Should your career choice be up to your parents?

career choiceWALK YOUR OWN PATH IN LIFE

 

When trying to pick a career choice for the rest of your life it’s not an easy task for someone who may still be a teenager and still in high school.

The reality is that many people go on to change careers over the course of their life for many reasons.

Does money and success buy you happiness?

Sure, everyone wants that great career that pays out more money than the actual amount of effort put in. However, not everyone is built the same and one persons passion will be different from another.

The work ethic, studying philosophy and creativeness begins at an early age, depending on what your child finds an interest in.

I can quite easily say that there is also some inherent genetics that play a part as my own brain and interests are definitely similar to my fathers.

 

How to encourage your child

 

I can remember as a child growing up that my parents had obviously seen that I had an interest and certain developing skills that led them to encourage and pursue similar activities for me.

They also bought toys and encouraged my interest in activities related to it. It’s important as a parent to be mindful of what your child does and how they progress through the stages of life. If you notice your child loves to sing ask them if singing lessons or joining a choir might interest them but don’t force them into it.

At the time, I never thought much of it. Looking back now, I can see how this attention has had an effect on what I’ve chosen as a career choice.

Reading with a child can also encourage creativity or practicality, which is a shame as I didn’t inherit the same passion for reading fiction that my mother has. Don’t get me wrong, I enjoy reading. My reading habits tend to be more practical, manuals, numbers and facts and figures.

 

Career choice

 

Choosing a career for kids at an early age is pressurizing your desires onto your children in the hopes that they might be more successful than you. As adults we already know how hard it is in the real world and how much it costs to pay for bills and keep a roof over our heads.

We want out children to be successful with money because then we feel that they are taken care of financially if they make all the right moves. That doesn’t often happen or it backfires on some parents who force life on their children rather than guide them.

Many parents today if they have the extra money in their budget put money aside in a Registered Education Savings Plan (RESP) through the government so that the child has less of a financial burden on them when they go to school.

This by no means should be used as a way to force your child to become a doctor or put into a career that they don’t want to do.

Some parents force what their child must pick for a career choice but this might only bounce back and hurt them in the long run. They won’t be happy.

Other children must take out Ontario Student Assistance Program loans (OSAP) if they don’t have enough saved for their career choice education which must be paid back after their education is completed.

Not all children want what their parents want from life and it’s not right to force a child to be someone they don’t want to be.

What if you have a successful family business and expect your child to take over and they don’t want to but you make them feel guilty about it? Is that right? No.

I’ll always remember that my mother was supportive of the fact that whatever I chose would be the right choice. She said “do whatever makes you happy”.

My parents owned a few businesses that were successful while I was young but I certainly was never pressured to run them for life or start my own.

I’m thankful my parents didn’t tell me what I had to do for a career choice but allowed me to make my own decisions and mistakes in life even though they guided me along the way.

 

Best career choices

 

When I was at school in the UK at around the age of fifteen, we had to complete a career assessment test which was a standardised set of questions.

You filled in the descriptive and personality type statements with a pencil. From there it was all fed into a computer and it printed off the possible results for suitable career choices.

Sounds simple enough although it’s only a guide for you to make your final decision on what course to apply to.

As I understand there is or was something similar here in Canada in the Colleges and Universities where choosing a career quiz or career choice test is available to potential students from the guidance counselors and basically ran in the same manner.

Things may have changed since my wife went to school but this is what she remembers of her time in the education system in Canada from a younger age.

 To be honest, I don’t think anything on my career choices struck me with an interest.

At the time, we had a family business of which I did not want to take on although I helped out a lot while growing up. I always had a strong work ethic and certainly didn’t mind putting in the effort to achieve what I wanted.

I was one of those children who didn’t really know what I wanted to do, yet some kids at our school were hell bent on being a doctor or an architect.

I know for a fact that more than a few of those people are working in the fields they saw themselves in all those years ago.

Some of my old friends aren’t as happy as I would have thought though. Just because you made a career choice early on in life and pursued it with a passion doesn’t mean it’s going to make you happy.

Your passion may end up leaving you because you do it on a daily basis. You may also find that you look back and wish you did something that you didn’t or you failed to complete a course that today would make you very successful.

 

How to guide your child

 

There will always be a family influence on child development from what career the parents have to what the child’s siblings are interested in or studying for.

