Most of us contribute faithfully to our retirement plan each paycheck. But have you considered that there may be much better investment opportunities?
The Math Behind Investing in Yourself
Consider your career or business for example. The average income for a US worker is $908/week according to the latest report from the U.S. Bureau of Labor Statistics (BLS). But those averages obscure the fact that those with a high school diploma only earned $751/week ($39k/yr) compared to those with a bachelor's degree who earned $1,357/week ($70k/yr).
That's a $31,000 difference on average, per year, just for going to college. A public college in your state may run you around $100k for a four-year degree, with private colleges often running much higher. That is admittedly a large sum, but it doesn't take a rocket scientist to figure out that if you eventually end up getting paid $31k/year more, it's a good investment.
How About After College?
But what about after college? The top ten percent of earners earned more than $118k/year. That is $48,000 more per year than the average college grad.
To get into the top 1% percent in some affluent metropolitan areas, you'll need to pull down over a million dollars a year, or nearly $20k A WEEK. I'll let you do the math on that one.
How to Start Closing the Income Gap
When you're talking about tens or possibly even hundreds of thousands of dollars a year difference in income, it's not hard to figure out that investing in your career or business is one of the best investments you can make.
You can go the traditional route by continuing through higher education. An advanced degree nets another $59k a year on average according to that report, so that's probably another worthwhile investment.
Beyond that, it is difficult to find people making hundreds of thousands of dollars a year or more who have not invested in private coaching / mentoring at some point in their career. When you consider the potential return on investment if it brings up your annual income even 10%, it can be shockingly inexpensive.
There are many great business and career coaches out there (and some not so great ones), but if you're interested in trying the private route, click here and give us a shot!
About the Author
Happily married with five kids, Smith owns a technology company, is the founder of this site, has served on the board of directors for multiple companies, and loves playing soccer, hiking, and mentoring.
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