As young people, we are typically searching for a 101 ways to strike it rich. We fantasize about that one great idea or great opportunity that will make us wealthy. But, once you step down from cloud 9, you’ll soon realize that your career is your number one wealth building tool that you possess. This is why I stress the importance of choosing and developing a career that you love and are passionate about. You’ll invest the most time, energy, and money into your day job throughout your lifetime. So, now that we’ve established that your career is how you’re going to get rich, it’s hard to get rich if your career earns you $25,000 a year. Here are some thoughts on increasing your income and strengthening your most powerful wealth building tool.

When to justify getting a graduate degree to earn more income:

• Compare what you’ll spend on the degree versus what you’ll earn starting out once you’ve received the degree. A medical degree is costly, but the income power that it will bring you far outweighs the cost of the degree. A master’s in philosophy or history is nice, but it won’t increase your income power enough to justify the degree. An MBA is another great example of a degree that is worth spending money on, because business undergraduate degree holders can expect to earn $35,000 out of school, while MBA’s can expect to earn anywhere from $50,000 to $75,000 starting out, depending on the position.
• Consider how long it will take you. If you’re going to do this part-time, make sure that you have the stamina to finish the degree. The worst you can do is spend money on a degree that you never finish.

Certifications: A lower cost alternative to increasing your income potential.

• Seek a professional designation to bolster your resume and demand a higher income.
• Get certified by the organization most respected in your industry.
• Don’t put the initials after your name, unless it’s a CFP or CFA designation for financial advisors. People don’t know what these initials stand for, and you look like a cheese ball if you have all of these obscure initials after your name on your name plate and business card.

Seize Opportunities At Work.

One of the single strongest ways to boost your income is to take advantage of opportunities at your current place of employment. Don’t be shy to apply for a better position. Pursue new opportunities at work by bringing extra business. The more money that you make for a company, the more you are worth to that company. They will notice, and you will now have negotiating power when asking for a raise. The shy and the timid stay in cubicles. The strong and the aggressive employees are the ones that get the window view.

Start focusing on your day job. How can you improve your income potential at your current career? How can you develop a career path in a career that earns more income? What education and you get to improve the income potential at the career you love? These are the questions you need to start asking yourself. Then, develop your five year plan to make the switch.