It’s Worth It

“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” ~~ Malcolm X

Whether you are a student looking ahead or an adult looking back, you would agree education is worth money to you.  Your idea of owning “things”, travelling to “places”, giving “freely” to others, or simply paying the “bills”, all rests on the need to have money.  A decent or greater income inspires dreams to happen. 

Our willingness to expand our knowledge and develop our skills molds us into a money-making machine.  We generally don’t see ourselves in this light but the reality is we must generate income to support ourselves financially.  How we choose to do this is entirely our decision.  We can all agree education or on-the-job training contributes to our success. 

Any form of education is never a loss cause. At any age you can switch gears and pick up new skills. An educational course may lead you on the path to becoming an agricultural mechanic, esthetician, or bookkeeper.  You may be focused on a career as a professional accountant, lawyer, or an oncology nurse.  Or perhaps your heart is set on being your own boss; entrepreneurs benefit from business management courses.  In order for your career to turn you into a money-making machine, you will need money to pay your education.  No surprise here. 

If you are the parents of young children, these three phases -- “before”, “during”, and “after” -- can fund a child’s education dream.  

The “Before” Phase. One option to help parents is a Registered Education Savings Plan (RESP).  In a previous article, I asked Have You Started Yet and explained the Canada Education Savings Grant (CESG) adds 20% to your contributions.    Early contributions alongside with the grant will compound with time and interest.  Going this route and having the extra financial assistance is worth it.  

The “During” Phase. Both the parents and students can fund the ongoing costs with a combination of employment income, savings, scholarships, or student loans. The Globe and Mail created this calculator to determine the annual costs. Working through the numbers helps plan an appropriate course of action.  If necessary a student may need to work part-time time and take only partial courses to cover both the tuition and living expenses.  

The “After” Phase. This phase, the “catch-up phase”, is when student loans should be repaid before additional debt is acquired.  The money-making adults are now able to generate income to pay back the loans which helped fund their education. 

The above phases appear most appropriate for young adults; however, I would never discount an opportunity for anyone willing to return back to the books. Certainly building up savings and applying for education loans may be suitable options for any person. With the right mindset anything is possible. Distance learning or educational institutions open the door for people to earn a diploma, certificate, or university degree and set themselves on a new career path. 

Certainly when we witness our income is less than adequate for our needs, we can always learn new skills to increase our earning ability.  Looking outside the box might reveal a clue as to how we can make this happen. We give ourselves permission to snoop around and gaze for an appropriate fit.  Who knows…an interest in a new skill might be discovered. When we discover our calling, we will know the cost of education was worth it.  

If you long to know the right career path for you, you may delve further and ask some soul-searching questions.  Your call to action can be found in this link and aid in your pursuit. The key is to keep hunting for the ultimate job because money matters and so do your dreams. It’s worth it!