Investing early in the child’s education

I only started to value education around college, university age. I had good ups and downs in high school, following all changes that teenagers usually go through at this time on their lives. After a couple of years without caring much about school and still immature to understand and measure what my parents were giving up so I could have a decent level education, at one point I actually started enjoying studying and graduated among the top students.

I wish I could pay back all the money my parents invested or wasted in me, so they could maybe have some of their dreams come true! One of the greatest investments they ever made, in my opinion, was in a work and travel program where I could work and travel abroad a couple of months during summer vacations.

My parents probably did not have an education fund or savings for all this and they very likely payed from their own pockets, putting behind so many other things they could do with the money or even tightening the debt rope around their necks in my favour. I cannot emphasize enough how I am really lucky, thankful and grateful for everything they have done to me.

After my son was born, I realized that the earlier I could invest in his education the better. I learned about the Canadian Registered Education Savings Plans (RESP) that helps you save for post secondary studies. In very simple terms, the gouvernement will help your education fund grow by depositing some money based on your contributions. Check the link above for all details about the plan.

Discussing with my wife about investing in our son’s education from today, we both agreed upon the benefits of having funds to do so when time comes. I spoke to our financial adviser and set up a plan to create an education fund. This week I had the pleasure and the thrill to officially open a RESP account!

This is a very long timeframe investment, so I will calm down, forget about it for now and come back to the topic after 10, 15 years.

Photo by Karolina Grabowska from Pexels.

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