Formal Education
and Wealth Education
Formal education is very important. Informal education is very vital. Formal education is the type of tutoring we receive in many places e.g. from Nursery to Tertiary Institutions. In this type of education, certificates, degrees, diplomas etc are issued to evidence participation after one must have passed the prescribed examinations.
Informal education include short term courses, seminars, professional bodies organised mandatory continuous education programmes, self-study programmes, home trainings offered to children by parents, discussions held generally from people etc.
Of these two major educational segments, wealth education, at least for now, falls under informal education.
One thing that needs to understood is that both education systems offer 'knowledge' which is very important to success in anything we undertake one of which is financial success. It is only now that we are beginning to realise that formal education does not necessarily lead to financial success. Except for those who read professional courses such as architecture, law, medicine, pharmacy, etc which lend themselves to instant practice thereby unconsciously bringing out the enterprising nature of their practitioners, almost all other courses will only render their patrons to 'slave labour'.
No matter how fat salaries may be, they are only good to start life with, but never something to depend upon for wealth creation. You may cultivate a good savings habit, but surely increasing expenses will not permit you to save more than a certain proportion of your income. Unfortunately, wherever you invest such savings, it is subject to inflationary movement - upwards or downwards which render its returns unreliable. The only sector I know for now renders good returns is something like the real estate because of its tendency to appreciate over time. But land is not what you can hurriedly dispose whenever you need cash so your expectation at maximising profit might still be affected but it is a reliable safely invest PART OF your income that you will not be needing under emergency.
Salary earners who do not create alternative sources of creating wealth through such incomes, can never be truly rich in the real sense of the word. Unfortunately formal trainings don't teach wealth creation procedures. Another unfortunate thing is the wrong orientation we all earlier in life have about formal education as an end in itself instead of a means to an end. An average person wants to be educated so he can gain good employment and work till retirement, then survive on pension. It worked for many but failed for majority of people thereby leading them to end-time poverty in their old age! It is even worse now that employment opportunities are fast dwindling now in the labour market!
Wealth
