We’ve all sought after quick ways to become wealthy, whether from friends, idols, or a trusty Google search.
The desire for financial stability is universal, and the sooner we attain it, the better. It’s akin to the satisfaction we felt as children when we saved up our pocket money and traded with friends for years to complete our coveted Pokemon card collection in pristine condition.
If that reference feels outdated, think about the gratification derived from watching your Snapchat streaks grow day by day. Or perhaps the exhilaration of conquering the toughest level in a video game, basking in the euphoria of accomplishing what seemed like an impossible feat.
The goal is to maintain this success without encountering regular and unexpected setbacks. That’s the essence of financial stability.
In today’s world, achieving wealth promptly, ideally within a few years of graduating, has become a pressing goal for many. The path and strategies to attain this may vary from person to person. For some, it’s about making their first million dollars or amassing enough wealth to secure a comfortable future for their children and grandchildren.
Others define financial stability as having the means to cover their parents’ medical bills, their younger sister’s college expenses, and the education of their future offspring. Regardless of your category, selecting the right degree can significantly contribute to accomplishing your financial aspirations.
How to become rich and stay that way
However, learning to become rich is only a part of the equation. While a suitable degree can set you on the right path toward wealth, sustaining it is a different challenge. The key to staying rich lies in minimizing debt.
Therefore, the first step is considering how much you can afford to invest in your education and how much you might need to borrow. While debt isn’t inherently negative, maintaining a budget that aligns with your financial capabilities is crucial.
It’s worth exploring alternative universities that offer lower tuition or financial aid for the same degree program.
Additionally, opting against exorbitant rent and transportation costs associated with studying in another country, particularly in more affordable destinations for international students, can help alleviate financial strain.
Once you’ve addressed these fundamental aspects, you’ll be on your way to achieving wealth within a decade. Then, you can focus on implementing other essential steps. Investopedia outlines 12 “habits” that contribute to financial freedom, which include:
1. Setting life goals.
2. Creating a monthly budget.
3. Paying off credit cards in full.
4. Establishing automatic savings.
5. Making investments.
6. Monitoring your credit score.
7. Negotiating for better deals.
8. Continuously educating yourself on financial matters.
9. Safeguarding your assets.
10. Living within your means.
11. Seeking guidance from a financial advisor.
12. Taking care of your health.
While these steps may sound straightforward, they can prove challenging to put into practice. For instance, adhering to a budget can be difficult, particularly when you have dependents or other responsibilities.
Unexpected expenses can arise, often at considerable costs (though insurance can mitigate some of these risks). Engaging a financial consultant may seem like an easy way out, but finding a reputable and experienced professional you can trust with your finances is an arduous journey.
Ultimately, achieving wealth is the result of consistently making informed choices. It requires discipline, resilience, and adaptability. By following sound financial habits, managing debt wisely, and staying committed to your long-term goals, you increase your chances of attaining and maintaining financial stability. So, take the necessary steps today and embark on your journey toward prosperity.
How to become rich? Start with one of these 10 degrees that will make you financially stable in 10 years
Achieving financial stability and building wealth are common goals for many individuals. While the path to riches may vary for each person, obtaining a degree in a field with high earning potential can be a promising starting point. In this article, we will explore ten degrees that can pave the way to financial stability and set individuals on the path to prosperity in the next ten years.
1. Master of Business Administration (MBA)
An MBA degree can significantly bolster your journey toward a healthier bank account. In 2022, the median annual salary among MBA graduates from 17 business schools was $147,648, reflecting a 9.3% increase. Notably, Stanford MBA graduates reported an average base salary of $182,272.
An MBA equips individuals with a deep understanding of business management, strategic thinking, and decision-making skills, offering lucrative opportunities in sectors like finance, consulting, and entrepreneurship. This degree, coupled with dedication and hard work, often paves the way to high-level positions such as company CEO or serves as a stepping stone for venturing into other countries.
Graduates with a degree in economics possess a solid grasp of economic principles, market dynamics, and data analysis. Equipped with critical thinking and problem-solving skills, they are well-positioned to make informed financial decisions and identify profitable opportunities.
This knowledge finds applications across various industries, including finance, banking, consulting, and government, often leading to positions with average annual salaries of $128,180.
