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my daughter
is just one year old she's so cute she's so tiny I can't even
fathom the day in the future when she's gonna head off to post-secondary
education, i cant even.
she can even walk yet let alone steal the keys to the car wear
inappropriate clothing were tell me that I'm an embarrassment to her there is so
much to come
and yet now was the time to start saving for her education
and I have gotten right on top of that not just cuz I talk about personal
finance
because it makes a huge difference for three reasons:
first cost it is going to cost
a bazillion dollars to send her away to school
doesn't even matter what she studies if its graphic design or
fine literature doesn't matter it's gonna cost a bazillion dollars
i know that. second time I've got time she's one now should go to school she 17/18
or she'll travel the world first and go when later who knows but I've got time
and with time you have the the magic of compound interest
interest on the interest it is your friend which is why investing for
at your child's education really make sense to start
especially when theyre small and number three is the incentive
the government has a big big incentive for you when it comes to investing
your child's education it's in the form of what amounts to
a twenty-percent guaranteed return where do you get that
where'd you get that impossible to get so there's a huge incentive
here's what it's called it is called the the RESP
the registered education savings plan and its
a super big deal here's how it works you go to your bank wherever you happen
the bank you take your kids
Social Insurance Number some ID book an appointment be prepared to sign a ton of
forms
but they'll set you up with an account and up to twenty-five hundred dollars
the government will match 20 percent that so basically dog
500 bucks in the form of a grant that's a 20 percent return
its fan tastic so book an appointment
go to your bank and set up an TRESP for your kid
and I know my daughter will thank not when she's a teenager though
should be busy complaining about why haven't bought her a car yet
I can just predict what's gonna happen but she will thank me which is 25 or 30
inches had some
ability to start a career without a mountain of debt
so think now about saving for your child's education
it'll make super big difference for you and your family