Freelance after building skills, or get a Masters degree?

[deek]

I'm 26 and I would be thrilled to retire at 50 if at all possible. The problem is, I don't make enough money now to save 10-20k a year and I don't see that happening anytime soon. A couple of options I'm interested in include:

Becoming well versed in web site development or attaining a Master's degree to boost earning potential (while probably still working in an office environment --PUKE).

Has anybody been in a similar bind? What decisions have you been happy with after realizing you want out of the typical 9-5?

[Greenback Reproduction Specialist]

Best thing you can do is increase your earning potential, if getting a masters degree comes with a big pay increase I would be tempted to do it.... but I would not go into debt for it, figure out a way to cashflow your way through.

If learning web development is more interesting to you, figure out a way to get a job doing it and do everything you can to learn more and increase your earning potential. Learn new skills, be a head of your peers in learning new programs, etc.

Good luck!

[Larsg]

I'm 26 and I would be thrilled to retire at 50 if at all possible. The problem is, I don't make enough money now to save 10-20k a year and I don't see that happening anytime soon. A couple of options I'm interested in include:

Becoming well versed in web site development or attaining a Master's degree to boost earning potential (while probably still working in an office environment --PUKE).

Has anybody been in a similar bind? What decisions have you been happy with after realizing you want out of the typical 9-5?

I have a BA from a state college and make more than Harvard grads my same age - 50 according to a malcolm gladwell chart floating around on the internet. I did this by self learning in areas of interest or signing up for classes in an area within the current co I worked for. If my co did not pay for it then I switched jobs. The trick about making corporate life a 2 way deal where they fund real development, is to be willing to take on a lot of different roles and locations. If you are willing to do this where so many are not, it can set you way ahead of the pack and pays off big in relocation bonuses and salary/promotion increases. Just start looking for jobs that pay more. Changing companies is the other big trick unless you are in a company that can guarantee a great pension. Otherwise, every move to a new firm can be a level or 2 up with signing bonus, increased pay, and the opportunity to increase your learning. An Masters can be good if you are highly specialized but if you can pick it up on the job while getting paid/saving your money, all the better.

I did finally get an MBA much later in my career - in my 40's when the company I was working for at the time asked me to go get a degree in a specialized are within an MBA Program, they paid for all of it and gave me time off from work ti attend school 2 days a week - unheard of you say...not. Why did they pick me? Simply because I had interest in a new emerging area when no others did, I showed promise in that area - I was sitting in finance no less with a non finance degree - and my CFO recognized my dedication to learn and do whatever we needed. It has paid off big.