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Financing Your Education
Are you getting ready to plan for your education?
Regardless of the program that you will be following, the certainty of the matter is that you will need a sum of money to get you through university.
You will need to carefully consider the following issues.
1. How much money is enough?
2. How early should I be saving?
3. How can I grow my savings?
4. Is it worthwhile to invest so much money?
5. What are some other sources of help ?
Ten Points to Consider When Choosing a University for Your Child
Do you have a child growing up?
Congratulations! A child is your greatest treasure. In the years to come, he/she can become your source of quiet pride and fulfilment.
To nurture a child to his/ her fullest potential is the joy and responsibility of every parent. You may want to begin to think about it right now instead of defering it until later.
Once you have a plan for him/ her, you can discuss your plan with your child. It is exciting to develop and implement your plan together.
I have three children and four granddaughters. My greatest joy is always to see my children and granddaughters demonstrate their individuality and talents.
1. Understand the Talents and Gifts of Your Child
Your child is a very special person with many talents and gifts. Because he/she has many talents and gifts, he/she has an inclination and passion to do some things more than others.
In order to understand the talents and gifts of your child as well as the things he/ she likes to do, you can begin to observe him/ her closely. You can also talk to him about things that he/she likes to do now or later. Take time to understand and enjoy these precious moments with your child.
I had a child who loves to take apart toys, clocks and machines and put them back. Today, he is an engineer and a manager with a leading chip making company and enjoying his work there tremendously.
I have another child who likes to work things out step by step. Today, she is a successful marketing manager with an international petroleum company and enjoying her work.
What about your child? What does he/ she like to do?
According to Dr Howard Gardner, a leading educationist , children have multiple intelligences. Some are logical mathematical, some are linguistic, some musical whilst others are spatial, kinaesthetic, spiritual, naturalistic, interpersonal or intrapersonal.
It is all these different talents (or intelligences) or a combination of these talents that makes your child the unique person that he/ she is. Building on these talents will cause him/ her to be successful and be fulfilled in the days to come.
Do you need help in understanding your child’s talents? I will be pleased to help you. You can contact me at siewhua@edugate.com.my
2. Understand the Job Market
Once you have understood your child’s talents, you need to understand the job market and try to match these two together.
Is your child linguistic? Is he/ she good at debating? Giving speeches? What are the jobs that require these skills?
Is your child naturalistic? Is he/she good at camping? Looking for little animals? Marvelling at the different plant species? What are the jobs that require these skills?
According to Team Technology - Online Business Resources, career types can be listed as follows:
- Academia - Marketing
- Assistant - Medical
- Accountancy - Ministry
- Administration - Nursing
- Analysis - Occupational
- Arts - Personal Assistants
- Computing - Project Management
- Counselling - Psychology
- Design - Research
- Engineering - Sales
- Entrepreneur - Science
- Forces - Teaching
- Homemaking - Technical Specialists
- Human Resources - Training
- Law - Writing
- Librarian
- Managerial
Each career type is described in detail in Team Technology as well. It will be interesting for you to find out about the type of career that your child will be doing in the years to come. A career type that uses your child’s talents gives him/her a chance to work out his/her passion in life. This will bring fulfilment and excellence in the career that he/she chooses to do in future.
If you need help in this area, please feel free to email me at siewhua@edugate.com.my. I will be pleased to assist you.
3. Look Out for All Possible Training Options
During the last century, education is mainly thought of as the training of skills. Today, with the globalization of many industries, employers are also looking at many soft skills like study skills, communication skills and interpersonal skills.
I know a young man who is always average in his grades. In his university days, he had an opportunity to travel and work with many different people. Today, he leads an international marketing team and is actively contributing to his company.
I know a manager in a multinational technology company who has always said that one of the most important skills a young person should possess is the ability to learn by himself as he works. That way, he is independent and efficient.
Many Commonwealth countries today offer good and inexpensive education in the English medium. It is a good idea for you to look at all training options for your child. English is an important international language. Your child should be trained in an English medium university.
