Monica Kristel Oamil - Licensed Financial Advisor
No one can predict the future and prevent any unexpected things from happening, all we can do is get
19/08/2021
15/07/2021
I've been asked this many times:
"Should I save money for my kid's education?
What are the different types of products I could use?”
Well, your children's education is something that has to be paid for.
Understand that there are 2 possible outcomes:
1️⃣ You start saving now, earn some money on it and use it for their education.
2️⃣ Your kids will take a loan, borrow the money and then pay interest on that borrowing.
So, the question is: “Do you save for it or not?”
The most logical answer is: YES, you should start saving for it!
If there is a shortfall, we can borrow a little bit to cover that shortfall, but YES, you should be saving money for it.
Make sure that the education plan provides you insurance coverage.
You see, as a parent, when you are saving money for your child's education, if something happens to you, that saving immediately stops.
There is no money there for them to be able to say: "This money is for my education."
So, make sure that your child's education plan includes insurance benefits as well.
As a parent, if something happens to you in this case, the children are still protected.
In general, the purpose of saving money for your kid’s education is:
✅ Making sure that they can CHOOSE where they study.
✅ You have given them the option to design their life.
If you can make these 2 things happen,
you as a parent have done your duties.😉
If you are a client reading this, do spend some time today with your financial advisor to find out the best options for you to ensure your children’s education is fulfilled!🙌
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15/07/2021
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