If you start too late, investing in RESPs is probably not the best choice
In preparing for this major financial outlay, Golombek advises parents and/or grandparents to start setting aside money into a
“When you have long-term compounding, there’s an ability to take out the market ups and downs,” he said. “Over 21 to 30 years … it’s the compounding that’s going to start to massively outweigh what you’re contributing.”Article content Minimizing risk is also important as the university years draw closer, especially in today’s more volatile markets. Golombek, who has been maximizing contributions for each of his three children, said he moved his eldest child’s funds to a guaranteed investment certificate when she turned 14 to minimize any market risk.Article content
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Start saving early for your kids' university days and get them to contributeIf you start too late, investing in RESPs is probably not the best choice
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