When it comes to getting the skills to run your own business, or the education that will provide the knowledge and qualifications you need to land a higher paying job, often the cost can be your biggest hurdle. However, I believe in the saying, “where there is a will, there is a way”. And fortunately, the funding is available to allow you to start now.
Remember, you don’t go to work to sit in traffic for hours, or to be jammed in like a sardine on public transport in peak hour. Do you really want to stare at a computer all day? Do you see other people get the promotions you want? Perhaps you are out in the elements all day – how numb are those fingers on cold days?
Maybe it’s time to do something different?
We all have a big WHY, or a vision for our lives that drives us to do what we do each day. And, regardless of what you may think, you are not doing what you do just for money. The reason will be something that the job or money gives you. So what is your WHY?
Perhaps it is to have the lifestyle you’ve always dreamed of, to somehow make a real contribution to this world, to buy that house you always wanted, to send the children to the school of your choosing, or maybe travel the globe and spare no expense.
Whatever your biggest driver, increasing your knowledge in a particular area, or getting extra qualifications, can unlock the potential in you. So, what skills and knowledge do you need to get what you want?
This reminds me of something Joe Hockey said recently, which went along the lines of, “if you want to afford a better place to live in, get a better job”. This may be easier said than done. Try running a household, spending quality time with children, working full time, and then on top of all that study to lift your skills. And, what if you’re a single mum? It makes you wonder, what world does Joe live in?
However, in one sense he is right. Greater opportunities come from getting the right skills or education. Doors opened up for me over the years because of my knowledge. I have been able to do some great things, and to work with and assist amazing people, which is extremely satisfying. Also, once you have the knowledge, it’s yours, which means that you always have choice. For me that is important. Question is, what is most important to you?
Remember too, these days it is very competitive in the workforce and employers are looking for the person with the right qualifications, abilities, and personality for the job. The hurdles in getting a job are becoming higher and competition is fierce. And, at times you may see a great divide between where you would like to be and where you are. However, you can cross it.
So, is your current job or business the right way to get what you want, or do you need to gain more skills or education to bring it within your reach? Imagine what a difference an extra $20,000 or perhaps $50,000 could make to your life? That said, more education doesn’t necessarily translate to higher pay. So be clear about what you want and why you want it.
Making the decision to increase your knowledge and skills may mean you choose a university degree. Or perhaps, online learning at a TAFE, or the many registered training organisations (RTOs), to get a Diploma. The great thing about online learning is that it is accessible to everyone, and there’s no need to travel late at night to attend classes, you can do it all at home. So, talk to people who are already doing what you want to do to get ideas.
You may be thinking, “it’s fine to dream, however someone has to pay for my tuition”.
Your employer may be willing to pay for or subsidise your study if it’s going to provide a benefit to the business. In some industries, such as the financial industry, you may even be required to keep up your knowledge to stay qualified.
To fund your studies, FEE HELP or VET FEE-HELP may be your answer, and a way to cross that divide to achieve your WHY. This is a loan scheme that assists eligible fee paying students to defer all or part of their tuition fees. HELP stands for Higher Education Loan Scheme and is a government initiative.
I am familiar with VET FEE-HELP as this is available to students of the Wealth Within Institute who are studying our Diploma and Advanced Diploma of Share Trading and Investment. With VET FEE-HELP you need to be aware of a number of conditions, including that you must be an Australian citizen, or a permanent humanitarian visa holder, who will be a resident in Australia for the duration of the unit of study you are seeking funding for.
You can refer to the government website Study Assist for information about FEE HELP and VET FEE-HELP. You can also find information about VET FEE HELP at Wealth Within.
You need to be aware that there is a limit on funding, however the number may surprise. In 2015, the FEE HELP loan limit is around $97,728, which is likely to allow you to study the course of your choosing. Note, this balance is not replenished once you have drawn on it. So, if you have incurred a study debt in the past, then your FEE HELP limit will be reduced by this amount. The FEE HELP limit is the total amount available under both FEE-HELP and VET FEE-HELP schemes.
Whilst for VET FEE HELP there is no interest, a 20% loan fee is charged, unless you are enrolled as a subsidised student by the Victorian government. Some prefer not to incur the additional costs. So, if you have the money you may be better off paying the fees upfront, or pay part of the tuition upfront and the remainder through FEE HELP, provided you are eligible. However, also consider that you don’t start paying the loan back until you earn above around $57,000.
I would strongly suggest that you do your own research and be fully informed. And, remember to speak to an accountant before you sign up for any course as there may be tax consequences. If there is a direct connection between your work and study you may be able to claim tuition as a deduction. You can also refer to the Australian Taxation Office (ATO) website about claiming self-education.
Janine Cox is the Senior Analyst at Wealth Within.