Wealth Without Bay Street 225: RESPs Explained | Reasons Why You Should Not Use An RESP
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RESP is NOT the best choice for securing your child's future– don't let traditional savings plans limit your financial potential!
In this episode, we navigate through the maze of Registered Education Savings Plans (RESPs) and discuss alternative strategies that could reshape your financial planning for educational and familial prosperity. Learn how the Infinite Banking Concept (IBC) can grant you more control over your finances, ensuring that your educational savings effort delivers real freedom and security.
Tune into this enlightening episode. We explore avenues that offer you true financial freedom and control.
▶️ Reasons Why You Should Not Use An RESP | RESPs Explained
Key Points:
00:00 Introduction
04:31 The challenges low-income families face with RESPs.
08:34 Alternative financial vehicles that offer continuity and flexibility beyond mere educational savings.
13:36 Unintended consequences and restrictions of RESPs.
18:01 How RESPs can inadvertently restrict financial growth and choices.
22:23 The tax implications and withdrawal restrictions of RESPs.
27:05 Broader costs associated with raising and educating children.
32:12 Infinite Banking Concept (IBC) as an alternative to RESPs, emphasizing control over financial contributions.
38:14 Starting financial planning at different ages affects the growth of financial assets.
41:22 The importance of mindset in financial planning.
46:15 Advantages of alternative investment systems compared to traditional RESPs.
51:50 Reevaluation of traditional saving methods for education.
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PRE-ORDER A COPY OF OUR NEW BOOK!
Don’t Spread the Wealth: How to Leverage the Family Banking System to Own All the Gold, Make the Rules, and Enjoy Generational Riches https://www.amazon.ca/Dont-Spread-Wealth-Leverage-Generational-ebook/dp/B0CW19QSGT/
Website: https://dontspreadwealth.com/
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