Here is some general information about education funds from our friend, Amanda Doyle from Professional Investment Services Pty Ltd. Amanda is a qualified financial planner and, with two young children of her own, she knows the importance of good family planning.
Did you know that most private secondary schools in Western Australia charge between $3,000 and $15,000 per year for tuition?
How much will you need to save to pay for your child’s education?
Consider these two scenarios:
Steve and Clare start saving for their son David’s high school education by depositing in the Bank. They will then need to save $500 per month to send David to a private school.
Sarah and Sebastian start saving for their daughter Isabella by investing in a Geared Share Education Fund. They will need to invest $300 per month to send Isabella to a private school.
For more information on why an Australian share fund is a great way to save for your child’s education please call me on 9367 6444.
Alternatively, send me an email: amanda@4kings.com.au
Appointments can be taken in my South Perth office or either of Prouse Family Accountants northern offices in Marmion and Joondalup.
Case Study Assumptions: Both families invest $2,000 when their child turns one. Both families invest every month until their child finishes secondary school. Both children attend secondary school for 6 years. Steve and Clare earn an average of 4% at the bank. Sarah and Sebastian earn 10% income and growth on the geared share fund. Both families send their child to a school with tuition of $15,000 pa.
DISCLAIMER: The information in this posting does not take into account your personal objectives, financial situation or needs. Because of that, you should consider whether the information is appropriate for you, having regard to these factors, before acting on it.
