You need a specific degree to be financially successful.
1 min read


Firstly, the statement “you need a specific degree to be financially successful” is indeed a financial fallacy. It’s false because financial success isn’t strictly tied to the degree you hold. Many financially successful individuals, like Bill Gates and Mark Zuckerberg, don’t even have a degree. While some degrees might provide a higher average salary or the possibility to access certain job markets that pay well, success also depends on a myriad of other factors such as entrepreneurship skills, innovation, resilience, and even luck.

We are often told from a young age that education is the key to success, setting a prescriptive path towards career achievement. Society places a lot of emphasis on academic credentials, and there are certainly professions where specific degrees are crucial such as law, medicine or engineering. However, equating a degree to financial success can lead us astray by overlooking other essential elements like financial literacy, entrepreneurial skills, or even opportunities in vocational careers.

Advisable financial behavior involves:

  1. Earning: The base of your financial health comes from your personal income.
  2. Saving: Everyone should have an emergency fund and save for their long-term financial goals.
  3. Investing: It’s key to grow your money through investments, which often generate higher returns compared to leaving your money in a savings account.
  4. Budgeting: Keeping track of your income and expenditures will provide you insights into how you can grow and manage your wealth better.
  5. Protecting: It is also necessary to have insurance to help shield your financial assets from unforeseen circumstances.

Further Readings:

  1. “Rich Dad Poor Dad” by Robert Kiyosaki. Book Link

  2. “The MisEducation of the Negro” by Carter G. Woodson. Book Link. Shows how a degree isn’t everything and how it can even become detrimental.

  3. “The Millionaire Fastlane: Crack The Code To Wealth and Live Rich For A Lifetime” by MJ DeMarco. Book Link Breaks down misconceptions around who can become wealthy.

  4. “The Education of Millionaires: Everything You Won’t Learn in College About How to Be Successful” by Michael Ellsberg. Book Link.

  5. “The Four-Year Career” by Richard B. Brooke. Book Link. Debunks the myth of needing to spend many years and huge amounts of money on a traditional degree.