November 1, 2007, 7:00 am

The Price Of Education

by: The Financial Blogger    Category: Miscellaneous,Personal Finance
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I got inspired to write this post once I started to read another great series brought by Four Pillars on RESP’s. This made me think about how education was important in my life and how it was a great tool that will follow me over my entire life. Education in general is probably the most powerful asset a person can have. Those who held information and knowledge in their hands are the richest people on earth. The price of education is not being found only in term of money. In fact, education is much more than a simple diploma. education price
Sacrifices in term of money

If you want to provide your children with a strong education, you will have to put money aside. In fact, you will have to put a lot of money aside. When I went to do my University degree, my parents gave me the chance to study in France for a session. This was one of most richest experience of my life. I learned much more about the world and the real life than with a few books that are taking dust on the shelf. Building an RESP (Registered Education Saving Plan) will require that you cut down your other expenses. Therefore, you will have to make sacrifices and maybe say Adios Amigos to your Friday Night Pizza ritual. In fact, if you do so, you will not only save money for your children’s education, but definitely help to keep them fit and give them a great nutritional education!

Sacrifices in term of time

If you want to learn something or if you want to help out your children doing their homework, you must sit down and take the time it requires. Learning does not happen overnight. It requires several month, and sometimes years, to get another diplomas. I am currently doing my MBA and it requires a good fourteen hours a week of my time. It may be very frustrating for some people as they might require more time than other in order to assimilate information. However, it is your determination during the learning process that will determine your success.

Sacrifices in term of efforts

Paying in order to receive a better education is one thing. Taking enough time to read and understand concepts is another thing. But willing to put all your energy on a daily basis into this project is definitely a deal breaker. Your ability to concentrate and to think outside the box will help you succeed in your learning process. In my MBA program, teachers do not expect that your simply relate the theory and link it to some lived example. They require that you do further research, that you think about the theory and that you determine if the book is valid or not. Being thrown in the dark in regards to the real expectation on a case study requires more effort than stupidly spit the concepts out of your brain.

To not discourage yourself and persevere. The rewards brought by a strong education are legion. And after a while, those sacrifices do not mean much compare to what you are receiving in term of experience and knowledge.

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Comments

Thanks for the link and compliment.

You should blog more about your MBA experience – I think it would be interesting. If nothing else it would give people like me an idea of what an MBA is really made up of.

Mike

It’s neat that you bring this one up.

When young people talk about investment, education is always on the tip of my tongue. It’s nice to watch 10k in RRSPs grow from the time your 20; but at some point you have to ask yourself if a lifetime of making more money / hour (i.e.: more education) isn’t a better bet than compounding the 10k?

I’m not saying that everyone should do med school (or MBAs) as there are clear limitations, but I am saying that everyone should consider education as a part of their on-going investments. It’s kind of a funny relationship: you can’t buy experience, but you typically can’t train and work at the same time.

I look back at even my 5 years of professional work and I have a least a few “extra-curricular” courses and certifications to my name. My Uni degree was definitely an important landmark, but I know that this extra training is really an investment towards my income at 30+.

The fiancé and I have both made on-going training into a priority, so we’re more than happy to throw money at “educational” endeavors. Maybe I’m a little self-centered, but almost everyone I know could benefit their career with little bits of incremental training.

Thanks for the link and compliment.

You should blog more about your MBA experience – I think it would be interesting. If nothing else it would give people like me an idea of what an MBA is really made up of.

Mike

by: The Financial Blogger | November 1st, 2007 (10:31 pm)

Gates, I think that learning more stuff is only good for your career and your mental health 😉
Unfortunately, like you said, it’s tough to work and learn at the same time (this is why they invented coffee by the way ;-).

FP, it is definitely in my plan to write more about my MBA. I just wanted to see how things go (I only had 3 courses of each class so far). I’ll write more about it in November as I am going for 2 more MBA weekends this month (starting tomorrow morning!).

Cheers,

FB.

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