[Slava]

Originally Posted by DoubleF

We wanted family RESP, the advisor screwed it up. So now we have individual RESP for the kids. We put in the amount required for max matching and invest in something safe and brain dead like bank stocks.

We anticipate there should be enough for a bachelors and possibly a masters degree anywhere in Canada. If they want to go elsewhere, that's fine. But we aren't paying for them to go to MIT, Oxford or anything crazy like that out of pocket. It better be funded heavily with scholarships otherwise, it likely isn't worth it.

IMO, what I've been telling kids who don't know what they want to do out of high school is this:
1. Get a business degree, or
2. Get a journeyman's ticket

If you figure out what you want to do during or afterwards, fantastic and go for it. But IMO, all the basic courses and skills you'll get anywhere at the beginning or end of a business degree or journeyman's ticket will never be wasted and will likely enhance whatever else they end up doing instead. It's the best two choices IMO if you need a brain dead rat race path to follow.

Worst case, you finish your degree or get your ticket, it's still a path where you can make good money and still have options for a career change in your 30s. This is IMO a potentially better floor than wasting tons of money on a degree that you don't really use.

Journeyman's ticket can aid in skills and relationships where you can always DIY at home to save money/help others while also making decent money. Add an MBA and it's a great basis for a self employed individual in the construction industry.

Business degree opens the door to a lot of white collar jobs. The business degree could help navigate the business world if they find a different career they want to do (ie: Programming, inventing/manufacturing, music etc.). It also is a degree that can be easily added upon for additional majors or further education (ie: Law, engineering, science etc.).

You can still merge those into a family RESP, in case you wanted to.