Education, really that expensive?

A friend told me that since I have two kids, I better prepare RM1 million for each of them. I looked at her and said, ‘Stop joking. Why would they need so much money for?’ She said that just education alone would cost more than half of the RM1 million today. Again, I asked her to explain. She said the cost of a foreign degree is now easily RM500,000 for a 4 year course. She quoted Australia. I did some checks online and I think she is right. However, if it is ONLY because of an education and no other reasons such as potential migration in the future, there’s little need to spend to much. There are already options to study within Malaysia for Australian university degrees. UK ones too. The last I checked, even American degrees could be done locally.
Of course, if my kids are extremely good and they got accepted into Cambridge or Oxford, they would most probably be on a scholarship. I am not sure if I would want to pay so much money for their studies if they are just an average student. To be very direct, if I am an interviewer, I would believe someone with a 1st Class Honours Degree from Malaya University is by far better than one with a 2nd class lower Honours Degree from Cambridge. Yes, this is my personal opinion. Oh yeah, after working for a few years, it’s everything about your work performance. I have not seen any of my fellow managers hiring experienced candidates simply by looking at the university from where their candidates graduate from.
There are a lot more which we should provide for our children. However, provide it to them objectively based on what they need and what we could really afford. Understand what’s really necessary and what is not. Give them our time and teach them well. Majority of all my friends and colleagues did not graduate from those top of the world universities. We are all doing just fine and in fact a friend who got a 3rd Class Honours Geography Degree from USM has a business doing so well he could travel the world. Nope, his business has NOTHING to do with his degree at all. All the best, regardless of where you may graduate. However, I will not be spending RM1 million for a degree education. My children would have to be extremely good or they can get a normal degree like the majority of us. I prefer to use the money for quality family time instead. Happy saving!
written on 25 May 2016
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