Everyone in this world wants to become financially stable—the sooner, the better. Unfortunately, there’s no magic formula for becoming financially stable. Even Google can’t help everyone become rich fast.
Spending less than you earn and saving as much money as possible might help to a certain extent. But in a world where the cost of living keeps increasing, saving more money than you spend may seem impossible.
The right degree, however, can offer a pathway to stability and prosperity within a reasonable number of years after graduating. Here, we’ll discuss three degrees — an MBA, nursing and computer science degrees — that can pave your way to financial stability.
Whether you’re a parent looking to change your educational situation or want to pass on some advice to your high schooler, let’s dive in!
Contents
- Key Takeaway
- What is Financial Stability?
- How a Degree Can Help You Achieve Financial Stability
- Degrees to Consider for Financial Stability
- Degree 1: Master of Business Administration
- Degree 2: Nursing
- Degree 3: Computer Science
- Choose the Right Degree for You
- FAQs
- What should you do to reach financial stability?
- Do you need a college degree to be financially stable?
- What degree makes the most money?
Key Takeaway
An MBA, nursing and computer science degree all offer financial stability through increased earning potential, job security, career advancement opportunities, access to benefits, networking and personal development. These degrees can equip you with the skills and credentials needed to thrive in today’s competitive job market.
What is Financial Stability?
What does it mean when we talk about “financial stability,” exactly? Sounds like one of those terms a stuffy old bank manager would talk to you about, doesn’t it?
The financial stability meaning refers to having control over your financial situation and can handle unexpected events or emergencies when they come up, meaning you don’t experience significant hardship or disruption to your standard of living.
Financial stability means you may be able to:
- Navigate financial challenges like job loss or medical emergencies.
- Avoid excessive debt burdens that lead to an inability to meet financial obligations.
- Cover essential expenses with emergency savings.
- Stay afloat with consistent financial support.
- Create and stick to a budget.
- Make informed investment decisions and plan for retirement.
How a Degree Can Help You Achieve Financial Stability
Choosing the right degree can help you achieve financial stability, and that’s obvious, right? After all, the more education you have under your belt, the more you’ll earn.
However, a degree can help you achieve more financial stability in other ways, including:
- Higher earning potential: It’s not just about how much you’ll make out of the gate. Individuals with higher levels of education tend to earn more over their lifetimes compared to those with lower levels of education. You’re also facing far higher career advancement job opportunities.
- Job security: You’re less likely to face unemployment or underemployment with the right degree, especially during economic downturns.
- Access to benefits and perks: Some employers offer additional benefits and perks — retirement plans, health insurance, tuition reimbursement and bonuses. These “extras” can bolster your financial well-being.
- Networking opportunities: You can network! Being part of a network of peers, professors and professional alumni from your college or university helps tremendously, and is one of the fringe benefits of financial stability. In a way, you’ll always have someone who can “catch” you if you fall. If you lose a job, why not just dip into your network?
- Entrepreneurship: If you want to start your own business or pursue entrepreneurship, a degree can help you get there. You may be able to multiply your success and financial stability as an entrepreneur.
Does a degree guarantee financial stability?
No. Plus, it’s important to consider factors like the cost of education, student loan debt (taking on tons of need-based student aid can affect you negatively) and job market trends when making decisions. However, pursuing the right degree for your situation, needs and personality will give you a better chance of success than never pursuing it at all.
Degrees to Consider for Financial Stability
The three degrees are likely ones you’ve already heard of. Why not consider a Master of Business Administration, nursing or computer science? Let’s take a look at each, as well as the potential salary you might earn in each field.
Degree 1: Master of Business Administration
Many executives believe that attending business school has contributed to their career success. Earning a Master of Business Administration (MBA) will contribute to yours.
An MBA serves as a gateway to management roles and business leadership positions, which pay higher salaries than non-management jobs. Poets and Quants discloses that the average salary for MBA graduates in 2022, as reported by 17 business schools, was $147,648.
If you want to work in a management or business-related field, consider enrolling in an MBA program. This degree will equip you with a deep understanding of business principles and management practices. You will study a wide range of subjects in depth, including marketing, operations, finance and strategic management.
