Category: Education

 

I wanted to use this post by reflecting on my past and comparing it to the present. Since graduating from business (Marketing major) school seven years ago, I gained some pretty insightful experience with seven years in the real working world. I enjoyed school and continue to enjoy learning. I suppose I will be a student for the rest of my life in some fashion. Deep down inside, I’ve have the desire to do my MBA at some point, except I haven’t come to the conclusion on what would be my true reason for doing it.

Despite the desire for doing an MBA, I would still have to get my university degree, since I only have a communications degree. Time comes in as a factor.

Even though I enjoy education a lot of money, finances are a big deciding factor whether to further your education for most of us. Schooling is not cheap by any stretch of the imagination.

I’m certain that I enjoy learning, even more so I enjoy the business world and have always had a knack for business. I fondly remember taking all business classes throughout high-school, majoring in Marketing in college and being lucky enough to have had a job in the same field for the last 5+ years.

Despite my educational background and a passion for business, reality is different. And as much as I’ve learned in school, I have equally as much learned on my own.

Here are 7 things that I never learned in school which I learned on my own:

1. Networking is your secret weapon

Working hard only gets you so far, but getting in touch with the right people and spreading the word about your self or your business takes you to the next level.

You can create all the nice brochures, have the fanciest business card and the most creative website, but without putting your self in front of your targeted audience, all the above will only get you so far.

weapon, gun, babe, woman,sexy,bikini

2. Greed exists everywhere

Very few people in today’s world are willing to help. Everyone talks the talk, smiles politely, yet would rather give up their soul than to offer a helping hand. And, we ask our selves why? Simply because they are afraid of competition, you becoming more successful.

Greed is very real and exist everywhere. No one said the game is fair and I’m the first one to say – “Don’t hate the player, hate the game”.

I’ve won and lost business deals, been ripped off, copied and at times even humiliated. Despite the downfalls, everything was a learning lesson.

players, haters, basketball, business, life

3. Traditional Marketing is so old school

Today’s technology and web-based applications  have a paved the way for entrepreneurs to do business on a less invasive and more human level. Long gone are traditional ways of doing marketing.

After centuries of traditional marketing, end users have grown so accustomed to the tactics. And after seeing years of the same tactics, end-user buffers, filters and ignorance has grown, making it ever more so challenging to find fresh ways of reaching out to potential clients.

4. You’re going to work with people you don’t like

People can be a pain in the ass. Furthermore, they can be selfish, unaware, senseless, lazy, irrational, irresponsible and downright stupid. And sadly, we still got to work with them.

Due to this, it’s no surprise so many people venture out to become their own boss. Surely it’s a lot more work, longer hours and less vacation, but the trade of is that you have the final say at the end of the day. Your success is solely dependent on you and how hard you push your self.

Most importantly, I love being an entrepreneur because I get to sell something that I can call my own.

Finally, accept the fact that not everyone is going to like you and that you won’t like everyone. Just be your self.

stupid, people, dumb, work, co-workers, employment, job

5. A college or university degree alone is not enough

World is ever changing and in order to stay in tune, continuous education is a must.  I got a college degree and that was 7 years ago. When I attended college, they didn’t have twitter, social media and blogging. None of that existed.

I learned all that through the school of self taught. I committed my self to more education, greater discipline  and to always be a continuous learner.

I firmly believe that the most successful entrepreneurs in today’s society are life learners, who strive to learn and better them selves for the sake of taking their business to the next level.

learning, education, continuous learning, further eduction6. Advanced computing stretches beyond the email

I always had a knack with computers and enjoyed fixing them, but never really had a desire for advanced computing. Then I started a few website projects on my own and learned a shit load about PHP, WordPress, programming, CSS and FTPs.

Truly I had no desire to learn any of this stuff, but I was forced to enter the school of self taught. And, a year or so later I am so stoked that I took the steps to learn all this stuff. Now I manage multiple websites, know coding basics and all the stuff in between. I know that I’m not great it, but at least I can do the basics by my self and sometimes with the help of YouTube, without having to always rely on someone else to do it.

nerd, computers, computing, educating, reading

7. Create success and value simultaneously

Success is something that takes time. In school success is defined by  good grades and earning that diploma at the end. In the business world, success may be represented by record sales or a better than expected product launch.

And once success is achieved, the next battle is keeping that success going by stretching it out as long as possible.

Finally, success is nothing without value. Building value within your business or more importantly creating your self to become a valuable person, will go further than success.

Talking with some friends over the weekend, who expressed that the value of communication & liberal art degrees is useless. A perfect example of this would be graduating from University with a major in English. What job do you get? It’s not like getting a degree in Finance, that you hit up the financial sector and search for a job in Finance. Since most of the friends agreed mutually that most communication and liberal art degrees are useless, I argued the case. Being a rebel that I am, I felt the need to defend my communication degree.  I went to college and received my diploma in Marketing. I have that communications degree as it’s called now a days.

