“WHAT do you want to be when you grow up?” is an age-old question posed to children from an early age. Children are encouraged to have dreams and excel in academics in order to fulfil these dreams.

As adults we have learnt, however, that just by having a dream and knowing what you want to become and being the smartest and brightest is not enough to make the dream into reality. A majority of the Jamaican population are not fortunate enough to have parents who will be able to easily finance their education and very little scholarship opportunities exist. There are also the working adults who have dreams of higher education. Education in Jamaica is expensive especially from the high school to tertiary level and becomes even more expensive for individuals who seek higher education overseas.

Many individuals are willing to save for a house or a car but very few save towards their education. For parents who want to ensure that they are able to easily finance their children’s tertiary education and thus help them fulfil their dreams there are several investment options available. I suggest long-term investments for five years or more at a time. Mutual funds are excellent investment vehicles and offer the benefit of lower risk through the mechanism of spreading the risk across the portfolio. Government & Corporate Bonds are other options which when properly utilised can be bought below par and sold above par or redeemed at maturity with coupons being able to offset periodic Educational Expenses. It is best for parents to start investing towards higher education for their children at birth, suggest to friends and relatives that while gifts of toys are fabulous, that you have a fund or account that they can contribute to as a gift which will have a more lasting and positive effect.

The vast majority of those whose parents are not able to contribute to their pursuit of higher education will find themselves in the working world directly after high school. Once in the working world it becomes a real struggle to keep on track and keep the dream of higher education alive. The focus of many is shifted to the dream of acquiring material possessions, most of which will lose value with time and increase their debt burden leaving them with little or no skills to move up the pay grade. Investing in yourself and acquiring the requisite skills that will help you move up the corporate ladder will bring not only fulfilment of dreams but also financial freedom. A myriad of investments are available to help to save for education but if time is of the essence then don’t be afraid to take out a loan to invest in your education.

Like any other investment, investing in education requires proper research and analysis of the risks and expected returns. Some disciplines are in high demand in the job market while others may be less so. Will you be attending part time or full-time, will you be able to make payments to the loan while in school or after you have completed your studies are just a few things to consider. The amount to be borrowed for this investment will be determined by these factors as it is imperative that the rewards exceed the investment. The rewards are never-ending as knowledge gained cannot be lost. Many of the principles taught in the classroom can be applied to all facets of life and not just to the office environment.

To bring us back to basics to remember our foundation, I leave you with this “Labour for Learning before you grow old, for learning is better than Silver & Gold. Silver & gold will vanish away but a good Education will never Decay”. Earning a BSc, MSc/MBA or PHD is the key to opening the door to a pasture of boundless opportunities and will bring about both personal joy and the capability to meet the future needs of you and your family.

Natalie Bennett is an Operations Officer with Sterling Asset Management Limited. Sterling provides medium to long term financial advice and instruments in US and other world market currencies to the corporate, individual and institutional investor.

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