Looking into investment plans so secure your child’s future and education is one of the best ways to get value for money.
Securing education is one of life’s most important aspects considerations. We often hear of students who can’t pursue their career choices because their parents failed to invest for their future studies. It is important to know which course you’re looking to study and how much tuition might cost for a year. Poor financial planning has seen a lot of students dropping because of lack of funds to continue with studies, which adds psychological stress to a financial predicament and this is the reality to some students.
Taking up loans isn’t such a idea because vicious debt cycle often pushes students out of school without having completed their qualifications. While I was in high school, I had a friend whose father was a top executive at Old Mutual. My friend had told me that her father had set up trust funds for her and her siblings while they were still young. This money would accumulate interest over the years and would see them through university.
Before that, I had never heard of a trust fund but upon doing research, I learnt that several financial institutions offer this investment plan. I found that you could invest as little as R1 000 per month, which would accumulate interest over the years. I calculated that if a parent were to save R1 000 towards their child’s education from birth, the money would’ve accumulated to R216 000 after 18 years, without the interest. This is enough money to cover at least an undergraduate degree, depending on which educational institution the child attended.
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