There is no question. Education is a path to financial success. According to a 2011 Statscan NHS survey, the top 10% of Canadians has incomes over $80,411 (in 2005 dollars). According to the report, “High-income Canadians tended to be highly educated”
- Of the top 1% income earners 67.1% had attained a university degree compared to
- 54.6% of the top 5% income earners and
- 50.3% of the top 10%
With a good education from a good university my child will have a better chance at being successful than without it.
But when parents think of the careers their children will need to be successful, what they mean is careers that will provide them with financial success and in turn financial security.
According to Forbes magazine, the following careers didn’t even exist 10 years ago.
- App Developer
- Social Media Manager
- Chief Listening Officer
- Cloud Computing Services
- Sustainability Expert
I believe education is critical for my child to have a chance at a financially successful career. I’m not sure if the Government RESP program with it’s limited financial assistance and rules on where she goes to school, what she can study and administered by bureaucrats will help her or prevent her from getting the education she will need to be financially successful for a career that 10 years from now will exist.
For my child to have an opportunity to get the best education and a career that will be financially successful, I need to learn what all my options are to build the foundation for her financial future. I have learned in my experience as a financial professional that the Government with all its good intentions can not create a program that will both provide for her education costs and also provide her with the freedom to choose a career to a successful career 18 years from now.
Child Plan™ is Canada’s fastest growing alternative to RESP. It’s a secure and flexible way to invest in your child’s future.