A Tale of Two Generations
As I look at the investment I’ve made in my children’s education, the numbers are staggering. For my daughter, currently in 12th grade, I’ve already spent about ₹20 lakhs, and for my son in 10th grade, the expenditure stands at ₹18 lakhs. This is a stark contrast to the ₹35,000 I spent on my entire engineering degree (including hostel fees) during the period from 1998 to 2001.
Back then, ₹35,000 felt like a big sum. At the same time, some of my classmates paid ₹14 lakhs to secure a management seat in my college—a precursor of how education costs were destined to soar beyond documented inflation rates of 7%.
From Tamil Medium to Global Norms
I studied in a Tamil medium, government-aided school where speaking in the native language was the norm. Until my second year in a diploma course in computer technology, I wrote all my exams in Tamil. Fast forward to today, and English proficiency has become an unspoken prerequisite for inclusion in many spheres of life.
The economy has evolved, and with it, so have societal expectations. If you can’t speak English fluently, you’re often seen as an outlier. Like every parent, I too dream of giving the best life to my children, ensuring they have opportunities to thrive in this rapidly changing world.
The Startup Perspective on Higher Education
When ActOnMagic was acquired in 2018, I was offered a CTC of ₹45 lakhs—a significant jump from the minimal revenues we had generated during our startup days. It felt like a jackpot. However, my entrepreneurial experience taught me invaluable lessons about self-confidence and resilience.
Unlike many parents, I don’t have the dream of sending my kids abroad for an MS. My belief is that unless higher studies are research-oriented, they often serve as a stepping stone to earning in USD rather than creating something meaningful. It saddens me that many children settle abroad, leaving their parents behind—a byproduct of globalization that we, as a society, have come to accept.
Patriotism and a Desire for Indian Innovation
As a patriotic Indian, my entrepreneurial journey was fueled by a desire to create a product company in India. This vision often made me question why many talented Indians chose to settle abroad. In 2014, I would look at my NRI friends and wonder, “Why da, why?”
However, India has proven itself on the global stage, producing some of the greatest CEOs in the world. This should inspire us to build here, innovate here, and nurture future leaders who can contribute to our nation’s growth.
Planning Education and Financial Stability
Recently, a prominent Asian career counselor highlighted an important trend: specialization is increasingly being achieved at the bachelor’s level, and scholarships are often more accessible for undergraduate programs than for master’s programs.
This insight underscores the importance of early planning—not just for education but also for finances. Since 2006, we’ve made consistent investment plans to ensure that both my children have financial support for their BE or BTech degrees.
The Greatest Asset: Resilience
Beyond financial support, my children have grown with us through the ups and downs of our startup journey. They’ve witnessed firsthand the struggles we endured and the resilience it took to rise again. Through our actions, we’ve taught them a “never give up” attitude, which I believe is their greatest asset.
Takeaways
- Plan Early for Education: Begin financial planning early to ensure your children have the resources for their education without compromising on other life goals.
- Focus on Skills and Resilience: Academic degrees are important, but instilling resilience, problem-solving, and a never-give-up attitude is equally critical for life success.
- Challenge the Status Quo: Question societal norms and pursue paths that align with your values, whether it’s staying in India to innovate or choosing unconventional career paths for your children.
- Globalization vs. Family Bonds: Encourage children to think beyond earning in foreign currencies and consider the long-term impact of leaving family and roots behind.
