One way to improve your net worth is to increase your income so you can stash away more money in long-term investments. So can a graduate degree help you boost your pay?

When I look at some of my friends that went on to get a masters degree or PhD, it seems that all they did was increase their debt by taking on more student loans. Those that are receiving higher salaries have only a bachelor’s degree or no degree at all. Most these high-income friends are business owners, successful investors or have a commission-based sales job.

But does that picture say it all? Can you increase your salary and not just your debt?

According to the Bureau of Labor Statistics, those with higher educational degrees od make more money annually and have a lower unemployment rate. This average income data is from a 2006 survey of full-time earners that are 25 years and over:

According to the results from this survey, it does pay to obtain an advanced degree in your profession. While the numbers initially do not seem staggering, over the course of a year they do add up. The difference amounts to almost an extra $10,000 a year for someone with a bachelor’s degree that goes on to get a master’s degree.

If that person with a bachelor’s degree continued on to get a PhD, they would make an extra $25,000 a year. Over the course of a lifetime, that adds up to an extra $750,000 for someone who is 35 and retires at 65.

Even though this does not take into consideration the cost of education, your employer may offer a program to pay for your tuition and fees if you are seeking an advanced degree for your current profession. And according to this survey, once you have that higher degree you are more likely to find and keep a job.

But what about wealthy people who never graduated from college or with only a bachelor’s degree?

Having an advanced degree does not guarantee that you will make more money, and it certainly is not the only way to create a high income. There are countless stories of high-school dropouts who went on to become self-made millionaires, or even billionaires.

As evidence from high income people I know without degrees, many of these non-degree holding millionaires have become successful by building their own businesses. This, though, did not come without risks, effort and costs. While the sky is the limit when it comes to generating cash from a profitable business, the success rate is not in your favor. Obtaining an advanced degree, however, offers a high likelihood that you will earn a respectable income level the rest of your life.

Millionaire Money Habit: An advanced, graduate degree is always a wonderful opportunity that looks great on a resume and allows valuable opportunities to network. But make sure you advanced degree will increase your salary and not just put a gold star on your resume, or you could get caught in more debt and not necessarily more income. The skills you will develop from your educational experience will help you achieve more no matter your professional, financial or personal goals.