Everyone wants to provide their children with the best possible start in life, giving them both the roots and wings they need to succeed in an increasingly competitive world. Securing places at the world’s best universities and launching meaningful cannot be left to chance.
Yet with costs spiralling, parents are increasingly aware that this is also an area where they need to apply a carefully thought-out strategy. Private schooling is an investment and needs to be planned for as such, so that fees can be comfortably met year-in, year-out without disruption to your wider financial plans. It is all too easy to come unstuck, particularly if your career exposes you to uneven income streams. Nobody wants disruption caused to their children’s education, but nor does anyone want to have to dramatically change their lifestyle to fund it.
The good news is that wealth managers specialise in this kind of strategic, long-term planning, and are experts in balancing a broad range of objectives. Instead of them causing mounting concern, a wealth manager can help you take rising school fees completely in your stride.
The key, as with most wealth management issues, is to start as early as possible; or, if you haven’t seized control yet, to do so without delay.
Starting to save – and invest – at the earliest juncture is the first wise move, simply because a quite modest pot of money can be made to grow very significantly in the time before private education commences. Yet by taking professional wealth management advice you could achieve far better results – for the entire family.
The key to making the maximising your wealth is to take a holistic view of all your income, liabilities and assets. Ensuring that all these “moving parts” are working optimally together, rather than cancelling each other out, is crucial.
If you are committed to meeting private school fees as efficiently as possible, there are many ways a wealth manager can help. They will address these obligations in light of all your other investments and may suggest ways to minimise your tax bill across the board. They might then implement an investment strategy for a specific pot of money which changes as your needs for income and growth evolve over time.
Those able to take an intergenerational view to maximising wealth might have even more to gain. Establishing educational trusts for children is a popular way for the whole family to ensure their wealth is deployed to the maximum effect and the most money possible stays out of the taxman’s net.
Whether you are only considering having children or if private school fees have already started to bite, there are a plethora of intelligent investment management and tax mitigation techniques to explore.
Take control of the spiralling school fees situation, and see what a professional advisor could do for you and your family.
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