When I struggled with math, my father would write out multiple sheets of questions after explaining where I was going wrong. My mother would always correct my spelling and grammar when my use of the English language failed me. I was lucky to have parents who took an interest in my education and wanted to see me progress as best I could.

That was just correcting mistakes or building up general education. Guidance came in the form of exposure to different jobs, talking about what I liked about each one and then thinking of something that may suit me better. Either way, whatever I chose as a career choice they always backed me 100%.

We didn’t have lots of money at the time so they couldn’t pay for my further education. Today is a different story because what my parents worked hard for all those years is coming back to them. Earning money may take time but it also requires effort and hard work. They did support me though and encourage my chosen career choice path.

They left me alone when I had large projects to complete and hand out advise when they thought something might not work, not criticize my attempts.

Going my own way and turning to my parents for advice and support over the years has led me to where I am now, happy.

We’re not rich, but we are hard-working. We may not be the smartest people in the world, but we’re on the road to being successful enough to live well and hopefully retire early.

Life is not easy but we all have choices and although they may not be what we want we have to do what makes us happy. If going back to school again is something that will make us happy then find a way to follow your dreams.

I had to start over with my career choice when I moved to Canada and sure it was a struggle and we had to give up lots of luxuries but we did it. Like my friend Ian who also went back to College at age 30 it was very intimidating, stressful and challenging but I never let that get in the way.

Never doubt yourself and try not to think so far into the future because you might just plant the seeds of negative thoughts on goals you want to achieve whether long-term or short-term.

If you just believe in yourself the rest will follow because everything works out the way it’s supposed to be.

Did your parents guide you into a career or did you make your own career choice?

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Book Review-Money Smart Mom-Financially Fit Parenting

A Book Review of Financially Fit Parenting written by Author Sarah Deveau

As you may already know Mrs. CBB and I have no children as of yet. We are hoping to have a child one day soon and this book was an excellent guide to answer some of our questions. When we hear about children and money we automatically believe it will cost a fortune to raise a child. That may be the case but if you plan and budget your money it may not be as bad as it sounds.

Sarah doesn’t miss a beat in this book offering tips on everything from making the decision to have a child all the way to budgeting and saving for the future.  All soon-to-be or wanna be parents like us should read this book and make notes and lots of them. You will learn everything you need to know about parenting tucked into this well planned out guide.

One of the most important topics is preparing for one income and adjusting the budget to show this change. I often have mothers asking me how they can budget while on maternity leave  and I often tell them to “live it” before the baby arrives. What that means is sort out a mock budget using as many figures as you can and live from one income to see if can be done. If not then you will know ahead of time what needs to be changed. Some parents decide to stay home for good and not return to work and this helps you to make a sound decision. It’s important to understand the basics of maternity and paternity leave before you set any plans in motion.

Sarah goes on to explain that  ”after running the numbers,many families find that it just makes sense for one parent to just stay home with the children”.

While you are staying at home you no longer need to spend money on items such as work clothes, lunch, coffee etc. These out-of-pocket expenses that you won’t be spending need to be taken into consideration when budgeting for a one income family.  You both need to sit down as a couple and make a list of all the important details of  your budget. Make important adjustments to see if it is a realistic expectation to stay home and still pay all the bills.

Another money crunch in the budget when having a child can be all the baby items you need to purchase. I know that Mrs. CBB and I were terrified about all the baby stuff on the market. We truly thought how are we going to afford all of this stuff. Sometimes we walk through the baby section at the shops and the prices scare us. The sheer amount of gadgets on the market can really add up in the budget.

Sarah warns that they grow up fast, remember this speedy development also means they grow out of things equally as fast.

You can easily take advantage of the vast amount of garage sales in the summer time to find anything and everything baby related. You can scour the internet or mom to mom sales for cheap baby clothes and then some. When your child grows out of  things you can turn around and sell them to another parent. You can also take advantage of using coupons to stockpile diapers,bottles,formula etc.  before your bundle of joy arrives to save money in your budget.

Since reading Financially Fit Parenting  Mrs. CBB and I feel better prepared to make the right decisions for preparing to bring a child into this world. If you have questions and you want answers Sarah has them all in Financially Fit Parenting.

WIN A Copy of Financially Fit Parenting!

Here’s How………..

