The more you learn, the more you earn. More true than ever.
Although Covid-19 has definitely changed how we gather, people are once again beginning to carefully step out of the comfort and safety of their homes. I am among them, having recently attended a couple of milestone events.
My first gathering was the celebration of a nephew’s high school graduation. A few years ago, his older sister’s graduation was inside a comfortable church hall. My nephew’s was outdoors under a tent, which protected everyone from the sun but offered little relief from the humidity.
My next event was my own high school reunion. Unlike previous reunions, it wasn’t at a restaurant or hall. Rather, it was at a classmate’s house on a beautiful piece of property on a lake, from which a pleasant breeze emanated all day.
At one event, the occasion was about looking to the future. At the other, the focus was about recalling the past, perhaps with some embellishments.
Looking ahead, I can only imagine what the world will be like years from now, when today’s graduates gather for their reunions. Thanks to research, innovations and technology, I believe there are exciting times in the years to come for today’s youth. Provided, of course, that they work hard and remain cutting edge throughout their lifetimes.
By today’s standards, me and my classmates’ education was quite archaic. All of us that have been out of school for a number of years know the invasive shrieking of chalk on a blackboard or have experienced the delay when the bulb blew out on an overhead projector.
The methods that were used to teach us are no longer in vogue, but my classmates and I still understand the importance of a good, solid education. Based on our conversations, my peers put a strong emphasis on education when they raised their children.
Now, as many of us become grandparents, we continue to emphasize education to our grandchildren. I’m proud to say, as a graduating class, we agreed to “pay it forward” by making a group donation to our school.
Study after study has shown that better educated individuals earn more over their lifetimes. Not a surprise, of course. But going forward, I believe the path to financial success will become narrower and narrower. Young people will need more than just a broad education to climb the economic ladder.
With technology changing at the speed of light, I suspect that education will become more and more specialized. The more specialized students become, the more likely they’ll be highly compensated. I also believe that ongoing education will be requisite for maintaining those critical skills.
Not to disrespect anyone’s hard earned degree, but from an economic point of view, I believe learning technical skills can also lead to financial success. A trade school or college graduate with a technical skill will likely do better than a student with a degree in general studies or one with just a high school diploma.
A good education doesn’t necessarily assure financial success or freedom, but it does provide a solid foundation to build on. With such a foundation, you’re more likely to achieve financial success through merit raises rather than minimum wage increases.
We’re in an environment where the gap between the haves and have-nots is widening. A good education should help narrow that gap.
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Ken Morris 248.952.1744
E-mail your questions to kenmorris@lifetimeplanning.com
Ken is a registered representative of LPL Financial. Securities and financial planning offered through LPL, a Registered Investment Advisor, member FINRA/SIPC. Ken is Vice-President of the Society for Lifetime Planning in Troy. All opinions expressed are those of Ken Morris. LPL and Society for Lifetime Planning are independent companies. Investing involves risk including loss of principal. No strategy assures success or protects against loss.