3. Computer Science
A bachelor’s degree in computer science equips individuals with technical skills and knowledge in programming, software development, and problem-solving. This opens doors to promising career paths in software engineering, data analytics, cybersecurity, and artificial intelligence.
For instance, information security analysts in the United States earned a median salary of $102,600 in 2021, with a projected 35% salary increase in the next eight years. Similarly, data scientists earned a median salary of $100,910 in 2021, expected to increase by 35.8%.
Continuous learning, dedication, and an entrepreneurial spirit further enhance a computer science degree’s stability and wealth-building potential.
4. Civil Engineering
Civil engineers play a crucial role in designing and supervising infrastructure projects like roads, bridges, and buildings. The field offers numerous opportunities for high-paying jobs, particularly in construction, transportation, and urban planning, with salaries averaging around $105,050 in 2021.
Successful civil engineers can advance to managerial positions, boosting their earning potential. The transferable skills acquired through engineering majors make them adaptable to various industries, ensuring long-term career viability.
5. Aerospace Engineering
The exploration of space and the universe continues to be an area of research and advancement. Graduates with a degree in aerospace engineering possess specialized knowledge in aerodynamics, propulsion systems, and structural analysis. Their expertise enables them to contribute to complex projects and technological progress.
The United States Bureau of Labor Statistics (BLS) predicts an 8% annual increase in jobs within this field over the next ten years, presenting exciting opportunities for those pursuing careers in aerospace engineering.
The healthcare industry remains in constant demand, offering numerous opportunities for career development and financial growth. Experienced nurses with professional certifications can expect substantial salaries. In the United States, certified registered nurse anesthetists can earn up to $195,610, while general nurses can earn up to $120,680.
Moreover, part-time or freelance work can provide additional income. The nursing profession offers stability and the potential for a healthier bank account, particularly considering the projected salary increase in the coming years.
7. Supply Chain Management
Supply chain management specialists play a crucial role in optimizing the flow of goods and services, reducing costs, and enhancing organizational effectiveness. Through a degree in supply chain management, individuals gain valuable experience in logistics, purchasing, inventory management, and strategic planning.
Organizations across all industries highly value supply chain professionals who can streamline operations, minimize waste, and increase profitability. The average salary for supply chain managers in the United States ranges between $107,100 and $137,255, making it a lucrative field to pursue.
Graduates with a solid foundation in financial theory, investment analysis, and risk management possess the knowledge and skills to make informed financial decisions. A degree in finance not only teaches individuals how to make money but also how to grow and leverage it.
Career opportunities in investment banking, corporate finance, and consulting often offer high salaries and rapid career advancement. Additionally, performance-based bonuses are common in these fields. A new consultant with a graduate degree can typically earn between $150,000 and $200,000, including bonuses, at a top firm.
9. Computer Programming
With technology’s continued evolution, the demand for skilled programmers remains high. Proficiency in programming languages and software development opens doors to various opportunities in technology, software engineering, website development, and data analytics.
Skilled programmers often enjoy competitive salaries, with further increases based on experience and expertise. Staying updated with the latest technologies and seeking opportunities with renowned companies can lead to financial success in the field of computer programming.
Although lower on the list, pursuing a degree in architecture can provide a pathway to financial success. Architects play a vital role in designing and overseeing construction projects, contributing their expertise to the built environment. With experience and a strong portfolio, architects can command higher salaries or establish successful practices.
Furthermore, specializing in innovative and sustainable designs can address the pressing need for environmentally conscious architecture. While the field is competitive, embracing the challenges and remaining open to diversification can lead to wealth accumulation.
While there is no one-size-fits-all approach to becoming rich, obtaining a degree in a high-paying field can significantly increase the likelihood of achieving financial stability and building wealth.
The ten degrees discussed in this article – Master of Business Administration, Economics, Computer Science, Civil Engineering, Aerospace Engineering, Nursing, Supply Chain Management, Finance, Computer Programming, and Architecture – offer diverse opportunities for individuals to thrive financially in the next decade.
By combining these degrees with hard work, continuous learning, and adaptability, individuals can set themselves on a trajectory toward long-term financial success.