School Choices that Lead to Financial Independence

For many parents and kids, living independently after college or trade school has been a challenge – a big one, thanks to rising inflation, student debt, and high rent. However, whether your kids are headed for a university or a hands-on career, there is hope. Here’s a quick snapshot of what majors and skills can potentially yield the highest paychecks so that financial independence is achievable.

Engineering and More

According to Kiplinger, college-bound kids who have an aptitude for math and science make the most money right out of school. It's not a surprise, given that technology changes at what feels like warp speed. For instance, all the engineering, computer science, and finance majors during their early career trajectory earn more than $65,000 per year; mid-career, it’s upward of $100,000. This is a decent chunk of change for most single people; however, “decent” can depend on what city you live in and how you budget.

Construction

While this is a somewhat hard right turn from the above desk jobs, this field can be surprisingly lucrative. Granted, you probably need to start at the bottom and work your way up. But if you have the physical aptitude and a passion for this trade, you can earn $97,000 as a Construction Manager. Pretty darn great! How fast you progress depends on a number of things (type of building, small or large company, etc.), but the great news is that this is absolutely possible.

Medical

We’re not talking about becoming a doctor, but those who choose a support role can also do well. For instance, radiation technologists can earn $80,000, while dental hygienists can earn $77,000, an occupation that’s expected to grow by 13 percent in the next decade. Both of these jobs can support independent living, with the caveat that you don’t live in an extravagant place and watch your spending.

Legal

You don’t have to have a college degree to work in the field of law. In fact, paralegals and legal assistants can earn $52,000, but the anticipated increase over the next decade in this silo is 10 percent. These jobs require training, but generally, it’s not four years. You can even learn these skills this online. Best of all, the cost of the training is decidedly less than that of a four-year institution.

Other Trades

This mention validates the fact that, along with most of the aforementioned, you don’t have to spend a fortune on education – or go to college – to earn enough to realize monetary independence. Check this out: Commercial drivers can make $54,000; aircraft mechanics, $64,000; and computer network specialists, $63,000.

While there are variables that affect how well you do right after college, the topline takeaway is that college is not a prerequisite to paying one’s way as a young adult. All it takes is some forethought, planning, and the will to succeed.

The 10 Highest Paying College Majors (and 10 Lowest) | Kiplinger

25 Highest Paying Trade School Jobs in 2024 & Their Career Outlook | Research.com

How many Gen Z adults live at home? More each year, the US census shows (usatoday.com)

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

Dynamic Content Powered by Service2client.com
SEO Content Powered by DynamicPost.net