It's that time again for many students on the Island, either still struggling with university application forms (so long it is like writing a book) or anxiously waiting to see if they've been accepted at the school of their choice.

It might be said that these are the determined students, the privileged students, the smart students, and the students who are being pushed all the way by their parents. Unfortunately, there are also students in graduating classes (or who have dropped out earlier) who will not be able to attend university. Not any time soon that is, not until they are able to experience the reality of the workforce, become inspired to achieve greater things - late bloomers, so to speak - and pay for education themselves.

Why bother? Is there really something special about a university education? Are those who never received that further education somehow diminished, somehow less desirable as employees? Not at all, because education is only one part of your total personality package. However, those lacking advanced education may admit that the road to success is harder, more complicated, more stressful.

It is a Fact - It is About the Money.

Do you know what you will earn in a lifetime? Most people become quite nervous when asked that question. They are afraid to look inward, because the next question is, what did you do with it all? In the accompanying chart, take a look at the cumulative differences between earning $3,000 and $5,000 a month over a 40-year career, never receiving a raise. Pretty amazing, is it not? Now assume that you will earn your way up the ladder with annual raises of 6%, a bit high in today's job market, but dependent more on the types of jobs and the industry sector. It is well known statistically that a university graduate will routinely start at a higher rate of pay than a high school graduate, say the difference between $3,000 and $5,000 a month, and continue to earn more throughout his/her lifetime. You get the picture - investing in yourself pays human dividends.

The University of Lowered Expectations.

In Bermuda, are there still plenty of well paying jobs in certain fields that do not demand an advanced education? Will those jobs still be there, five years, ten years, fifteen years, twenty years from now? If they require physical strength as well as mental acumen, will the physical strength needed from the individual still be there. Who knows? But how many pulling in good money now are mentally equipping themselves now to transition to other careers later - when their current job no longer exists. Experience shows that every time an individual makes a career change in life, for which he / or she is not readily competent, it takes about three years - five years just to bring those wages back in line with their previous job.

Every career professional who has succeeded this way may acknowledge that it is a tough way to learn (on-the-job training), but for many it is the only way to catch up. The key is, meet the challenge head on, surviving, and thriving. With the proliferation of electronics, games, Internet access, CAD design in construction, computer chips imbedded in every product we touch, everyone, but everyone needs as much continuing education as they can get their hands on.

Outsourcing - the New Anxiety.

There has been much written (even locally ) about the empirical evidence surfacing on global companies outsourcing jobs to less affluent economies, such as those of India, China, Russia. Bob Herbert, New York Times Op-Ed Columnist has been following and reporting on this issue very closely. These second world (are they soon to be first world?) economies are communities with strong education heritages, filled with individuals and businesses who are eager to raise their standard of living. While these articles sound the collective alarms in our very affluent first-world societies, there does not seem to be the same fervour about the responsibility for providing advanced education to every student. There are laments about education standards, but continuous and far reaching bold initiatives to bridge the gap for today's students and adult learners are still lacking.

In a democracy, everyone has a Right to an Education.

We are a democracy, are we not? That right comes with the decision to choose to learn.

Getting that education starts - at any age -with one true thing - knowing how to read. Those adults that cannot read - often through missed or undiagnosed learning issues such as dyslexia as a young person - need to start by telling themselves how smart they really are. Often successfully hiding such a basic fact, they hold jobs, care for families and insist that their own children have what they did not, as much education as possible.

X no Longer Marks the Spot for Young George.

One such man, George Dawson, at the age of 98, decided to learn to read, enrolled in a literacy programme, becoming a celebrated student even featured on Sunday Morning Today. In a touchingly eloquent interview, he said, "I used to be known as Mr. X - and he placed a large X on the paper. Today, I sign my name with dignity, George Dawson." The grandson of slaves, as a boy George had to go to work to help support the family. He never attended school or learned how to read, yet he learned instinctively how to read the world and survive in it. Using an inner discipline all his life, and now 101 years young, he has written a book, "Life is So Good." (available through www.bookmart.bm http:www.bookmart.bm in print and audiotape). Every morning he says, "I get up and I wonder what I might learn that day. You just never know!"

For those of you who think it is impossible to learn, that it is too late, I say, never, never, never. The opportunity to invest in yourself is always there. Follow your dreams and make it happen. And think of the money! Don't mind me misquoting Satchel Paige, How smart would you be, if you didn't know how smart you were?

lNext week, ways and means to get an education.

Martha Harris Myron CPA CFP? is a Bermudian, a Certified Financial Planner™(US license) practitioner, VP and Manager, Financial Planning at Bank of Bermuda. She holds a NASD Series 7 license, and formerly owned a US financial services practice meeting the needs of 400 individual and corporate clients.

Confidential Email can be directed to marthamyron@northrock.bm

The article expresses the opinion of the author alone, and not necessarily that of Bank of Bermuda. Under no circumstances is this advice to be taken as a recommendation to buy or sell investment products or as a promotion for financial plans. The Editor of the Royal Gazette has final right of approval over headlines, content, and length/brevity of article.