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Give your child the best education you can afford – here’s how to invest

16 April 2021 11:03 AM
Tags:
Education
Warren Ingram
The Money Show
Bruce Whitfield
Personal finance
Galileo Capital
investing
saving
cost of education

Personal finance advisor Warren Ingram on how to save and invest for your child’s future education.

Click here for all our "Personal Finance with Warren Ingram" articles in one place.


In hyper-unequal South Africa, the difference between living a good life and poverty often comes down to education.

Parents know this, and heart-breaking stories abound of sacrifices they make to afford a good education for their children.

The Money Show’s Bruce Whitfield asked personal finance advisor Warren Ingram (Galileo Capital) what the best ways are to fund an education.

© stockbroker/123rf.com

RELATED: By 2025, a good public school will probably cost about R50 000 per year


In the tiniest of nutshells:

  • Saving up is always better than using debt.

  • The earlier you start the better.

  • The asset allocation (i.e. share vs property vs bonds vs cash) depends on how long you have left to invest. The longer you have; the more you can opt for potentially more lucrative (though volatile over short terms) investment such as shares.

  • Open a tax-free savings account in your child’s name. The growth is tax-free.

  • Consider asking that grandparents contribute to school fees.

For more detail, listen to the interview in the audio below.


This article first appeared on CapeTalk : Give your child the best education you can afford – here’s how to invest




16 April 2021 11:03 AM
Tags:
Education
Warren Ingram
The Money Show
Bruce Whitfield
Personal finance
Galileo Capital
investing
saving
cost of education

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