EDUCATION can directly impact on your children’s future earning power.It is well known that the best jobs invariably go to those who have the best credentials.The best credentials involves education. It has been estimated that during a lifetime, a university graduate can earn up to 90 per cent more than a high school graduate.Based on this, there would be a very good reason to ensure that we spend as much as we can afford to educate our children to enable them to compete fairly in an increasingly technological world.But what does it cost to educate our children and, most importantly, what can we do about saving this amount required?The researchers at AMP have been assessing this question and have produced the booklet Your Children’s Education.The booklet is accompanied by a CD-Rom, which is very comprehensive and extremely user-friendly and takes people through the steps to the stage where they can accurately assess the cost of educating your child and all the associated peripheral costs.It is in the area of peripheral costs that we tend to forget items and to not know the associated costs. The calculator provides some examples of the costs involved based upon your choices.Once you have calculated the total cost of taking your child through the primary, secondary and tertiary sectors of the education totem pole, you are guided to a chart that converts the total cost into a monthly investment target.The target it arrives at is based on the child’s age and the level of schooling that they will aspire to.The chart then boils down the education-funding requirement to a monthly target that can be assessed in terms of its manageability.The booklet outlines some suggestions about the asset classes that are available and where exactly the returns have stemmed from in the past.It then provides a very comprehensive investment checklist and a list of dos and don’ts to follow.They preach a message that we have been endorsing for a long time.We need to ensure that our children are adequately educated to take on the challenges of modern technological society.To ensure this, we need the assistance of groups such as AMP, who have been involved in this area for a very long time.
© Business News 2018. You may share content using the tools provided but do not copy and redistribute.