I have been working with different families in putting more money into their long-term savings through the use of the Registered Disability Savings Plan (RDSP) since 2008, which was basically when the program was first introduced by the Government of Canada. Although many families took my advice and already obtained thousands of dollars in grants and bonds from the government, I do not consider my mission is fully completed, as there are still many families remain unserved.
Throughout my years of experience in working with clients, there are several common barriers which results in families not taking any actions. We came up with the solutions accordingly, hopefully could give you some insights:
Barrier#1: I don’t have time
- Solution: Some families have a very busy schedule, which makes meeting in person not a feasible option for them. This is why we incorporated an online meeting platform. There’s no need to visit our office in person, 15 minutes is all it takes to go through the plan details. All documentation can be mailed to your home, while you could fill it out at a time that is convenient for you.
Barrier#2: I can’t find someone knowledgeable and trustworthy
- Solution: We specialized in servicing family with special needs. We are not a hotline, random reps, we pride ourselves in providing personalized advice that is tailor-made according to your financial situation. Here are what our clients said about us. https://samuelconsultant.com/clients-testimonials/
Barrier#3: I’ll do it later
- Solution: Sure, but please set a specific date, and put a reminder in your calendar. If you want someone to keep you accountable, please let me know, then I’ll personally send you an email reminder when the time comes. Students usually would study when they know there is a specific exam date.
Barrier#4: I don’t have the money to contribute into RDSP
- Solution: Consider start with something small. How about $1/day? Even if not, there is the Canada Disability Savings Bonds, which is money available for low income families, even when no contribution is made into the RDSP account. Here are more ideas in where to find money for the RDSP contribution: https://samuelconsultant.com/money-for-rdsp-contribution/
Barrier#5: I don’t know the plan well enough
- Solution: This is what we are here for. We follow closely with any changes of the government rules, and will keep you posted with any updates that could be relevant to you. We even created a FAQ page which pretty much sums up most of the common questions you would need to know. https://samuelconsultant.com/rdsp-faq/
Barrier#6:The duration is very long
- Solution: Yes, RDSP is for long-term savings, but if you need to use money today, why will you not need to use money years from now? The key is to allocate your money properly, which fulfill your short-term needs to access the money, while accumulating your long-term investments.
Barrier#7: I can do the savings within a regular bank account
- Solution: Of course, you can, but a regular bank account does not provide you with matching grants. As for RDSP, your contribution could result in 100%, 200% or even 300% of matching grants. If you are not planning to use that money in the short run anyway, directing a proper amount into a RDSP should seriously be taken into consideration.
Yet, there could be a potential problem in every solution, at the same time, there is a solution to every problem. I’d love to continue sharing my financial knowledge with you, but this will only benefit you if you take action to implement the ideas. Remember your future depends on what you do today.
Disclaimer:
The above details are for general understanding only, not intend to provide any financial advice. The details are posted on Sept 8th, 2016 and may be subjected to change without notice. Although we tried to post the details as accurate as we could, they are not guaranteed to be error-free, and may not be applicable to your specific situation. Please always consult a financial professional before making any decisions.