matter how small. This approach applies to various fields, including accounting, engineering, medicine, and law. If you already have a degree, plan to start your own business—it will pay off in the long run.
Addressing Common Concerns
You might have more questions now, such as:
- “I already have a degree but don’t have the time or resources to start my own business. Where should I begin?”
- “I have experience in a particular field but no degree. Which degree should I pursue?”
- “How do I know if I’m pursuing the right degree?”
Ready to transform your degree into a powerful tool for success? Don’t wait, take the first step today. Whether you’re looking to boost your career or start your own business, I’m here to help. Reach out to me on Mentoga for personalized advice and strategies to maximize your degree’s value and secure your financial future. Your journey to success starts now let’s make it happen together!