Studying abroad is also good training for your child. It will train your child to be independent and able to work and communicate with people of diverse culture and background.
You can check up on the different courses, different programs and price range of studying abroad in the website by clicking on www.edugate.com.my . Or you can email me at siewhua@edugate.com.my
4. Develop a Plan
You can talk with your family about your plan for the future. I suggest that unless you have some special reasons, your family’s resources be shared equally among all your family members.
I know of a family who has three sons; the eldest son wanted to study overseas but he was told that the expenses were too much for the family. The second son wanted to study overseas as well. He was allowed to go. The third son went to study in another city. This arrangement has caused a rift between the members of the family. It is very sad that it is almost 20 years, and the mother is now old and sickly but the eldest son continue to believe that the mother has been unkind and unjust to him. It has caused a rift that is still hurting him and his mother.
Every child in your family should know that his/her parents have lovingly prepared a provision for his/her education in order to help him/her achieve a brighter future. This sum of money should be estimated and laid on the table so that it is transparent. A plan should then be developed based on this.
God provides every family with sufficient resources for the next generation. If we plan early, prepare early and share this plan lovingly with one another, it should be a plan that binds your family together, and bring much joy to your family now and in the years to come.
5. Communicate the Plan
Talking about your plan for your children should be one of joy and excitement. You should begin talking about it for a few years even before the first child is ready to leave for college.
Different Parent Child Expectations?
Some parents plan for their children lovingly but neglect to communicate their plan. Do you know that as your children are growing up, they have ideas of their own? Your children will also know their likes and dislikes, what they are good at and not so good at, maybe better than you do.
I know of a mother who insists that her son study engineering when his talents are in the arts. In the end, her son gave in to her request, but failed the course. It has caused a lot of hardship and sadness to the family.
Parents should always be transparent and upfront with their children. But always be negotiable and flexible.
When we share with our children our sacrifices, our hopes and dreams for their future, our children will know that we love them. These moments will bind your family together like nothing else will. Children who know that they are loved by their parents will grow up to be secure and be a loving person.
6. Let Your Family Critic the Plan
Do not fall into the trap of thinking “Father knows best….”
This is a family project, remember?
Some fathers think, “It is my money….. I don’t have to listen to anyone on how I spend my money….”
Is this right? Wrong! This is the best way to waste your money.
The best way to use your money effectively is to get everyone to buy in on your plan. Listen to the opinions of everybody and always give the assurance that these opinions are important to you.
7. Be Willing to Give a Good Reason to Justify Your Plan
Sometimes after listening to your family’s opinions on the various aspects of your plan, you still insist on your own plan.
You think to yourself…. “The kid doesn’t know what is best for him/her.” Or “This is just ridiculous, a waste of my hard earned money…..” “My spouse is just ignorant!”
You want to say to your family, “Have it my way or you don’t get a cent….”
I suggest that you pause at this juncture and take a deep breath. Remember that this is a family project. Begin to formulate a plan using examples and stories to convince your family. Exercise patience and understanding when you explain your point.
8. Be Willing to Negotiate and Compromise
Sometimes after putting in some effort to convince your family of your plan, you still have disagreements. Then you must be willing to negotiate and compromise.
I have a daughter who loves drawing. At a very young age, she would make beautiful art and craft pieces to sell to her friends. She wanted to study art as a degree. My husband worries that she may not be employable just learning art alone. She and her father had a compromise and they agreed she should pursue a program of art and computer science. She is finishing her program in a few months. Last semester, she completed her internship program in an international computer games company. She is enjoying her course and looking forward to working in the computer games industry.
How about you? To be open to negotiation and compromise is always a win-win solution. If you need help in this area, please do not hesitate to contact me. You can always email me at siewhua@edugate.com.my
9. Be Positive
At all times, be positive. Sometimes parents tend to feel frustrated when they try to communicate with their children. If you have not been communicating very well with your children, now is the time to start.
