Hi

Two million minutes - that is the approximate time spent between the beginning for the eight grade and the end of high school. How is this time being spent by U.S students vis-à-vis students in economies like China and India?

As someone who has lived in China for the past six years, I can say that Chinese students in general are pushed really hard by their teachers and parents.

Especially in high school (middle school), Chinese students work for very long hours, even going to classes on a Saturday. They don’t complain, it is a cultural thing. Their parents had to do it and so do they.

Some pundits claim that U.S students are losing their edge and point to the rapid advances in India and China as proof of this.

Whether you agree with this or not, a strong argument can be made that American students are not spending their time in high school optimally. In India and China, students appear to be more diligent and focused.

Having said that, the fact remains that America is still the richest country in the world and leads in business, technology and science. Their educational system has to be doing something right for this to be the case.

Is America’s youth really losing their edge? Is their educational system still able to compete effectively with those in fast growing economies of Asia?

Take a look at this provocative video and article and make up your own mind.

Make  it a great day

David

Hi

It is the beginning of June, summer is fast approaching and many students are getting ready to take that big step….attending college.

If this describes you, then the first thing you should do is to read my report on how to pay for college .

Equally as important is coming up with a budget or spending plan for college.

If you are not yet working or your parents are going to be involved in financing your studies, then sitting down with them and working on a budget is important.

If you’re going to be taking a campus degree you should already have an idea of the tuition and boarding costs. What you need to work on are your indirect costs such as food, books, entertainment, transportation, phone, buying a computer etc.

To get an idea of these costs, consult with an experienced college student or have a talk with the student affairs office at the college of your choice.

At the start of the term, priority should be given to meeting with your roommates and deciding how expenses should be shared.

Also, for the first two or three months of the semester, log every expense down to the last pencil. This would allow you to adjust your budget where necessary.

If you decide to enroll with an online university , tuition is the major cost since you probably wouldn’t have to alter your other expenses that much.

For example, your laundry, transportation and room and board expenses should still be the same. You can take your classes at home (where you already live), you won’t have to get dressed for classes (so laundry expenses remain unchanged) and you won’t have to drive or take the bus to school.

However, you may have to buy books and stationery, pay back a loan you took out to help pay your tuition and so on.

When you have assigned a dollar amount to your expenses add another 10% or an amount that you are comfortable with for miscellaneous expenses. Now you can set up a plan for spending and saving.

This is also a good time to discuss credit use or abuse with your parents. Many students are offered credit cards in college and go hog wild, ending up with massive debts. You don’t want to fall in this trap.

A credit card can provide some relief in tight situations so discuss with your parents the idea of getting a secured credit or a card linked to their financial situation. This would allow them to monitor your spending and teach you financial responsibility at the same time.

Overall, careful spending during your college years is a good precedent for a healthy financial life throughout your adulthood.

Make it a great week

David