PRIVATE WEALTH MANAGEMENT
PLAN ‘B’ SAVINGS
TRUSTS AND WILLS
When you have children, you want to make sure that your children’s future is secured, especially when it comes to their education. With the cost of education rising every year, it’s best to start investing as soon as possible.
Most parents realise that it will be many years ahead before their children grow and understand what they want to do in their lives, it is therefore important to be able to help them to make the best decisions, including financial support.
Quality education is a good starting point for your children, it provides them with a firm foundation for life.
When is it best to start?
The earlier the better!
The best time for education planning is around the time your children are born as in this case there are more years ahead for you to build money in an education fund.
Why save for education?
Because you want your children to have the best opportunities!
As parents there are many unanswered questions like: “what will my children do with their lives, which career will they choose, which country will they live in, which industry will they work in”. In other words, what is the life style they will prefer, these are some of the many questions centred around parent’s desire to “see their children right”!
How much do I need to save for education?
There is no exact answer to this question as education costs are different from country to country. Some people will prefer to send their children to private schools, others will go to the public schools. In some countries university costs are low or even free while in others they cost a fortune.
It is therefore difficult to know what size an education pot you may need, however there are some certainties: the cost of college fees, living support, ancillary college activities and educational expenses like books and special assignment activities. All these aspects mount up to produce a substantial need of funding!
How to save for your child’s education?
Setting aside money on a regular basis over the years, leading up to the time for funding your child’s needs, is a must. Whether that be with capital injections or regular monthly savings.
Regardless of the choice of university or college, parents certainly should start preparing well in advance, as said, the earlier the better!
Setting money aside, in this way, allows parents to be certain that whatever may happen to their finances in the future it will not affect their children’s education.
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