Many parents are still spending millions on their children’s education. They often empty their nest eggs just to get their children a place in the best university, locally or foreign. This was a good thing in the past when such a degree will guarantee a good career and a good return on their investments.
The reality today is very different. A good education is not
only a financially depleting enterprise, it can be very depressing and even
suicidal to some when the good jobs did not come along with the degree but an
outstanding debt for the parents and a child feeling so indebted and guilty to
their parents. The simple equation of pay for a good education and ending with
a good and rewarding job is not working anymore. There are many depressing and
heartbreaking stories of jobless graduates or graduates ended up as waiters,
temp staff, taxi drivers and even security guards. What is the point of an
education, a very expensive one, when the end is a broken dream and joblessness?
Under such circumstances, it is important for parents to
seriously understand the new ball game and be prepared for it, to know what
they want and whether it is value for money. The time and money invested in the
child must be proportional to the returns and the expectations. Study the job
market and find out what jobs go to who and from where and work the sums and
plan accordingly.
Those who want their children to be top civil servants or
millionaire politicians, there is only one route, get a scholarship from the
govt. A PM scholarship is useless, I mean a Papa Mama scholarship would be
unworthy for such a quest.
For those who want their children to be in the banking and
finance industry, there is only one place to go, India.
Practically all the hires in the industry are graduates from Indian
universities. The top guys are from India,
the recruiting agents are from India,
the people doing the interviews are of Indian origins. This is real, and if one
aspires to be a banker, go get an Indian university education. And better
still, marry an Indian and get the right connections. This is a piece of
practical advice, a gem.
Not very long ago, all the Indians who want to be a top
civil servant or minister would want to marry a Singapore Chinese. This formula
is not going to work in the future. The trend is reversing.
And India
is also good for those who want to be in IT. It is a must place to go. Forget
about those top ranking local universities. They are good only on paper.
And for those who are looking for a career in the service
industries, like waiters, counter boys and girls, telemarketing, the place to
go is the Philippines.
They are producing the best and the highest number of employees in these
fields. Even answering services, the best place to go is now the Philippines.
Use to be India.
And the university fees and cost of living are also cheaper. The total cost for
such a degree is probably 20 percent of those in our local universities and 10
per cent for one in Australia,
US or UK.
Now, why would parents want to spend so much in the
education of their children to become a counter service staff or a waiter or
waitress when a degree in the Philippines
will do? And why go to Australia,
UK or US when a
degree from India
is so much cheaper and in demand?
Parents must think out of the box, be practical and
realistic. The world is changing. Get a degree from a country that is
marketable. And now India
is tops and the Philippines
is second.
Good luck to all of you and your children. Hope they will
get their degrees and their waiter or counter service jobs. Of course a cheaper
and better choice is not to waste the money, just be a hawker, no need degrees.