Creating wealth with tertiary education
Dear Editor,
There are increasing reports about the rising costs of tertiary-level education and the perception that fewer opportunities exist for graduates. Hence, the net present value of university degrees appears to be increasingly negative. Recently, however, the UWI launched another self-funded degree, the Master’s in Forensic Science, with a price tag of US$12,500. This joins law (US$10,000 a year), nursing (US$5,000 a year), and medicine (US$25,000). While these may seem steep to some, basic research will show that they are in fact cheap compared to programmes of similar quality in North America.
So how soon can a university graduate expect to become wealthy after investing that much money in a degree? It depends on how hard they are willing to work – 80 hours a week in the first two decades, according to Oliver Clarke. This invariably means holding at least two jobs simultaneously. There is, however, the real possibility that holding a university degree may make one risk-averse or unwilling, or both, to do “dirty” jobs on the way to becoming wealthy. This must be strongly resisted.
Another related question is, would it be more cost-effective to simply invest that money in a (safe) entity and live off the interest?
Well, apart from the fact that government will not provide student loans for investment, there is some truth to the fact that a university degree leads to innovation and wealth creation.
The example of Yaneek Page who, after completing two degrees and working in safe government jobs, took the risk and started a successful business financing
lawsuits for persons who could not afford them, demonstrates that university degrees can help you to “think outside the box” and create wealth while providing an invaluable service to your community. What is clearly needed is a willingness and ability to take a calculated risk, hopefully with sufficient state and other support to allow the inevitable failures to rebound. Further, entrepreneurial training should be included in all aspects of the university curriculum as true wealth is not generated by working for others but by owning one’s own business.
Maurice Tomlinson
Montego Bay, St James
maurice_tomlinson@yahoo.com