I started my post-secondary education in University.  All through high school I believed computers was my thing. I excelled in them. Took every single IT class there was. University was a different story though. I got into University for Computer Programming, but going from a class of 20, to a class of 40+ & I felt out of place. By the end of first semester, I had also realized that University, nor the program I was in was for me. I finished the year off  & dropped out at the end of it. I took the summer to decide my plan of action. I opted to go to College  for Business, eventually majoring in Marketing. This was one of the best decisions I’ve ever made, yet looking back today, I’m glad I made this move when I did.

The same group of friends agreed that communication degrees and liberal art degrees are useless for many reasons; “market is over saturated with communication and liberal art degrees”, “you get nothing out of these degrees” and the best type of job you can gain are those “entry level & low paying jobs”. Say what? I regress. I was once a communication student, who happens to be on his 2nd job since graduating 6 years ago. This communication student also happens to be with the same company for the last 5 years, has gone through 2 promotions and half-dozen salary increases. Narrow minded people really bother me, but than again their narrow mindedness just shows the box world that they live in. Oddly enough I found it particularly funny, that this was coming from two people with not even a sniff of post secondary education.

Somehow I argued the point from a mild stance, but rather shared a laugh in a scary yet very factitious tone. Who am I kidding? It killed me inside, but I knew it just was not worth it to argue, on who’s right or wrong. Were all entitled to an opinion.

Jobs are  out there. Every corner, newspaper, job shop, online-job site offers advertising, marketing, administration, journalism, executive assistant, personal assistant and more. So what are these? Oh yeah, communication and liberal art degree jobs.

I’m not surprised that there are some who argue that communication and liberal art degrees are useless. There are also those, much like my self, who traveled the same path of post-secondary education in communication and are doing exceptionally well.

In the same breath, I’m happy and proud of my education. It has gotten me exactly where I wanted to be five years ago. Living a comfortable life, owning a home & car, having enough to save for the future and equal opportunities for a better  job.

At the end of the day I firmly believe any education is better than none. We all do what’s right for us, even if that means getting a “lousy” & “useless” communication degree. Like any education, it will give you the basics for the real working world. Research, critical thinking, utilizing different resources and so on come to mind. Your success solely depends on you and how hungry you are. In any economy jobs are out there, just waiting to be filled. It’s up to you, as the individual to market your self, your education, life experience and job experiences accordingly.

Eddie

As a student I fully took advantage of every tax benefit available to me and thanks to a great accountant who made sure I got a max refund in return. Truthfully I loved filing  taxes as a student, because I was guaranteed a good check in return. A combination of savings, a hefty tax return and a little help from my parents ensured I did not borrow much for schooling, aside from my first-year in university, but that’s a whole other story for another time. Government of Canada offers a lot of tax breaks for students, giving everyone a fair opportunity to get an education. One of my favorites was the ability as a student to carry forward unused credits, from one year to the next. Furthermore, any unused credits can be used even when you land your first job against the income you earned. Pretty sweet deal I think, but there are even more basic tax deductions for students, below is a list of some of them.

 

Tuition Tax Credits

As a full-time student, you can claim upwards of $400 for every month you are enrolled in school and part-time students can claim up to $120 for each month they are enrolled in school. The educational institution will issue a T2202 or T2202A form, which is essentially proof of enrollment in the school. If for some odd reason they don’t offer this up, make sure to ask for or you might be SOL. Another beauty of tuition tax credits, is the ability to transfer them to parents or grandparents. My self and my brother both did this, in order to help our parents offset their income and give them a tax break. You can transfer up to an amount of $5,000. The untransformed amount or if no amount was transferred, can be carried forward as a tax credit to use in next year’s tax season. The beauty of this was, that we all got hefty returns.

Textbook Expense

Full-time students can claim up to $65 per month for textbooks, while part-time students can claim $20 for each month they are enrolled in school. It does not seem like a lot, considering the average cost of a text book is well over $100, but it all adds up in the end. Trust me. Schedule 11 should be attached to the  tax return to claim this.

Withholding Tax

Most students earn a part-time income, but since this income is so small each year while in school it is typically not taxable. The student should ensure through their employer that no withholding tax is deducted from any income they earn.Most students should be able to earn upward of $16,000 (not sure if this number has changed)  before they become taxable, thanks to the basic personal and other tax credits available.

Tax-Free Scholarships

In 2006 the government introduced no taxes to be paid on fellowships or bursaries. Previously, students would have to record this as income to be taxed during their tax return, but not anymore! Thanks to the Federal Government. I wish they had this when I went to school, but at least one member (my brother) is getting the benefit of this as he does not have to pay for his $1,000 scholarship per semester. Lucky bugger!

Moving Expenses

Students can claim certain moving expenses if the move to school, or home again, is at least 40 kilometres. The deduction will be limited to the income earned in the new location, which can include taxable research grants and employment So that being said, a part-time job while at school may be a good idea to enable this deduction.

