Maths is not my strong subject and I am attempting to do sums..
Bear with me.
There are three reasons why I don’t wish to support my children through Uni.
1. It will be a financial suicide for me, which will eventually force me to depend on my children for financial support in my old age. With the advances in Medicine, I could live a very long time, which means my children will have to financially support me a quarter ( at least) of their life time, at a time when they should be settling down and having their own families. If they support me financially, I will be depriving them from saving up for their own old age.
2. I believe my responsibilities as a parent ends when my children attain the age of majority, which is 18 here. By then, my child is considered as an adult, can vote, buy a house taking a mortgage, buy alcohol etc. I gave my children the best childhood they could ever get, but their adulthood is their own.
3. I want financial freedom in my old age. I want to be able to afford quality care if and when I need it. I want to be able to do the things I want to do without feeling obligated to anyone.
Why I said supporting my children is a financial suicide.
Assume I earn 200K/annum
30% will be deducted straight away for tax.
10% will be deducted for Super.
Professional license fees, CPD course fees, Medicare levy etc will take another 10%
Mortgage will be 20%
I am left with 60K/annum. When Yaya leaves for Uni, I still have my other two children at home. Even if I paid only 20 K for her/year, that will only leave me with 40K a year for the 3 of us.
On the flip side, if I paid 20K for yaya for 4 years, and the same for her siblings that is a whopping 240K I would have spend. That is the money that I should be putting in to my mortgage or put away for my old age.
So no, I don’t think I will want to pay for my children’s Uni..
That being said, I did take education insurance plans for each of my kids. So they will get that.
If I can do three jobs a day and put myself through Uni, then I am sure my children can do it too.