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Purely on a return on investment perspective, we must evaluate the cost of formal education versus the lifetime cash return to the graduate. Let’s discuss school costs. Presently, even graduates of the so-called high-end schools are having a hard time finding jobs. There is now clearly a large-scale mis-match between what our economy needs and what schools are turning out. Many continue to take or send their children to take courses with no serious economic potential other than perhaps getting employed with a reasonable salary. Getting college degrees are no longer as imperative in securing gainful economic activity after graduation. Being creative and logical with a facility for communication seems to be the order of the day. Entrepreneurial education founded on liberal arts is, today, the key to personal economic success. Liberal arts teach us to how to think and assess, to define problems and arrive at solutions, to create and add value. More importantly, it develops a mindset that forms the seed of our intellectual capital, which for most of us, is our only true capital in this life.

If we accept this premise, securing “profitable” education need not be concentrated on formal schooling. We can then even have the option of combining formal and non-formal schooling at very low cost. Two-year communication arts courses augmented by practical vocational and small business training can reduce your educational investment by as much as 50%. Though you or your children may not initially have impressive degrees, they can nonetheless be awarded diplomas and/or certificates of a recognized educational attainment at their chosen time in the future. We should open our minds to the practical norm of taking more time in formal learning but getting more practical experience “on-the-job.” Such combination of formal and non-formal schooling would actually impart more real learning and develop a more serious entrepreneurial aptitude. The big advantage in this approach is that our children will be able to use their time with “hands-on” education. Learning could then really be enjoyable and fun!

FRANCISCO J. COLAYCO is an entrepreneur, a venture developer and financial advisor. He has over 40 years of experience that covers service contracting in the Middle East, manufacturing, trading construction, shipbuilding, management consulting, banking and financial services. He is the Chairman of the Colayco Foundation for Education (CFE) and the author of bestsellers: Wealth Within Your Reach (2004 National Book Award for Business and Economics), Making Your Money Work (Nominated in 2005, National Book Awards Business and Economics), Pera Palaguin Workbook and Money for Kids. The books are available at National Bookstore, most other bookstores or directly from CFE. He joins our website blog to share with ordinary income earners, Overseas Filipino Workers (OFW) and students the simple principles to "Save what you earn and grow what you save." CFE conducts talks, seminars, and workshops. “Managing Personal Finances For The Future” a seminar-workshop developed in partnership with the Ateneo Graduate School of Business, Center for Continuing Education. June 21, 2008, Saturday, 9:00 am to 6:00 pm. For registration and inquiries, please call Marleth Calanog at 830-2050. CFE is also the producer of the PISObilities DVD series, available at your favorite audio-video shops in May 2008. Learn more about the advocacy at www.colaycofoundation.com, email info@colaycofoundation.com, via SMS +63917-8537333 or through (632)637-3741.