Transit & Other Costs

Students who drove to school (like my self) can claim the expense of per-semester parking pass. As we all know, parking at post-secondary institutions is a total money grab for the school, which can sometimes run up to $700+ per semester. For those of you who take public transit to school, make sure to save every receipt from tokens and tickets purchased to travel to and from your educational institution.

Readers; As a student, did you or do you fully take advantage of available tax credits?

Eddie

Student-Debt-College-University-Loan-MoneyAfter some great discussion that ensued from my first post; The Diminishing Value of Your Degree a question stuck out with me that I wanted to touch upon; Your Degree  – Is It Worth the Debt? A tough question to answer, but an interesting question never the less. Since roughly only 10% of post-secondary students don’t take on any debt for schooling, that leaves the other 90% of them in debt after they graduate. This debt is compromised of tuition fees, books and in some cases residence, if they are living away home.  One thing to consider, is the amount of debt you will come out after your graduate. How long will it take you to pay back? or will you ever pay it back? Long gone are those days, where we studied and graduated with degrees on subjects that we are passionate about. You wanted to become a lawyer or a doctor, because that might be your strong suit. You enjoy helping others and of course money is great too. That was then and in today’s world that we live in, one must put their passion second and put in the forefront the best value. A value in terms of a degree that will not only land you a job that is in demand, which will put food on your table and a roof over your head for years to come.

Reality Check

Today’s job market is shaky and that’s no secret. Anyone pursuing a degree or diploma, should do their research. Instead of chasing a career that pays well or a subject that you are passionate about, you need pursue a career in which you will be able to obtain a job when you graduate. Even with most careful research, who can predict if your field of study will be in demand in four years time when you graduate. Like they say; “Nothing in Life is Guaranteed”, but there is also a saying “Life is What You Make of It”. Think about it and do your research, work out the numbers and don’t be a follower. In any job market, those most successful are the ones who separate from the crowd and distinguish them selves from the rest. Also to keep in mind, is when taking out a student loan, to how much you will be taking on. The simple rule of thumb is not to take out more student loan (debt), than what one will earn in salary in their first year.

Increase in Tuition Fees

Each year tuition fees are on the rise, with no true logical explanation.  Canadian full-time students in undergraduate programs this fall paid 4.0% more on average in tuition fees for the 2010/2011 academic year than they did a year earlier. For school year 2009/2010, tuition fees increased 3.6% for that year. That’s a 0.4% increase in 2010/2011 from 2009/2010. On average, undergraduate students paid $5,138 in tuition fees in 2010/2011 compared with $4,942 a year earlier. This is the national average. In Canada, tuition fees vary from one province to the next. Province of Ontario being one of the most expensive tuition fee provinces. It does not pay really to go study at another province, because what you save in tuition, you will make up in paying for shelter.

Canadian undergraduate students paid the most tuition in the field of Dentistry ($14,701/year in 2010/2011) followed by Medicine students who paid $10,244/year and Pharmacy students who paid $9,250/year for the 2010/2011 school year. MBA program tuition fees are through the roof as well, with the average MBA program costing $25,000+ per year.

One interesting aspect to note, is that during the recession in 2008/2009, everything was down, from the Real Estate Market & Stock Market, including a significant spike in the Unemployment Rate and even then the tuition fees rose. Interesting enough, yet sad at the same time. Even since then, tuition fees have continued to rise., with no logical explanation.

*Source for Data - Statistics Canada

Your Degree is the New Mortgage

It’s no secret post-secondary education was much more cheaper, affordable and valuable 30 years ago. When our parents attended schools for higher education and graduated, very few of them had any school debt. And the ones that did have some debt, it was very minimal, like under a $1000 minimal. In today’s world, some students come out with their degree and over $100,000 of school debt. And what do they have to show for it? Virtually nothing. They spent 4 years or more of their lives studying hard, countless sleepless nights, paying faithfully their tuition fees and now that  they’re done, they don’t even know if they can get a job? Who cares about the job. You’ve got to worry about paying down that mountain of debt you’ve accumulated over the past years. The government does not care if you have a job or how you will get one. University does not care, they got paid and government will get paid too, one way or another.

It always made me laugh, when colleges and universities post their annual job success rate.

“York University, we have 98% job success rate” or “Here are Sheridan College, 97% of our students find a job after graduation”

Sure one will find a job, but what kind of a job? Working drive through at Tim Horton’s? If that’s the case, one did not need to take on the mountain of debt to get that job.  Instead the average student comes out of post-secondary school with a mountain of debt, almost as much a mortgage on a home. It’s no wonder that in the society we live in, the new mortgage is the debt one accumulates due to tuition fees in their post-secondary education.

In the end, I wanted to share a pretty cool 1 hour documentary (check it out below), which was recommended by my fellow blogger Young from Young & Thrifty. She also wrote a similar post on post-secondary education called; Going Back to School – Is It Worth It?

 

So I ask you, the reader; Your Degree, Is it Worth the Debt?

 

Eddie