Real Estate
Our kids have RESPs - though we haven't been diligent about maxing them out. We have also purchased income property for our kids futures. Our reasoning is this:
Not everybody pursues traditional post-secondary education and we want our kids to have an option should they decide to go into business for themselves, work/learn abroad, or pursue graduate programs that their RESPs and other savings wouldn't have covered.
This seemed like the right solution for us...
Our kids have RESPs - though we haven't been diligent about maxing them out. We have also purchased income property for our kids futures. Our reasoning is this:
- they properties will be paid off when each child is finishing high school
- They can use the income from the property to cover their expenses or
- they can sell the property and use the proceeds to fund their endeavors or
- they can live in one unit and use the cash flow from the others (the properties are multi-residential)
Not everybody pursues traditional post-secondary education and we want our kids to have an option should they decide to go into business for themselves, work/learn abroad, or pursue graduate programs that their RESPs and other savings wouldn't have covered.
This seemed like the right solution for us...
