Last week we reviewed The RESP Book and asked readers to share with us what they they think tuition costs will be when their child goes to post secondary school. Judging from the comments most parents are expecting the outrages tuition hikes to continue, I guess education is only for the wealthy. Steve who believes it’ll cost his 4 year old son at least $90,000 to get complete his post secondary school is the “lucky” winner of a copy of The RESP Book. Congratulations Steve!
Here is what Steve had to say:
My son is nearing 4 years old and we have another on the way. Assuming they both go to college in our family RESP; I would assume $50,000 education fees, plus using historical inflation rates from the past 15 years around 1.5% or 43% from 1995 – 2010 as a benchmark (using the inflation calculator). Add in costs for living on campus that easily increased that cost by a third if not more.
My vague estimate not accounting for increases in tuition to make a profit from these instituions and how long people will need to go to school in 15 years to remain competitive in the marketplace, I would say $90,000 for a modest program(s). Don’t even get me started on a top 10 school or international options.
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How much money do you really need to retire with dividend stocks? @ The Dividend Growth Investor
Raise the Retirement Age? Report Says Let Canadians Decide @ Wallet Pop Canada
How Inflation Screws the Poor the Most @ Darwin’s Money
When ETFs are the wrong choice @ MoneyVille
Attend charm school before retiring @ Larry MacDonald
Carnival of Personal Finance Hosted @ Simply Forties
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