Sometimes we parents are too busy working at our job,… we are too busy working at social functions or even charity organizations, we have neglected spending time with our children. You can begin with…
- Eating a leisurely meal with your child,
- Going for a walk in the neighbourhood,
- Watching a game with him/her,
- Do something that you both enjoy.
Simple activities done together will help you to listen to your child. You will be surprised that your child really wants to communicate with you. You must give him/her time and practising listening. Let your child talk to you about his/her dreams for the future. Remember that what your child really wants to do, he/she will do whole-heartedly. So you need to understand it and be positive to support his/her needs.
10. Encourage Your Child to Be All that He/She Can Be
God has given each one of us talents and resources so that we can make this world a better place. When we fully utilize these talents and maximize our resources, we can truly contribute to mankind and bless others. A young person has tremendous potential to develop into the person that will be great for this world. One day, we parents will be very proud of him/her.
We should be brave and believe in our children. Let us encourage them to be the best that they can be!
Efficient Ways to Finance Your Child's Education
Efficient Ways to Finance Your Child’s Education
Are you getting ready to plan for your child’s college education? Regardless of the program that he/she will be following, the certainty of the issue is that your child will need a sum of money to get him/her through university.
While the children are still young, we may think that going to university is still a long way off. However, financial planners tell us that the earlier we plan for our children, the better it will be.
In the paragraphs below, I will try to discuss some common questions raised by parents……
How much money is enough?
While a university education is a head start for our children, going to an expensive university is not the only way that our children can succeed in life.
In fact, my experience of sending my three children through universities always tells me that our children should live simply and even work part time to supplement their pocket money in the university.
Living simply and working part time is always good for our children for the following reasons:
· Children learn to budget and appreciate sacrifices that their parents have lovingly offered to them.
· Children learn good values of living frugal lives.
· Besides learning from the books and their professors, working part time also brings in a whole host of valuable experiences that children can learn from.
· Children learn to become more responsible when they earn their own pocket money.
· If they are working on a part time job that is related to their field of study, they will have an impressive portfolio by the time they graduate. This will help them to get a good job upon graduation.
In my counselling sessions with parents, I have always advised them to get ready a sum of money that the family can afford to provide for every member of the family equally without too painful a consequence.
Your children must know that they are to use this sum of money responsibly. Once this sum of money is used up, then he/she would have used up all the resource allocated.
Planning for college is also great fun for the family. It can become an interesting family project. The tuition fees and living expenses for university can be a 10 year project for the family.
Rather then setting our hearts on an expensive university and raising funds for it, families should just set a reasonable and achievable budget for themselves and look out for good universities that the children can go to within this budget.
I know of a family with three children. One day, it suddenly dawned on the parents that the children are growing up and will need extra resources to go to college. In order to raise extra funds for the children to go to their dream universities, both parents began to take on a second job. Eight years passed and the children have all graduated from their universities. But the parents have become old and haggard. They have sadly neglected their own rest, health, exercise and nutrition to send their children through college……
It does not have to be done this way…….
Saving for college should be planned early, involving the whole family (including the children). Both parents and children can also be realistic about the college budget and work happily to realise their plan. You may ask…..
How early should I save?
You should save as soon as you are able. I started saving for my children’s education when they enter pre-school.
My husband and I took a small job on Saturday mornings to earn a little extra for the family. Very soon, we have enough to put a small sum of money aside to buy a little property. We rented out the little house to help us pay for the monthly instalment……
When our eldest daughter went to college, we sold the little house to support her. Today, she is a Global Marketing Manager of an international petroleum company. The investment that we put into her is money well spent.
I have three children. For each of them, I did the same thing. God has blessed my investments. All three of my children are able to go to college without a lot of hardship to the family.
You may think that it is a lot of difficulty having to save for so long. But I can tell you that it is great fun. Children also learn that they should save for the future. It is excellent financial education for our children.
The last thing that we want is to bring up spoilt and presumptuous children who don’t know the value of money. ….
