Loading…
13
My kid's RESP statement showed up and I did the math on what $2,500 a year actually turns into
Opened the statement at the kitchen table in Regina and saw we're at $19,800 after 7 years of just doing the basic contribution match. Never ran the numbers before, always figured it was too small to matter, but seeing the growth on paper hit different. Anyone else surprised by how fast it stacks up once you stop thinking about it?
1 comments
Log in to join the discussion
Log In1 Comment
tara64220d ago
My wife and I dragged our feet on the RESP thing for years because we figured a couple grand a year was peanuts, like why bother when tuition is gonna be some scary number anyway. Then our accountant laid it out for us and I felt pretty dumb, because the grant money alone is basically free cash you're leaving on the table if you skip it. We started late with our oldest and even catching up at $2,500 a year, watching it cross $10k felt unreal. It's the boring steady stuff that sneaks up on you, not some big score. Anyway your $19,800 after 7 years is pretty solid, that compound growth does the heavy lifting while you're just living your life.
5