By David Reynolds
www.powersecrets.co.uk
People in their early twenties can’t defer retirement planning if they want a reasonable lifestyle in later years. But young people today face a fi nancial situation similar to ‘The Perfect Storm’. The elements are combining to create conditions that sink any hope for school leavers to achieve fi nancial independence during theirlifetime.
A common problem is deciding whether to continue education beyond A-levels and face university tuition fees and student loans or takean alternative route.
Those who want to study medicine, law, engineering etc, will have to go to university but their earning potential will enable them to repay their debts. However, with graduates owing as much as £30,000 we should stop encouraging higher education for all and be more selective in determining who will benefit. Unless the result is a valuable degree, it is reckless to begin working life with a massive debt resulting from study that will have little impact on eventual earnings.
Many graduates with mediocre degrees struggle to fi nd employment. Parents who spend tens of thousands funding university degrees should consider investing that money for their children in other more practical ways. A potential student can get a head start in life by saving instead.
We have to change the stigma attached to not attending university. The pressure and expectation of continuing education needs to be reappraised. For most young adults it’s entirely possible to achieve success in life without a degree. The diff erence is attitude, focus, enthusiasm and a good work ethic.
There are employers who accept the responsibility of formal career development programs and more companies should follow suit. The employer may argue that a degree is evidence of a job applicant’s intelligence, but perceptive interviewing can reveal the same. If employers think that a degree is essential, they can contribute to fees and give time off to employees.
The prospects for a successful future are as good as ever if you plan the right course whether that be university or otherwise.
In the meantime we should campaign for companies to take a more enlightened view on recruitment and ‘hire for attitude and train for skills’.
Below are ten tips for today’s school leavers who are in doubt about taking the going-to-university default.
Think about what your skills and aims and determine the most sensible course for you. Bowing to peer pressure is not a good strategy.
- Seek advice from qualifi ed, unbiased people – not just mum and dad or family friends.
- Get a job with a reputable company, regardless of size or poor pay. It’s about experience, developing skills, gaining confi dence and developing a reputation. You’ll move on to better things before too long.
- Be an ‘extra miler’. Have a great attitude, enthusiasm and develop self discipline.
- Start thinking longer term about what you want to do. Plan three to fi ve years ahead.
- Find a mentor. Most successful people attribute some of it to another person. Begin to set specifi c goals, both for your careerand life.
- Stand out from the crowd, rather than being infl uenced by them and choose your friends and associates with care.
Finally, and I wanted to put this at the top of the list but modesty prevailed, read my book ‘Power Secrets of the Rich and Successful’ It’s taken from the best university of all….the University of Life! It’s a proven guide to Wealth, Health and Happiness.