Skip to main content

Minority Mindset Community
Network with other Minority Mindset thinkers.

Avoid individual stocks.  Consider a low cost growth ETF and ensure dividends are set to automatically be re-invested.  The money will snowball bigger over time.

Also be aware there are often government programs that can help with saving for a child's post secondary education.  In Canada there are two such programs:

1) The Canada Education Savings Grant (CESG) where the federal government will grant funds based upon a percentage (to a lifetime limit of $7200) of what an eligible family puts aside for their child's post-secondary education.  (Details: https://www.canada.ca/en/servi...gs-grant/amount.html)

2) The Canada Learning Bond (CLB) where the federal government will provide an initial $500 plus $100 per year up to and including the year the child turns 15 (to a lifetime limit of $2000) for eligible families of modest income that invest the funds towards their child's post-secondary education. (Details: https://www.canada.ca/en/emplo...s/learning-bond.html)

If you live in the U.S. or another country, do a Google search to see if there might be any similar programs.

K

Add Reply

×
×
×
Link copied to your clipboard.
×