The More You Learn The More You Earn
Learning has been proven by numerous research studies to accelerate your earning potential.
“The literature suggests that each additional year of schooling is associated with an 8-13% rise in hourly earnings. In the period since the financial crisis, the costs of leaving school early have become even clearer. In America, the unemployment rate steadily drops as you go up the educational ladder.”
In 2015 Christopher Tamborini, Chang Hwan Kim and Arthur Sakamoto found that, controlling for other factors, men and women can expect to earn $655,000 and $445,000 more, respectively, during their careers with a bachelor’s degree than with a high school degree, and graduate degrees yield further gain.
Between 1982 and 2001 the average wages earned by American workers with a bachelor’s degree rose by 31%, whereas those of high-school graduates did not budge, according to the New York Federal Reserve
Why you need to keep learning so you can keep earning
An analysis of American wage growth by economists at the New York Federal Reserve showed that:
“The bulk of earnings growth took place between the ages of 25 and 35; on average, after the age of 45 only the top 2% of lifetime earners see any earnings growth.”
This means you’ve hit a plateau and it’s time you pushed on for higher honours. You’re only going to be able to achieve that with the right set of skills that work in the real world.
Why do you need to commit to life long learning?
In the world of automation, AI, bots and machine learning you need to learn how to earn so you remain relevant.
“One thing that almost all economists agree on is that change is coming and that its scale and scope will be unprecedented. Automation will impact different geographies, genders, and socioeconomic classes differently,”
When it comes to recessions, redundancy or restructuring rounds employers will look at those employees that have the most valuable skills.
Your skills are what separates you from others.
Your employer will look at what you have to offer, making it less likely you will be replaced or displaced when tough times come.
A set of rare, valuable and unique skills makes you much more secure in your job. And it makes you more attractive to other employers too, putting you in a position of power.
You no longer need to rely on your employer to call all the shots.
You can take control by up-skilling. Less skills will always mean less job security.
UK Think Tank Future Advocacy Group
As humans, we have a fallibility to underestimate the long term and over-estimate the short term. We think it won’t happen to us just like the boiling frog in the pan. The reality is it is going to happen to 1 in 3 of us. That’s an alarming fact.
If there’s ever a time you need to learn to earn it is NOW. You need to up-skill and level up before you are displaced or replaced. You need to be ahead of the curve before everyone else works it out, which by then will be too late. Don’t let the next 5 years be a continuum of the last or more of the same. Choose to change your life.
Don’t think your company will save you by training you. No profit-driven company will invest in you as an individual when they can invest that same money in machines that turn up reliably for work each day without complaint, sickness or injury. Company margins are being constantly squeezed which leave competition for training funds by those who deserve it most.
If you’re sitting there reading this thinking you have time on your side you are wrong. Hoping you have enough time to hang in there with your current job and make it through to retirement before the machines take over is a flawed and short-sighted strategy. You will be working longer so if you are, why don’t you earn more whilst you are. Hope has never been a strategy.
Only taking action changes things for you.
“Rather than be acted upon, you need to take action.” Stephen Covey, Author, 7 Habits of Highly Effective People
By taking action you will feel in control, have more confidence about your future prospects and earning potential.