Saturday, July 24, 2010

Save for the future


Hi Mr. Tan,
I was discussing with a friend on a entry in another blog (http://tinyurl.com/2ueorzv) advising readers to concentrate on saving for their retirement instead of children's school fees.

We tend to agree that we should not be worrying too much about supporting our children's education, since they have other options like scholarship, bursary, study loan or even part time studies. May I have you opinion on this please?

HLK

REPLY

I agree with your views. I advise people to save for their future, and to use the savings for education, retirement and emergencies, e.g. loss of employment. They should not lock up the savings just for children's education. 


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4 comments:

Lye Khuen Way said...

Yes & no. If one is able , making sure ones children can go as far as they could academically should be every parents' duty.

July 24, 2010 5:22 PM
Unknown said...

I agree with the view that we should not worry too much on children tertiary education.

Let them be independent and explore their options.

July 24, 2010 8:29 PM
CreateWealth8888 said...

Banks are willing to lend money to your kids money to complete their university education but no banks will ever lend you for your retirement.

July 24, 2010 8:40 PM
hyom said...

I am the author of the blog post. Tertiary education can be settled by having children borrow from the bank. What I see on the horizons worries me even more.

It is the rising cost of public housing. Going by present trends of rising HDB prices and stagnant wage growth, there is a risk that children will come back to us asking for money by the time they get married and want to buy a house of their own. Prices can be so expensive then that getting them to borrow from the bank may not even be sufficient. Having no savings of their own when they start out, they may have to rely on their parents as ATM machines.

July 25, 2010 1:39 PM

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