I've been asked this many times: "Sanjay, should I be saving money for my kid's education? What are the different types of products I could use?”
Well, your children's education is something that has to be paid for.
Understand that there are 2 possible outcomes:
1⃣ You start saving now, earn some money on it and use it for their education. 2⃣ Your kids will take on a loan, borrow the money and then pay interest on that borrowing.
So, the question is: “Do you save for it or not?”
The most logical answer is: YES, you should start saving for it! If there is a shortfall. We can borrow a little bit of that shortfall, but you should be saving money for it.
Make sure that the education plan provides you insurance coverage. You see as a parent, when you are saving money for your child's education, if something happens to you, that saving immediately stops. There is no money there to for them to be able to say: "This is money for my education".
So make sure that your child education plan includes insurance benefits as well. As a parent, if something happens to you in this case, the children are still protected!
In general, the purpose of saving money for your kid’s education is:
✅ Making sure that they can CHOOSE where they study. ✅ You have given them the option to design their life.
If you can make these 2 things happen, you as a parent have done your duties!
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🎖 Who is Dr Sanjay Tolani? 🎖 Dr. Sanjay Tolani, became the “youngest member” at the age of 19 and the “youngest life member” at the Age of 28 to the Million Dollar Round Table (MDRT). He also has 13 Top of the Table Qualifications (TOT), which is considered the pinnacle of the financial services profession. To top things off, he is also the youngest Managing Director of an insurance brokerage in the Middle East.
