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:
- Earning: The base of your financial health comes from your personal income.
- Saving: Everyone should have an emergency fund and save for their long-term financial goals.
- Investing: It’s key to grow your money through investments, which often generate higher returns compared to leaving your money in a savings account.
- Budgeting: Keeping track of your income and expenditures will provide you insights into how you can grow and manage your wealth better.
- Protecting: It is also necessary to have insurance to help shield your financial assets from unforeseen circumstances.
“Rich Dad Poor Dad” by Robert Kiyosaki. Book Link
“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.
“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.
“The Education of Millionaires: Everything You Won’t Learn in College About How to Be Successful” by Michael Ellsberg. Book Link.
“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.