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Overview
In today’s world, higher education has become an important investment for securing a successful career. However, the cost of education, especially in top-ranked institutions, can be a financial burden for many families. This often leads to hesitation and confusion among students and parents about whether to pursue their desired career path or settle for a more affordable option.
In this article, we will share the stories of three individuals who faced similar challenges when it came to financing their education or career transitions. These stories highlight how financial planning can play a crucial role in helping individuals achieve their career aspirations. Each story is unique and presents a different perspective on how individuals can overcome financial challenges and achieve their goals.
#1: An overlooked investment came to help
Recently, a young boy named Rahul and his father from Kollam approached us with a desire to become a Robotic Engineer and pursue post-graduation abroad. Through our Multiple Intelligences Assessment we found he was a perfect fit for such a course.
As the boy did not attend the Joint Entrance Exams (JEE), we suggested that he could attend Kerala Engineering Architecture Medical Entrance (KEAM) or join the best Engineering Colleges under certain deemed Universities with high National Institutional Ranking Framework (NIRF) ranking.
Quality institutes have relatively higher fees than other colleges, and the boy’s father was hesitant to select such colleges, despite the benefits of quality infrastructure, best faculties, internship programs and such.
After a short discussion, we discovered that the boy had a sister who is studying a Level 9 Food Technology course in one of the best universities in New Zealand. She had taken an educational loan for this pursuit.
We told the father that upon completion of the course next year, she was on track to get a minimum package of 45,000 New Zealand dollars (23 lakhs Indian Rupees)! From her salary from the next year onward, she could contribute 2-3 lakhs to her brother’s education. This would reduce their financial burden and pay back her educational loan amount for the first academic year.
This achievable solution brought immense delight to their faces, and it was priceless!
#2: A Marriage vs. Education dilemma
In May 2022, Hema and her father visited us seeking guidance on her career prospects. After completing her BSc in Zoology, Hema was keen to explore new opportunities beyond Zoology or B.Ed courses and expressed interest in the clinical bio-science area to pursue a profession.
During our hour-long discussion, we explored various courses that aligned with Hema’s interests, but the root cause of hesitation was the lack of a proper financial plan. That’s where we came to their rescue!
We suggested Hema join an outstanding college in South India that offered an MSc in Medical Microbiology, which had a good placement record both in India and abroad. Hema was keen on pursuing either a PhD in virology, immunology, or going abroad if she would get a job visa.
However, Hema’s father was troubled about the tuition fees and hostel charges, which was understandable since he had three daughters to take care of. We empathized with his concerns but had a smart solution to offer.
We advised him to use some of the funds that he would have typically spent on Hema’s future marriage to pay for her education. We recommended investing 5-6 lakhs in Hema’s education, and in return, she could earn a minimum package of 16-20 lakhs if she completed the course and went abroad. Not only would it guarantee financial security, but it would also give her a sense of self-esteem, confidence, and reputation.
Initially, Hema’s father was shocked but soon realized that investing in her education was a wise decision. Today, Hema is in her final year of Medical Microbiology, and both Hema and her father remain optimistic about her future prospects.
#3: A quick, reliable career switch is sometimes necesary
Arya from Attingal had a Bachelor’s degree and a B.Ed but struggled with a low-paying job in an unaided school. Feeling troubled and anxious about her financial situation, she turned to us for guidance.
We suggested a nine-month course in Supply Chain and Management, a professional certification that proved to be a game-changer for Arya. Thanks to the program, Arya landed a job in a global supply chain company in Dubai with an attractive salary package. In just one year of experience, she now earns a salary equivalent to that of a UGC professor!
Working in Dubai has not only improved Arya’s financial situation, but also her work satisfaction, standard of living, fitness routine, and overall well-being. This success story is a testament to the value of investing in professional training as a lifetime money tree.
Conclusion
These are just three of our experiences from many that illustrate the importance of financial planning in achieving one’s educational and career goals. Each situation was unique, with different financial constraints and aspirations, but all were able to find a feasible solution with proper financial planning.
It is essential for parents and students to be aware of the financial burden that comes with pursuing higher education and to plan accordingly. Seeking professional guidance and taking multiple intelligences assessments can help identify skills and aptitudes that can guide one’s career path. It is also important to consider the long-term return on investment when selecting courses or programs.
However, financial planning is not a one-size-fits-all solution, and each situation requires a tailored approach. What worked for one individual may not work for another. Hence, it is crucial to assess one’s financial situation, goals, and aspirations before making any decisions.
With proper planning and guidance, individuals can overcome financial barriers and build a successful and fulfilling career.
