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Ep 31 Limitations of RESPs and Alternative Strategies
Manage episode 439357621 series 3498478
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In this episode of Smart Wealth, Brett and Omari discuss saving for education, specifically for children. They start by highlighting the power of compound interest and early investing, using the example of investing in a hockey stick. They then dive into the details of Registered Education Savings Plans (RESPs) and how they work. They discuss the limitations of RESPs and explore alternative strategies, such as using whole life insurance policies. They emphasize the importance of starting early and diversifying investments for long-term financial success.
Chapters
00:00 Introduction and the Power of Compound Interest
02:58 Understanding Registered Education Savings Plans (RESPs)
08:11 Limitations of RESPs and Alternative Strategies
09:17 Using Whole Life Insurance Policies for Education Savings
18:06 The Importance of Diversification for Long-Term Financial Success
education savings, compound interest, early investing, RESP, whole life insurance, diversification
LinkedIn Brett Cranson: linkedin.com/in/brettcranson
LinkedIn Omari Whyte: linkedin.com/in/omari-whyte
For business inquiries, please head over to
https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca
email:
brett.cranson@ipcsecurities.com
omari.whyte@familyfirstadvisors.ca
Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.
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