Thought on RESP?
Hey, mamas! 🌟 I’m considering opening a Registered Education Savings Plan (RESP) for my little one and would love to hear your thoughts. Have any of you started one? How has your experience been with it? ny tips or things to consider would be super helpful! Thanks in advance for sharing your insights! 🙏💬 #MomCommunity #RESP #FuturePlanning
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we have a broker account with my dad who’s a financial advisor. birthday money goes in and can be put toward stocks. when my son is 18 or 26 or 40 he can access the account and use the money for whatever he wants. i chose this because i don’t want to put him in a box of feeling pressured to goto school:)my dad has done this for 30 years and seen people become millionaires in their 20s
Um don't. I can't get the money out of my RESP made by my late grandma and my dad is actively trying to steal it.
@Makayla oh wow. That's terrible.
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i started one with Wealthsimple due to their low service fee compared to a bank or CST savings, etc. just make sure you put all your personal finances and answer the risk level survey based on the type of portfolio you want. i took the survey the first time in a rush and they put me in this low risk conservative portfolio i did not want. i answered it a second time and now im in a growth portfolio, higher risk, but it is a long term investment.