There are many reasons to seek higher education, most of them having nothing to do with money.  You may enjoy an improved self esteem or better analytical skills, or perhaps you want to finally follow your lifelong dream.  Really, what it all boils down to is whether the financial investment is worth the money you invest.  Will you be stuck with a  student loan debt consolidation mess? Will that shiny degree really make you a front runner for promotions or give you a hugely increased salary base?  There’s a few things to consider when making this decision.

Will you experience a pay cut by pursuing an education, and how much?  Do you plan to pursue school grants ? If you lost too much of your income then you not only won’t be able to pay for tuition, but you won’t be able to pay for your normal bills either.  Even if you don’t anticipate a decrease in your income, how distracting will the classes be?  If you spend all your focus on those night classes, your performance at work may decrease and limit your opportunities there.

Once you get that new degree, consider how long it will take you to form some sort of seniority.  More than likely you will have to take a lower salary than you want until you establish yourself, you need to know if that’s a salary you can live off of.  Will this new education provide you the right availability.  This is something that often isn’t considered when we’re pursuing a passion.  If you get a degree in business that can be used to your advantage at any job on the planet.  But a degree in Infomechatronics, most people won’t even know what this means and your career opportunities will be highly limited.

Finally, consider how long you will be in a career that utilizes your education.  If you spend $100,000 on a degree, then stay in a career for 5 years at a decreased salary then you would have been better off not going back to school.  But if you can anticipate a long career with plenty of advancement opportunities, it is well worth the investment.