As a (freelance) graphic designer myself, I would suggest you learn as much as possible about as much as possible (2D, 3D, old school methods (pulling off Photoshop and other similar program-like effects with actual solid materials, and not a computer), computer art, how to animate, how to program (for stuff like Flash objects, same applies to animate), how to research (not only for your client, but also how to legally avoid copyright infringements that accidentally occurs, how to do simple and complex art/design tricks); simply put, the list just goes on. Make your horizons of skill/ability and knowledge of subjects as broad as possible, and not just specialized in one field or genre (like games only, for example; no offense); and just as well, you can still be professional with simple things. Not everything needs to look like something out of a graphic designer's magazine.
In this industry, you have to be on your feet, and be able to understand exactly what your clients want and need. Sometimes the two don't overlap, or at least well; and if you're feeling nice, you can sneak in an overlap, and not charge it. Depending on client, it also helps to help them save a buck in the long run by giving them advice before/during/after you do work for them, provided they're willing to listen. Sometimes, it can guarantee you more work from them. At least, I tend to work on a "help save a buck, gain a buck" principle in that matter. It helped me get better reviews that way as well, also because it helped my clients understand not only how much work actually goes behind their product (whether a simple effect is actually harder than it looks, or a crazy effect is actually just a few simple steps), but how easy other things can be done, as simple as optimizing a file to make it smaller in file size, but still retain all it's details, even with a simple extension change (like .PNG vs. .BMP or .TIFF).
But by far the best advice I can provide, provided you can afford to yourself, is take as many college courses relevant to your field of study as much as possible. You don't need to go as far as a Bachelor's or a Master's Degree, though they do help a bit (granted I only have my Associate's Degree); just learn as much as freaking possible within your budget's means, and do as much research as possible about the field itself befoore diving headlong into it.
As for the Coat of Arms idea, I want to remake my family coat of arms now. It would look badass.