We’ve just had our first child and thinking about school fees already, but need a little help.
Anais and Anton have just had their first child, they live in Sydney and are already feeling concerned about their new son’s education. They haven’t decided if they want to send him to a private school or not, but friends and family have told them that they need to put their child’s name down at a school now to stand any chance of getting a place. Anais and Anton are unsure how to proceed, Anton’s parents suggest they go and speak to their financial advisers at Treysta as they may be able to help answer the following key questions:
- Can we afford to send our child/children to private school?
- What options do we have today to help fund future education expenses?
- If we do send our child/children to private school, what is the long-term impact on our personal financial position at retirement for example?
- Is there a framework to help us make a good decision regarding schooling, how do we ensure we make the decision that is right for us and our child/children?
After speaking with the advice team at Treysta, Anais and Anton come away with the following:
- A financial projection which helps them understand the cost of private education, along with a cash flow exercise which helps them understand affordability.
- They understand what they need to save in the coming years to fund education costs and they have a clear view of the investment options which are most suited for this purpose.
- Importantly they know the financial trade-off in terms of their own financial position, and the difference it will make to them later in life.
- The couple also have a values-based framework to help them make the right decision for them as a family. The framework can help block out undue social influence or other pressures that can lead to poor decisions.
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