$350k for 1 child?

[shine_fs]

girlmum:

$350K for 1 child. :!: :!: :!: Wah piang! Pok kai already! I have 2 kids.... $700k :!: :!: :!: :!: :!: :!: No more retail therapy/facial.....


$700k later not filial.. die die :stupid: :stupid:

:rotflmao: :rotflmao: :rotflmao:

Don't forget insurances we buy for them.......

[kaitlynangelica]

I have always been fully aware that it is never cheap to raise a child. Thats why I had dd only after a few years of marriage. All the more so in this day and age because it is competitive and I think we owe it to our children to give them the best and ensure that they can fend for themselves later on. I do not agree with some of the other KSP’s that it is not our obligation to give them a university education. In 15 years time, a unit education is likely to cost >$100k. Unless they can get a scholarship, how do you expect a child then to work part-time to pay off the fees?


It never ceases to amaze me how ppl can have kids without taking the cost into consideration. I know someone with 3 kids; the first was a honeymoon baby, she had the second one because she wanted the tax rebate, and the third one because she wanted a girl. She is a FTWM who also had no time for them. Couldn’t afford enrichment classes either, not even swimming lessons. As a result, the kids today resent her. I know of another person who has 2 kids and never took the cost into consideration either. They just wanted two kids and went ahead without thinking. Today, both husband and wife argue about who to foot the childcare fees.

In another forum that I am on, some parents were discussing how the costs increase in secondary school. Some actually expressed surprise and said that they have to start saving now. Isn’t it a bit late? Shouldn’t they had considered all this when the kids were young or not even born yet?

I think $350K is not enough. More likely $500K.

[fussyMummy]

girlmum:

$350K for 1 child. :!: :!: :!: Wah piang! Pok kai already! I have 2 kids.... $700k :!: :!: :!: :!: :!: :!: No more retail therapy/facial.....


$700k later not filial.. die die :stupid: :stupid:

:rotflmao:

[corneyAmber]

Actually it depends on lifestyle, any amount would not be accurate. The question for me is do we have to pay all the way until 21YO or there is a better approach?

[Charmaine_chong]

$350k inclusive university fee does makes sense to me. Honestly, not many average earners able to fork out such amount to raise a kid.


I am hoping my kids able to get scholarship for their university. Otherwise, will most likely compromise with local university.

My next question is how does parents here save up kids’ education fund? Endownment, Insurance link product or investing in stocks/bonds?

I do not believe insurance link product and endownment will help.

Feel free to share your comments on saving kids education fund.

[kaitlynangelica]

ksi,


Yes I can think of another way. If the child is enterprising. I understand that lots of teenagers these days run blogshops. If successful, perhaps they could partially support themselves. But I think that will make me feel guilty. Whatever they earn, should go into their own savings account. Just make sure that in the future, you don’t come asking me for help to foot your wedding expenses, or buy your own house.

[corneyAmber]

kaitlynangelica:

ksi,


Yes I think of another way. If the child is enterprising. I understand that lots of teenagers these days run blogshops. If successful, perhaps they could partially support themselves. But I think that will make me feel guilty. Whatever they earn, should go into their own savings account. Just make sure that in the future, you don't come asking me for help to foot your wedding expenses, or buy your own house.

Actually I see the self-financing a good way to make them better adults in future. Chances of them returning to ask for wedding expenses and buy their house would be lower if they learn how to make their money earlier because all their expectations will also be adjusted according to what they think they can afford or they would work doubly hard at their degree as they know making money is not so easy if they don't have the entrepreneur flair. There should not be guilt feelings on the parents' part cos in the past, I am sure most of us give tuition to supplement our expenses, any guilt from our parents?

[kaitlynangelica]

ksi:

kaitlynangelica:

ksi,


Yes I think of another way. If the child is enterprising. I understand that lots of teenagers these days run blogshops. If successful, perhaps they could partially support themselves. But I think that will make me feel guilty. Whatever they earn, should go into their own savings account. Just make sure that in the future, you don't come asking me for help to foot your wedding expenses, or buy your own house.

Actually I see the self-financing a good way to make them better adults in future. Chances of them returning to ask for wedding expenses and buy their house would be lower if they learn how to make their money earlier because all their expectations will also be adjusted according to what they think they can afford or they would work doubly hard at their degree as they know making money is not so easy if they don't have the entrepreneur flair. There should not be guilt feelings on the parents' part cos in the past, I am sure most of us give tuition to supplement our expenses, any guilt from our parents?

Hmm...........ksi. My parents footed all my tuition expenses. My Mum is the modern ang moh type that worked till 50 years old in a shipping company. In terms of enrichment, we got pretty much the best. But Mum is also not the traditional type who will take care of her grandchildren or take care of her daughter after delivery or miscarriage (mentioned in my earlier posts ). Uni education was definitely not an issue either. I come from a super branded school and in fact, most of my peers got to go overseas for studying, and also received help for their wedding expenses later on. Guess thats why I feel I owe it to dd.

[corneyAmber]

kaitlynangelica, I suppose our differing experiences will make our parenting style different. For me, no matter how much I can afford for her education, at an appropriate point, I will let her try to fend for herself. It is good that you are not taking things for granted albeit your parents took good care of you but children these days are overly cushy in their lives and this is a function of general affluence, not entirely their fault, so a little survival skills will serve them well.

[kaitlynangelica]

ksi:

kaitlynangelica, I suppose our differing experiences will make our parenting style different. For me, no matter how much I can afford for her education, at an appropriate point, I will let her try to fend for herself. It is good that you are not taking things for granted albeit your parents took good care of you but children these days are overly cushy in their lives and this is a function of general affluence, not entirely their fault, so a little survival skills will serve them well.

Thats true. I agree about the over cushy life. I keep telling dd that my maid will not be there forever and she has got to learn to do things herself. Am thinking of packing my maid home soon when dd is about 10 years old since we only have her. I was horrified when we went on holiday recently and I discovered that she can't do simple things like tying her own hair or shoe laces. Guess the maid has been doing it all along.