Providing an education for your children is one of the most important investments a parent can make. As the job market becomes more competitive, and the costs of higher education continue to rise, it is now more critical than ever before to plan to ensure your children have access to higher education in the future and will be able to compete successfully with their peers.
Today, the annual costs of university education in the US including tuition and living expenses can easily be over 40,000 USD and even exceed 75,000 USD for top universities, with these costs continuing to rise at rates higher than inflation.
Many other countries today are also moving towards a system of higher costs and fees for education. The rising costs of education make saving for college essential to reduce the future financial burden on yourself and your children. Argentum can advise you on a suitable strategy through a wide range of solutions to help put your mind at ease and give your children the ability to reach their full potential.
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Frequently Asked Questions
How can I invest towards my child’s education fees?
The first step is to contact and meet with one of our financial advisers. If you have an idea already of the expected costs, please feel free to use our education calculator. Like with any other type of investing and financial planning, the key is to start as early as possible.
My children are still young so why worry now?
Due to compounding on investments, starting early can significantly reduce how much you will need to put away every month to cover the cost of your children’s education. For this reason, starting as early as possible is highly recommended. We recommend speaking to an advisor to learn about what options are available to you.
I am not sure yet what country my child will attend university.
Even if you are unsure where your child will most likely attend university in the future, we still recommend putting money away towards this goal. We can advise you on solutions that are portable, and flexible, and help you to decide on a realistic budget you can work towards from today.
Education fees are very low or free in my home country.
You may want to consider planning for this in any case as the costs of higher education are rising significantly everywhere. There is also the possibility that your child may chose to attend a university in a country where the costs are significantly higher than in your home country.
What happens if my child decides not to attend university?
Many solutions we recommend are flexible and could be transferred towards other financial goals and requirements, such as retirement, purchasing a property, or covering the expenses of your child’s wedding.
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