There’s a lot of kinds of debt we encounter in this life. Sometimes that debt can’t be avoided no matter how hard you try to stay on top of your bills. For example medical debt is often times unavoidable. Other times there’s debt that can be used to improve our lives. Here we’ll talk about turning debt into an asset. Student loans may cause debt in the long run but if you’re able to make the most of them you’ll be able to pay them off and then some. If you’re going to continue your education understanding that student loan debt is going to be part of the picture is the first step in finding a major that’s worth going into debt for.
In today’s economy it can be hard sometimes to tell which sector is going to be the most profitable. It’s an ever changing landscape out there. However there are some constants to look out for. Pursuing a field in technology or finance is always going to be a good way to go. These fields are vast, growing, and integral to our society. These are things you’ll want to look for when pursuing your education. Here’s a set of criteria for an ideally lucrative field:
- Attainable for your skill set
- e. compliments your natural talents
- Geographically compatible
- e. a field that’s either present in your area or in area you would be able to move to
- In demand
- e. plenty of job openings
- Offers high and competitive salaries
- Shows growth in future job markets
Of course this is a very basic set of criteria. Each individual will be looking for something different in their future field. Some people may be more interested in flexibility than benefits and vice versa. Be sure to search for a field that’s attainable, necessary to our modern world, in demand, and offers high salaries. This is the kind of field that’s going to make your debt worthwhile.
While we’re on the subject of debt it’s worth noting that making the most of your debt isn’t the only way to manage it. There’s a lot of ways to re-finance, re-structure, and reduce your debt or future debts. Don’t think that being in debt is the end of the line. There are options out there!
Find something that interests you and research that field. If you enjoy shopping at Macy’s and putting on runway shows for your family you may want to look into becoming a personal shopper. If you’ve always enjoyed playing outside with bugs as a kid you may want to look into biology. Finding the field that’s right for you is more than just ticking off some boxes on a list. You may begin to study in the field you thought was right for you and then find out that it simply isn’t for you. This is a difficult time in any students’ education. However it’s worth noting that switching majors or concentrations even after money has been spent is going to be the best option for the long run. If you get into a field you either aren’t good at, passionate about, or interested in then the money you went into debt over was completely wasted. It’s best to switch gears earlier on.