RESP vs. Infinite Banking Policy | The Difference Is Mind-Blowing!
Control and Compound with Darren Mitchell · Control and Compound Financial | BNV Media
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Show Notes
If you have children, you need to check this episode out! Darren and Christina break down the difference between using an RESP (registered education saving plan) and an infinite banking policy on a child. The results are incredibly impactful and if you were thinking an RESP is the right choice before this episode, your mind may very well be changed by the end of it! Tune in now.
Show notes:
00:00 - Introduction
1:50 - What can you use an RESP for?
5:05 - How does an RESP work?
8:05 - What happens ifyour child (the beneficiary) doesn't attend a higher education institution?
13:50 - Risk/tolerance of putting RESP in stock market
18:15 - Example of an RESP policy in action
20:15 - Infinite banking policy on child in action
29:40 - What an infinite banking child policy can do in comparison to an RESP
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