MBA graduates possess strong leadership and decision-making skills, which make them valuable assets in both entrepreneurial and corporate settings. Many business schools even offer online MBA programs, which makes them suitable for working individuals. Opt for them if you cannot afford to enroll in a traditional in-class program.
Degree 2: Nursing
Health care is the fastest-growing industry. It is predicted to create about 45% of all the projected job gains between 2022 and 2032.
Health care workers — surgeons, physicians and registered nurses — are always in demand. However, of all health care workers, registered nurses (RNs) are in the most demand. That is because the U.S. will experience a shortage of RNs in the upcoming years. Why not pursue a degree in nursing and fill the positions of new or retiring nurses?
A career in nursing is not only fulfilling, but also offers financial stability. With a nursing degree, you can earn between $62,253 and $140,275.
As a nursing student, you will be exposed to a diverse range of subjects, from the principles of nursing practice, patient care, and communication skills to responding to urgent situations. You can pursue your career as an RN in a variety of settings—clinics, hospitals, schools, and community settings.
There are several paths to becoming a registered nurse. Some earn a Bachelor of Science in Nursing (BSN), whereas others opt for an Associate Degree in Nursing (ADN). Nowadays, many universities are offering an Accelerated Bachelor of Science in Nursing (ABSN). These programs are designed for people with bachelor’s degrees in another discipline.
If you plan to switch your nursing career, go for the ABSN program. Quite a few nursing schools offer online accelerated nursing programs. Consider enrolling yourself in an online program if you’re a working individual. One significant benefit of online ABSN is flexibility. You can learn at your own pace and schedule without attending the traditional classroom every day.
Finding the right program, however, can be daunting. As per Online ABSN Programs, accreditation, student support and clinical placement assistance are three criteria that you must consider to narrow your options. Go for an online ABSN program only when a university is CCNE-accredited, offers advisors or counselors and assists with placements.
Degree 3: Computer Science
The demand for computer science is high in today’s digital world. If you are tech-savvy, you must definitely pursue a degree in computer science. This degree will equip you with a strong foundation in programming, algorithms, and problem-solving skills. Your knowledge will prepare you for diverse roles.
A degree in computer science opens doors to an array of career opportunities in fields like cybersecurity, data analysis, software engineering and artificial intelligence. These fields, as the world embraces everything digital, are booming and will continue to in the future.
For example, the median pay for a cybersecurity analyst is $112,000 per year. Their average additional cash compensation is $13,097. The average base salary of a data scientist, on the other hand, is $103,500 per year.
Choose the Right Degree for You
The degree you pursue will have a significant impact on your financial stability as well as long-term success. So, should you go for one of these if you know in your heart that they’re not right for you?
No. If you can’t stand the sight of blood or bodily fluids, you shouldn’t choose nursing just because you’ll earn a decent salary. Think through your talents, skills and natural tendencies so you can choose your options wisely.
Whether you’re interested in business, healthcare or technology, there are plenty of degree options that can lead to financial stability and a rewarding career. Considering your passion, interests and long-term goals will help you choose a degree that aligns with your passions as well as position you for financial success.
FAQs
Let’s look at a few frequently asked questions you may still wonder about with regard to pursuing financial stability.
What should you do to reach financial stability?
There are endless possibilities for reaching financial stability, including creating a budget, building an emergency fund, paying off high-interest debt, investing in your retirement, diversifying income sources, maintaining insurance coverage, educating yourself on personal finance (including reading books!), setting financial goals and seeking professional advice when needed. Finally, the most important one of all: Practice disciplined spending and live within your means.
Do you need a college degree to be financially stable?
You can attain financial stability in various ways — college isn’t your only option. You can also pursue vocational training, skilled trades, entrepreneurship and other routes to achieve stability. Higher education can enhance opportunities, but it’s not the sole determinant of financial success.
What degree makes the most money?
Science, Technology, Engineering and Mathematics (STEM) field degrees typically bring home the most bacon, particularly in engineering, computer science and certain branches of medicine. Specific disciplines such as petroleum engineering, computer engineering, electrical engineering and medical specialties like orthopedics or anesthesiology often command higher salaries due to high demand and specialized skills. However, other factors come into the mix, including experience, location, industry and individual career trajectory.