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Getting educated is not the only factor in getting wealthy. It is traditionally believed that education will make one knowledgeable and skilled enough to get a job and excel through ranks, to achieve financial success. But, practically, if the demand is not at par with supply (i.e., if there are too many applicants for fewer posts), then getting a job in accordance with qualification becomes an unrealistic dream. Pragmatically speaking, the job market has to be there and, jobs and posts have to be created to employ many people of the same training and skill.
Traditional education and entrepreneurship
Traditional education, making a typical stereotypical practitioner of some specialization out of a person, was never good enough in making a successful entrepreneur. A person, who has creativity, innovation, originality and novel insightful assimilation, takes wise, intelligent and effective decisions that will always keep him special one, steps ahead & unreachable for the typical commoner.
Contradiction
Still the belief that education helps in wise financial decision-making in building a lucrative career, is taking the obvious and counter-intuitive hit from emerging facts in modern research that were previously carefully hidden, deliberately, behind some wishful popular utopic idea. In a recent research by researchers William Emmons and Bryan Noeth of the Federal Reserve Bank of St. Louis, it is shown that the family background, inheritance of wealth (if there is any) and factors emerging out of the accident of birth of the individual, play a crucial role in the upcoming financial accomplishment in life. Education "is important, but it's not the whole story," says Emmons, a senior economic adviser at the St. Louis Federal Reserve Bank. Family background factors, like : the class the person belongs to, the income of the parents, the educational environment of home- all play decisive roles in this inherently divisive class-based society.
Not all factors are in hand, when a first-generation learner goes to the school without any domestic help or environment for education in home, for example.
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Racial disparity
Certain racial groups lag behind others in educational and consecutively subsequent financial achievements, due to socio-economic factors.
Hard fate for non-graduates
In a country like US, where the government acts strong in enrolling maximum number of people in graduate courses, those who lag behind in getting a college degree suffer further in life in pursuit of a well-to-do status. An interesting piece of statistics says : the odds of becoming millionaires for a family headed by someone 40 or older without a high school diploma were 1 in 110 in 2013, compared to 1 in 2.6 for a family headed by someone with a graduate or professional degree.
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Gender difference in earning
Gender difference plays a role as well, as women are doing better than their male counter-parts in every level of education. However, unfortunately they are not getting paid salaries matching their male colleagues, keeping them away from full participation in economic growth.
All in all, evidently enough, education is losing its determining status in achieving financial success, in social consciousness following practical facts of the reality in ground.
Article Source - bloom.bg/1Ic2stG