If you would like to WIN a Copy of Money Smart Mom- Financially Fit Parenting You must be a Fan/Follower of Canadian Budget Binder on either Facebook,Twitter,Pinterest or a Blog Subscriber to enter.  Tweet,Pin or link to this post or Share the Facebook Post then comment on this blog post to be entered. You must complete the above to be entered along with commenting on this post. One entry per email and per person.

Contest starts Saturday July 7,2012 and ends Monday July 9,2012 at 10am EST. Canadian Residents Only. Winner will be announced Tuesday July 10,2012. Watch for the post!

You can purchase Money Smart Mom-Financially Fit Parenting on-line at Chapters Indigo and visit Sarah’s website at MoneySmartMom for more tips and ideas.

If you would like Mr.CBB to review your book or product email me today!

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RESP Investing In Your Child’s Education-The Basics

Registered Education Savings Plan : The Basics

What is an RESP?

Being concerned about how to afford a college education for my son, I made some enquiries about a Registered Education Savings Plan, or RESP.  This is a special savings account that makes provision for post-secondary education costs. If you are like me savings and investing are very important to my family. Those who subscribe to a RESP are also entitled to receive the government’s Canada Learning Bond (CLB) if they qualify, and the Canada Education Savings Grant (CESG) which, as I found out, can provide a welcome boost to the funds.

Who is it for?

An RESP is set up to provide financial support for those aged 17 years and over, and who are undertaking eligible courses of study.  Contributors to a RESP are normally parents or guardians; however, a grandparent, other relative or even a family friend can also make contributions.

wagner51's own temporary SIN card, scanned and...

How do you get one?

A simple two-step process helped me to get things underway.  First of all I checked out my Social Insurance Number (SIN), and then I chose an RESP provider.  My SIN gave me access to government benefits and programs and, when I began to research RESP providers, I found there were a number of options – I could go to a reputable bank, credit union, umbrella company, or other financial institution to get the process started.

Make sure you research who you decide to go with as you will be with them for a long time and they will be managing your contributions.  Know what questions to ask each provider and get the answers before you proceed. Ie: fees involved and any penalties.

What does it do?

An RESP will provide your child with funds towards the costs of a course of study.  The course must be at least three weeks long, and have a minimum ten hours of work or instruction per week to be eligible as a full-time course.  This program can also cover part-time education, as long as at least 12 hours per month is spent on study.

When is it used?

When your child goes to university or college, takes up a place at a trade school, a CEGEP, or at some other institution that is certified by the Minister of Human Resources and Social Development, the RESP can be activated.  Alternative arrangements for children who don’t take up educational courses beyond high school should be discussed with your RESP provider.

Advantages

Getting access to the CESG is a major advantage of having a RESP; the plan acts like a tax shelter, as contributions will have been paid at the time funds are deposited.  In the case of the CESG, the government will pay a percentage of funds saved directly into the RESP.  The actual amount available will depend on the net income of the family up to a maximum $7200.

Families with lower incomes can additionally benefit if they are eligible for the Canada Learning Bond.  For example, if you already receive National Child Benefit you could benefit from a lump sum deposit when you start your RESP plus an annual contribution thereafter.

The use of an RESP can also give you a clear goal to budget your money towards. Setting up a direct debit can ensure a regular amount is paid into the RESP. Having all of your finances recorded and accounted for can also allow you to budget sensibly and see where you are spending unnecessarily. Keep all of your receipts and analyze your spending, this will allow you to see where your money could be better spent. Setting yourself a weekly spending amount is also useful. Try to pay using cash; using cards is far too easy, allowing you to quickly go over your limit. Remember to always shop around for the best bargains, looking online allows you to compare prices from a number of retailers, and there are often coupons available for all sorts of products.

There are further financial incentives depending on where you live.  In Alberta we have the Alberta Centennial Education Savings (ACES) grant, which contributes a lump sum for babies where a RESP is in place, then annual additions at certain ages throughout the school years.  In Québec there is a similar incentive to save for future educational needs.

Disadvantages by Mr.CBB

I believe all parents should set up a registered education plan for their child as education in an investment worth investing in and so is your child.

For further help and information check with Human Resources and Skills Development Canada or your RESP provider – remember this can be a bank, credit union, or other financial body.

This has been written by Katie Green, who is a freelance writer with an interest in business and finance related matters.

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