Family LIFE
Education is the
BY JASON COOK, CFP®, RICP®
Passport to the Future
I
“You have to stay in school. You have to. You have to go to college.
You have to get your degree. Because that’s the one thing people can’t take away
from you is your education. And it is worth the investment.” – Michelle Obama
think we can all say with confi-
dence that we all want our kids
to have the best start in life. As
parents we all have the best intentions
and it goes without saying, this includes
a desire and goal for our kids to get
a good education to increase their
chances of success and happiness later
on in life. The expectation is that it will
help them land good jobs with higher
earning potential.
The catch 22 is that our ‘kids’
education’ has always been and still
continues to be an expensive goal!
As parents we try hard to save for
our children’s education, but sometimes
we aren’t aware of all of the options
available to us. Where and how do you
start saving for your child’s education?
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BERMUDA PARENT MAGAZINE
The thing to keep in mind is
that there is no ‘one-size fits all‘
saving strategy or education prod-
uct that does the job for everyone
– each family has their own unique
circumstances. Start by asking
yourself; how much money can I
or do I wish to contribute and what
is a realistic time frame to begin
saving. Time is the most precious
resource we have and with most
financial goals, the earlier (or the
‘when’) we can start saving towards
that financial goal, the less stressful
and it allows us time to plan more
effectively. However, it is not realistic
to assume everyone can start from
the same point in their life. The
important part is not to let yourself
get discouraged if you have not started
saving as early as someone else. Come
up with a strategy that works best for
you and your personal circumstances.
Make a note to review school costs
regularly and also remain flexible
enough to adjust for any ‘life’ changes
– whether that be changes to school
fees or changes with your own per-
sonal or family circumstances.
What is your timeline? How
much can you realistically afford to
put aside and for how long? Are you