University & College Funding
“Saving is a fine thing. Especially when your parents have done it for you” – Winston Churchill
Yes, plan for the future and look into your options such as RESPs for our children but make sure you remind yourself that your children’s education will not support you in retirement. Financial advisors are beginning to stress this last point and it is important to remember that if our children want to get a higher education, there are many paths and options and a few of those include youth getting summer jobs, applying to the hundreds of thousands of scholarships available to students, budgeting for food and books and living a simpler life while in College or University. We don’t need to necessarily stress the “starving student” lifestyle but we also do not want to stress the “starving retiree” either. In sum, if you need to choose between education funds and retirement funds, you need to put yourself first, then you will be in a secure enough position to give your children the best financial advice possible.
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