Getting an education in the trades could lead to a successful career, writes Peter Watson.
University education in the past offered prestige and a paycheck. Now it can lead to a weak job market and a mountain of debt.
Forget the dream of owning a house when your financial challenge for the next decade is to slowly work your way out of debt. Debt you have assumed and potentially your parents share that debt.
The best students had the ability to earn a PhD. Now modern technology like Chat GPT 5 can give you the talent of the combined knowledge of an endless number of PhDs.
The world has changed, and young adults are encouraged to think twice about their educational path.
Many are turning to trade school since the cost is less than university. Additionally, there are opportunities to combine studies with work experience and money earned can be used to cover some of the educational costs.
There is a strong demand for skilled tradespeople. Plus, many of the current workers are close to retirement so the number of job opportunities should remain high.
Canada has a growing population. We need an increase in new housing construction and finding enough workers with the necessary skills is difficult.
If you dream of having your own business, being an electrician, plumber or carpenter might be your solution. Get qualified, spend years in jobs with good supervision so you can continue to learn.
When the time is right, then start your own business. Potentially hire some of the people you have met while at school or worked with and finding work should be easy. Business success is more likely when there is a strong demand for your services.
The next generation has two options for education. Trade school will continue to become more attractive in the years ahead.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
