Plan Ahead – The Importance of a Good Education for Our Children
We all want the best possible future for our children and one of the most effective ways to give them a great start in life is through education. Primary education is usually well catered for in any overseas location where expats live. However it is important to plan ahead for higher education as this usually means boarding school for teens, and university, perhaps in the UK or USA from age eighteen. The cost of the University course, travel, living costs and general expenses can add up.
Let’s look at an example:
UK/USA University course fees: $19,000
|Travel & Other costs $6,500
This adds up to $36,000 per year in this example. It could be more or less depending on your family’s choices.
Assuming the degree takes 3 years, the total adds up to $108,000 (£75,000) for each child (inflation & exchange rates notwithstanding.) If you have two children then your bill is doubled.
By any account that is a lot of money to take out of your annual income, and you really have no idea if this will be affordable when your children are 18. It is also worth considering what would happen if the main income provider was to die because of illness or tragic accident.
A sensible way to ensure that your children’s education is secure is to plan ahead. The sooner this is done the better and easier it is for you. The problems highlighted can be overcome simply by setting up a suitable savings plan together with term life assurance, written in trust. You may be surprised at how affordable the solution is. Alan Brown, the author of this article, offers a free illustration of an education savings solution to all Shenzhen based readers of ShenzhenStandard.com. Why not call or email for yours now?
Expats based in Shenzhen, China or other parts of Asia can contact Alan with any questions about savings & investments, or if you would like to know more about building your retirement funds. Any advice offered is without obligation. Personal reviews can be arranged by email, or by calling directly to arrange a face to face meeting.
Please contact: Alan Brown, Wealth Manager,
Executive Consultant, Global Wealth Management.
Phone: +86 136 3169 0100
Office 3/F New Times Plaza, 1 Taizi Road,
Shekou, SZ, 518067