This is a great question, and it’s very relevant for me because I’m 10 years in the future, from where you are today. Specifically when it comes to Michael964’s comment regarding technical certs vs. a college education.
In short, technical certifications on your resume SAY that you are proficient in a particular technology. At least, enough to be able to study, take a test, and pass it. Work experience on your resume SAYS that you’ve actually done the work in a real-life, hands-on environment, and probably have some good troubleshooting skills because of the time you’ve spent actually doing it. Both are valuable.
However, keep in mind that both of these things, as great as they are, will keep you on the “working” side of IT. You will continue to be more and more skilled at the technology, and will continue to “just do the work”. (not that that’s a bad thing!)
What else is there? you ask? - The answer is: Management. The “business” side of IT. Ultimately it will come down to what you want your IT career to be. I was perfectly content to be a lead phone support rep, desktop support tech, jack-of-all-trades network manager, field consultant, and eventually server hardware team/exchange guy. (career progression in that order) - But after 10 years of doing it, I was finding myself frustrated that even though I was very technically proficient and certified out the wazoo, I wasn’t making the “big bucks” I thought I would be by that time. I realized that the fellas wearing the suits, having meetings, and making strategic decisions about the company were the ones that were doing the work (and getting the paychecks) that I wanted. And in order to be one of those people, you most probably need a college education.
Granted, everyone’s goals are different. This is turning into a ramble post, so I’ll finish up. If you’re content with being the hands-on-do-the-work IT guy, then go for technical certifications and experience. If you want to move up the chain and past the “glass ceiling”, then go to college and get an education.
P.S. One other big difference: Your college education never expires, your Microsoft certifications do. It’s also a lot easier to go to college when you’re single with no kids, so do it when you’re young. 