Saving together for the future as a family will also bring the members closer together. Children will also learn at a young age to be frugal, to save and to live a life style within their income level. These are all good values that will benefit them for a life time. Plus, your children will watch their family’s savings grow and develop into a big sum of money to provide for their education.
But you might ask …….
How can I grow my saving?
Invest wisely. I invested in houses for my children because it is what I know how to do.
However, some people have invested in houses but the investment did not turn out well. All investments carry risks. Investment in real estate is not necessarily a formula for high returns. You need to study the location, price range and your own ability to make the monthly instalments.
Some people invest in stocks and bonds. In order to ensure all your investments are sound, talk to an expert who can help you decide…
It is best to make sure that you have the amount that you are saving for your child three years before he/she is due for college. Keep your money safely for these three years so that there will be no anxiety when the time comes to use it.
If you need professional help, you can consult a financial planner. However, you may ask again……
Is it worthwhile to invest so much money?
While we look at education as giving your child a head start in life, we should still plan well and spend wisely.
How do we know we plan well for our family? We know we plan well when every member of the family is at peace and there is harmony and love between each member of the family.
This can only be achieved if every member of the family is treated equally. There should be no favouritism. Every resource is put on the table and shared.
I have heard of parents who justified an uneven distribution of resources by saying that one child is smarter and “deserve” to take a more expensive course. This act of favouritism has caused many family members to suffer unnecessary hurts and pain. Spending so much money, and yet inflicting pain on each other is just wasteful and unwise.
Planning well means looking into all these issues and motivating every member of the family to work together with peace and joy in their hearts. It also means that over the years from the time when the family begins to save and invest their money, to the time when the children are ready to go to college, each step is watched over by every member of the family. Can you imagine the financial learning that will take place throughout these years? And the best thing is that it is free…..
Coming back to the amount to invest, my advice is always to prepare an amount that you are comfortable with, making sure that every member is given an equal amount.
Education cost ranges from USD$10, 000 to $50, 000 a year or even more. While we may want to send our children to the best university, spending $50, 000 a year on one child when your family expenditure is $80, 000 a year is just unreasonable and unnecessary.
Spending for education should be wise and depending on affordability. Remember, more expensive doesn’t mean better. Plan wisely and be happy.
But yes, it is worthwhile to spend the money. Investing in our children’s education is always money well spent. However, spending money for education is just like spending money for anything else. We should always spend money that is within our means, within our budget and spend wisely.
Other Sources of Help
Besides support from the family, your child can also look at scholarships, financial aids and students’ loan to see him/her through university.
In US, most students will always receive some form of scholarships based upon their grades, areas of interest, athletic abilities and background. A good website to visit will be www.collegescholarship.org.
If your child is studying in US, he/she can also work for a maximum of 20 hours a week on campus. He/she can apply to his/her faculty for jobs on campus. My children have been working as waiters in the campus cafeteria, assistants in the library, tutoring in their senior years, etc. If your child is working outside of his/her campus he/she will need a work permit.
Most places like UK, Australia, New Zealand, Malaysia and Singapore will also allow your child to work part time with his/her student visa. However, he/she will also need to apply for an immigration clearance. He/she can ask the university to help him/her apply for one.
Most banks also allow your child to apply for a student loan. However, I will advise you not to apply for too big a loan. Many students have taken a big loan to go through university and in the end; they have to spend the next 10 years paying off the loan.
I know of a parent who has guaranteed a USD$150,000 loan for his son for a medical degree. Half way through the course, his son found that being a doctor is not what he wants to do. He can no longer back out of the course because of the loan. He spent the next 10 years working in a job that he dislikes because he has taken a big loan. Ten years is too long a time to be so miserable!
If you have no other alternatives, just take a small loan. But my advice is always for you to work at other options first.
Let’s Work Together
I have been working for 35 years in the field of education. I have seen many students grow up to fulfil their destiny and to make us proud.
I have counselled countless parents who are looking forward to seeing their children succeed in life. Let me help you in planning for your child. If you need help in any way, please contact me at siewhua@edugate.com.my. I will be pleased to help you.
