Joined
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13 Posts
Hello!
I come to you with a question.
Our situation is that we're currently in our late twenties, and we haven't maximized our RRSP's (although we have maximized our TFSA for this year).
We are thinking of starting a family in the next year or so, and I simply assumed we should open up an RESP immediately and start contributing to that as well. However, in reading one of the Canadian money blogs lately; they raised a good question about whether it's smart to divert cash away from your retirement money towards your child's education.
As such, I'm starting to think our goal should be to maximize our RRSP's/TFSA's first in the next few years, and once those are complete, switch over to RESP's for the kids. The thought process being that we should be fully invested in under five years and then we can focus on the children; rather than taking a shotgun approach and having neither set of investment pay off fruitfully.
Am I missing something in this plan? I'd be interested if people can vett this approach with opinions or facts.
Cheers
I come to you with a question.
Our situation is that we're currently in our late twenties, and we haven't maximized our RRSP's (although we have maximized our TFSA for this year).
We are thinking of starting a family in the next year or so, and I simply assumed we should open up an RESP immediately and start contributing to that as well. However, in reading one of the Canadian money blogs lately; they raised a good question about whether it's smart to divert cash away from your retirement money towards your child's education.
As such, I'm starting to think our goal should be to maximize our RRSP's/TFSA's first in the next few years, and once those are complete, switch over to RESP's for the kids. The thought process being that we should be fully invested in under five years and then we can focus on the children; rather than taking a shotgun approach and having neither set of investment pay off fruitfully.
Am I missing something in this plan? I'd be interested if people can vett this approach with opinions or facts.
Cheers