Rich by Thirty. Lesley-Anne Scorgie

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СКАЧАТЬ education is the safest and most lucrative investment you can make.

      From a “safe” perspective, education is something that can never be taken away from you. And regardless of what you study in school, your education will broaden your way of thinking, expand your skill set, and make you far more competitive in the workforce. Education can also, in some instances, save you from the labour intensity of many jobs that don’t require an education. This may not seem like a big deal now, but a tired and/or weak body in the future will inhibit your ability to continue working comfortably in a job that requires physical labour.

      Financially speaking, according to the National Graduate’s Survey (Statistics Canada) and a 2013 report from the U.S. Census Bureau entitled “The Big Payoff,” when you invest in any type of education past high school, your long-term income-earning ability is a few hundred thousand dollars to over a million dollars greater than a high school graduate’s.[2],[3] So, though the short-term pains of student loans may seem unbearable, it’s worth the long-term gains in income throughout your working career.

      Research has also shown that educated young people not only earn more money, they also enjoy a higher quality of life because they have more choices in terms of career opportunities and lifestyle.

      Back to Joseph for a moment. If he succumbs to the temptation of a seemingly high income now, he will forego the much higher income the mechanical engineering route would have provided him later in life. Plus, his risk of injury in a manual labour job is much higher. In addition to that, he’d miss out on the opportunity to grow his skill set, broaden his thinking, and experience the social connections and friendships that a higher education often provides.

      So, if you’re on the fence about formal education, like Joseph is, weigh your list of pros and cons regarding your future job security, income, skills, and quality of life.

      It Starts Early

      Preparing for and investing in your education should start early and well before your last year of high school. If you haven’t already spoken to your parents about the cost of your future education, ask if they have money set aside for it. If they do, great! Find out how much, to determine if it’s enough. If they don’t, you’ll need to start saving up or brace yourself to take on student debt.

      When I was about 13 years old, my parents sat me down and told me that they would not be able to help me pay for university because they simply didn’t have the savings. Thankfully, my grandmother had set aside some money to help pay my way, but the majority of the costs for my program, living expenses, and supplies would have to be paid by me. It didn’t take me very long to kick into savings “high gear.” I babysat as often as I could and got a job at the local library at age 14. Whatever I earned, I saved at least half, if not a little more.

      Wondering how you can start saving up for school? In chapter 6 you’ll learn how.

      Working hard to achieve your best marks and top performance in extracurricular activities will also help you compete for awards, scholarships, and bursaries, which can be worth thousands of FREE dollars. And great marks combined with volunteer efforts, sports, or musical training will help support your application to whatever educational program you choose to apply for. When you’re finally accepted into your post-secondary program, you can apply for additional awards, grants, bursaries, and more through your campus registrar’s office or library.

      It’s School, Not a Fashion Show

      Feeling stressed about back-to-school shopping? You’re not alone! According to a survey conducted by Visa, North Americans feel frazzled by the crowds and gouged at the till for books, school supplies, and back-to-school paraphernalia.[4]

      Save money on back-to-school shopping by slicing your budget in half, starting early, and getting creatively frugal.

      Before hitting the shopping centre, take inventory of what you already have: pens, paper, notebooks, binders, computer, software, backpacks, et cetera. Don’t buy new supplies just because you want them. This is financially unwise and environmentally wasteful. You can also shop for necessary supplies throughout the year when stores have sales. Many stores will blow out inventory at clearance prices throughout the year to stimulate sales volumes. Get there early before the quality supplies have been picked over.

      Hit up thrift shops, garage sales, neighbourhood clothing exchanges, and websites like eBay or Craigslist. See if you can pick up gently used supplies, computers, furniture, or clothing. Stores like Costco and other wholesalers carry a wide variety of back-to-school inventory at affordable prices. If you’ve outgrown clothes or no longer need old textbooks, sell them on consignment or exchange them with friends.

      Though it’s convenient to buy lunches, try to avoid doing so. Plan packed lunches for yourself while at school. You’ll save loads of money and can ensure your meals are nutritious.

      You don’t need to spend hundreds of dollars on back-to-school shopping. School is a place of learning, not a fashion show. Focus on purchasing essential items.

      Start Working. Start Budgeting. Start Filing Taxes.

      Besides saving up in advance for school, if you’re struggling to cover your tuition tab, get a job.

      Apply for a paid co-op, internship, or a work-experience program related to your field of study. These opportunities are posted on employer and career-centre websites. Aim for full-time work in the summer and a part-time arrangement while you’re in school.

      If this doesn’t appeal to you, spice it up with an overseas work term. When my brother finished his first year of college he applied to an online request for English teachers in China. He vetted the hiring institution through the college he attended, arranged a Skype interview, and won the competition for the position. He spent the next eight months working abroad, travelling and experiencing a new culture. Guidance counselling or career offices at your school will post opportunities for overseas work terms on their online job board. You can also check out online international job boards through a quick Google search. If you find a nifty opportunity, get a reference or two about the organization to ensure it’s a legitimate employer, prior to jetting off. Be aware that most international employers will not pay for your flight or accommodation (at least in the long term), so you’ll need to work that into your budget.

      While classes are in session, work on or near campus. Your faculty, libraries, restaurants, stores, and fitness centres all need staff. If you’re feeling entrepreneurial, turn your hobbies into money: photography, writing, web design, et cetera.

      Student debt is often unavoidable. But by working throughout and saving up your income, you can significantly offset the costs of tuition. This will give you greater financial flexibility after graduation. Plus, working is a great way to meet friends and grow your professional experience. Whatever you do, ensure you’ve got sufficient time to focus on your studies.

      Draw up a budget the moment you’ve settled into your new routine. Using a spreadsheet or online banking budget-tracking tool, list income and expenses (big and small). Apply “financial bootstrapping” techniques to live financially lean and frugal: reduce cell phone bills and dinners out; live with family if it is geographically feasible, if not, live off campus with roommates; and negotiate for better rental rates or move to a smaller and cheaper place. Buy textbooks, laptops, desks, and furniture second-hand. (There are more budget tips in chapter 4.)

      You should also file a tax return. Even though you’re not making significant income, by filing a tax return you’ll be entitled to receive government credits, which can amount to hundreds of dollars in cash every year. Plus, you can claim valuable tuition credits. Unused credits can be carried forward into the future when you’ll СКАЧАТЬ