Get Grandparents to Fund Your Kids’ Education

How to afford your kids’ education without paying for it yourself.

Dave Chilton, The Wealthy Barber and former Dragon on CBC’s Dragons’ Den, talks about a joke he made in “The Wealthy Barber Returns” that parents have been using ever since to get grandparents to help fund their kids’ education.

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Post-secondary education costs are killing students and their parents.

Well, I accidentally came up with a very creative and cost-effective solution. You know, on stage and on page, you’re never sure exactly what ideas, what advice, will stick with your audience. Well, here is my career’s most extreme example of something I didn’t think would resonate, but did to the nth degree.

In the chapter, “A Tough Call,” I made a joke at the end—a joke— about how to get grandparents to help with RESP contributions. I repeat, a joke! I said, if at all possible, try to recruit grandparents to help out with RESP contributions. Obviously, this isn’t often financially feasible, but when it is, they’re usually thrilled to get involved.

Admittedly, broaching this subject can be a bit awkward. My suggestion? Get some RESP brochures and say to your parents, “Here’s that material you asked for.”  When they look confused, follow up with,

“Oh, sorry. That was for the in-laws.” Not only do you draw their attention to RESPs, but you also create a little motivational competition and guilt.

If you’re above this Machiavellian behavior, get your co-parent to do it. It’s for the kids! Well, I thought I was being cute and clever, although I often think that and I’m wrong, but I was kidding. Hundreds of people, though, have come to me over the years and said they did exactly what I said, and it worked like a charm.

One woman said she pulled it off on all four sets of grandparents. Divorces there, I guess. Wow, an overachieving grifter parent. Love it. Others told me that it even turned into a bit of a competition between the families. Ideal. Hey, this is not some theoretical idea that can’t stand the test of real life.

It’s already passed with flying colours. “Yes, but it’s manipulative.” Exactly. Do it.