Raising a child can be a life-altering experience and, as an expat, challenging depending on where you’re living and working. Luckily Dubai is a perfect fit for expats with children, with the best international schools available (including Cambridge International School), a safe environment and an expanding amount of entertainment for the whole family. Once finding a great place to raise children, the most important thing is managing your portfolio and savvy investment planning to account for the costs of raising a child, most notably, education costs.
An issue with preparing for a child is that most parents don’t think about is education fee planning until after the child is born, which is a problem because the mindset of financial planning should always be long-term, allowing your investments to grow before dipping into them, not out of your savings. Fortunately, Globaleye has all the experience to give you sound advice in order to make sure you’re ready for tuition costs, insurance, healthcare and more. Because you don’t want to be stressing out with all of your time spent worrying and trying to get a hold on your financial situation; leave that to Globaleye so you can spend that precious time with your newborn baby.
Below are some important points you should take into account and also work with your financial advisor at Globaleye Dubai to prepare for, beyond education fees, and also thinking about life insurance.
- Have you assigned and executioner of your last will and testament and laid out a plan incase something unexpected happens?
- Be aware of all the benefits available from your employer. Some companies will have education and insurance plans for their employees.
- Are you able to balance continuing saving for retirement with the costs of a new child?
- It’s especially to know some UAE legislation because there are certain laws that relevant to families, such as if one spouse passes away, the state may take the children into care, rather than leaving them with the surviving spouse. This is one of the many important reasons to sit down with a financial advisor at Globaleye to craft a solid plan for your family.
It’s imperative education planning starts as early as possible. Tuition, general costs of school supplies, events, time taking off work can all end up costing a lot more than expected, which is why working with a financial advisor is so important because there are varying factors depending on where you live, work and other individual variables that are accounted for in a plan specially tailored just for you.
A few points to keep in consideration:
- How much time to you have to save for?
- How much will costs be when the education fees take effect, and how much are your costs now?
- Will the education be provided in your country of citizenship, or abroad? And will that education be at a public or private school?
From these three questions, a financial advisor will be able to mold an education plan specifically for your needs, and if you want to know more or need to find a financial advisor, visit Globaleye for more information.